Evening star. [volume] (Washington, D.C.) 1854-1972, 1868-04-09
The Baltimore and Ohio Railroad.

.
The regular monthly meeting OF The Directors
Of the Baltimore and Ohio Railroad Company
took place in Baltimore yesterday, the Presi-
dent, j. ". Garrett, Esq, in the chair. Reso-
buttons Were adopted declaring dividends Of
per c. mt. on the stock Of the Main Stem Of the
per cent on the stock of the washington Branch
Railroad for the half year ending 3lst Of March
last; the United States tax to be paid by the
Company. The President stated in relation 10
the financial condition Of the Company that
the great works in which il had been engaged
especially since the close Of the war, had alb
sorted its means TO such an extent, that in order
to obtain the requisite capital for the prosecu.
ton of works of vital interest to the communi
ty, a suitable plan must be promptly adopted.
Additional contracts have recently been made
upon the Metropolitan Branch Road, and so
large an amount of work has been undertaken
upon this branch thatarrangement must be made
fer the heavy payments that will be required
The construction Of the Pittsh--- 80,
p-Iirviiie, winchester and StIasburg, and 9th
er lines, which will be assisted by the Balti-
more and ONO Company, Will require large
Under an act passed at the last session of
the Maryland Legslatrre this Company Is au-
holders, preferred stock, entitled to a perpetual
dividend OF six per cent. per annum, and such
stock is entitled to the same immunities as its
common stock. Under its charter the Compa-
ny is authorlzed TO issue additional CONNIE ION
stock. 1t has also the same privilege in the
supplement to its charter, authorizing the con-
struetion OF the Metropolitan Branch Road.
As, however, the surplus earnings OF the Com
pany have been largely invested in the Par.
kersburg Road, the double track, in increased
plant, etc, IL would doubtless embarrass the
state and city authorities and many share
holders if the Company decided 10 issue com
mon stock, which is entitled to participate in
the advan ges of the fund stated. The Presi-
dent therefore, proposed resolution, for the
purpose OF calling general meeting of the
stockholders, which after full explanations of
the subject was unanimously adopted. The
President subseq aeEtly referred to the act
OF the City Councils of Baltimore, adopting the
ordinance subordinating their lien to mort.
gage TO be created for four millions OF dollars
for the purpose of completing the road from
Connel1sville to Cumberland.
In this connection the President stated that
he was informed by counsel that the section of
the constitution under which the authority is
obtained for the action of the city of Baltimore
IS practically identical with the section of the
then existing constitution under which the
State of Maryland, with the same limit of
power, passed the law making an agreement
with the Northern Central road, involving
sums of great magnitude. AS il is desirable
that arrangements be promptly made for the
commencement of the work upon the Pittsburp
and Connellsville road the President proposed
the adoption of resolution that if the finance
committee shall so determine, it shall have
power TO authorize and direct the President of
This company TO subscribe on behalf of said
company for one million of dollars of the first
mortgage bonds of the Pittsburg and Connelis-
Vile Railroad Company, the issue of which
said first mortgage bonds TO the extent Of four
millions of dollars is contemplated by the or
dinance. No. Is, of the Mayor and City Council
of Baltimore, passed finally on the 18th day of
March, in the year 1868. Mr.. Garrett stated
that he had reason to expect that other parties
would Join at an early day in a subscription,
which would, with the one million proposed
10 be subscribed by the Baltimore and Ohio
Company, amount to S2,OCO,O00. which is the
sum required by the ordinances to BE- SUBJ
before becomes ffarf uI
discussion of the subject, the resolution was
unanimously adopted.