The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1870-08-18
Western Maryland Railroad Bonds.

y circular mas recently been issued
by the President aud Directors Of the
Western Maryland Railroad Company
to its bondholders, asking their indul.
gence in the postpoucmeut Of the pay
ment Of its coupons now matured, OF
which shall mature up TO January first,
1873. In the meantime proposition
is made to give each bondholder Ger.
titieate agreeing to pay eight per cent.
interest on the coupon, or interest OF
the bond, in which the coupons shall be
identified, and placed by holders thereof
with the Citizens National Bank, to.
gether with copy of his or their certi.
ticates as the evidence OF terms on which
the deposit is made. The following
copy Of the certificate explains itself;
This certificate wilnesseth, That 10
consideration Of , having,
at the request Of the Western Maryland
Railroad Company, this day placed IN
the custody of the Citizens National
Bank Of Baltimore, the coupons of said
railroad company mentioned in a sched-
ulehereto annexed, upon the under
standing that, while the title to the said
coupons remains in him, and those who
may hereafter become the holders OF
this certificate, said Citizeus' National
Bank, US the agent of the holder OF this
certificate, shall retain the custody of
the coupons, and that the Western Ma.
rylaud Railroad Company shall be ex.
empt from demand upon the said cou.
pons, provided it shall pay the whole
amount of the same on or before the
first day OF July, A, d., 1850, and in.
terest meanwhile at the rate of eight
per centum per annum on the first day
of January and July in each year on the
amount stated in this certificate to the
bearer of this certificate on presentation
Of the same at the office of said railroad
company in the city Of Baltimore but
that IL default shall be made at any
time by the said Western Maryland
Railroad Company in payment of the
interest OF the amount stated in this
certificate, at the times aud in the man
ner herein mentioned, then the bearer
of this certificate shall be entitled to
receive from the Citizens National
Bank Of Baltimore the said coupons
leaving this certificate as the voucher
for the same, aud to pursue his remedies
upon his coupons; and that on payment
to the bearer Of this rtfcate of the
interest aforesaid, aud the amount stated
in this certificate, in manner aforesaid
the Western Maryland Railroad Com
pauy shall be entitled to this certificate,
aud to receive from the Citizens Ma.
tional Bank the coupons The Western
Maryland Railroad Company hereby
covenants aud agrees that it will pay
the bearer hereof, on presentation at
its said office, on the first day of July.
\. D., 1880, the whole amount stated
in this certificate, aud interest mean
while, on the first days of January aud
July on presentation as aforesaid, at the
rate Of eight per eentum upon the
amount stated in this certificate, pay
ment OF interest to be endorsed as made.
In testimony whereof, Geo. NJ. Bokee,
the President of said Western Maryland
Railroad Company hath hereto sub
scribed his name aud caused the corpo.
rate seal to be hereto affixed by author.
ity of said company"
The objec, OF the company 10 making
this proposition is to gain time so that
they can apply the entirc appropriation,
recently made by Baltimore, OF 81 400. !.
600, to the immediate completion of the
road from Baltimore TO Wiliamsport.
aud its thorough equipment, enabling
1t the sooner TO earn means whereby to
meet all its obligations.
The actual effect OF this arrangement
is proposition from the company to
the boudholders, whereby they may
fund the matured coupons aud those
which will mature up to January LIST
1913 inclusive, III certificate, bearing
Interest at eight per cent, per annum
payable semi.aunually. II seems TO u.
such certificate must, undoubtedly, b.
good security, especially when the four
tSNu huuutSu thOusuHu uuilITS snll
have been expended in the meautim,
upon the road, adding SO much more t
its substantial value.
We are gratified to learn that bond
holders are generally asserting to tn
arrangement above noticed, aud tina
the company are ANXIOUS it should b
entirely effected by the goth inst, 5,
that contractors may commence work ii
that time. If there should be any in
elined to pursue different course, al
overwhelming majority, as we learn
agreeing thereto, their efforts can onl'
even,uate disadyautas eously to them
selves. We feel confident it woui
prove beneficial to the road and al
interested to promptly acquiescc in ihi
proposition.-Batto. Saturday Nigh
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