The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1881-07-15

THE BALTIMORE AND DELTA RAILWAY CON-
PANY.-The Board of Directors of this company
met in their Office in Baltimore, On Tuesday,
The members were all present, except Mr..
Jones, of Pennsylvania The subscriptions to
the stock of Hon. Judges Walters and Yellott
were reported cancelled, as those gentlemen, so
long as their names were on the books of the
company MS subscribers, were disqualified from
presiding in their courts in cases in which the
company was interested.
Mr.. VIM. Gilmor, the financial agent of the
company, informed the Board that 500 600 of
the bonds had been sod and asked the Board
to fix the rate at which the remaining bonds
should be sold. The matter was referred 10 the
Executive Committee.
A vacancy having occurred in the Executive
Committee by the withdrawal from the board
Of Mr. Gilmor, Caleb S Taylor, Esq, was APP
pointed to fill the vacancy, and the Executive
Committee now consists of Messrs Waters,
George, Armstrong, Taylor and Boyd.
The Treasurer, upon asking instructions as
to where he should deposit the funds of the CONF
pany arising from the sale of bonds, was direct
ed, with the approval of the Executive Com
mittee, to place the funds in such OF the city
banks as he might see proper.
Communications were received from two
other parties containing memorandum, iudicat-
ing the basis upon which, under certain condi-
tions, they would undertake the completion of
the road for the bonds and stock of the COM
| pany, which were referred to the financial
| agent.
One of these communications was from Col.
| Herman Stump, detailing the result of his inter
view, last week, in New York, with certain
brokers representing capitalists who are willing
to take all the bonds of the road and complete
it. With the assistance of Hon. Hugh ]. Jewett,
President of the Eric Railroad, Col Stump Sc
cured from the gentlemen alluded to PROPOSE
| ton to furnish the means to complete the Bal
| timore and Delta Railroad, if on examination of
the road they were satisfied that it is in the con-
dition represented and passes through the kind
of country described to them They expressed
their convictions based upon experience in sim
liar affairs, that engineers estimates always fall
short of the actual cost of building a railroad,
and to ensure the completion of the road as rap
| idly MS men and money could do it, they offered
| to furnish 1910, 900 in cash. For this they eX-
pected to receive the entire issue of bonds,
5000, 000-that is, paying 90 cents on the dollar
for them. They also asked for a controlling in
tercst in the road-not that they desired actu-
ally to control it, but that they might be in a
position to do SO if their interest in the road
should be jeopardized by mismanagement on
the part of its officers.
| A resolution of thanks to Col. Stump, for his
interest in behalf Of the Baltimore and Delta
Railway, was passed
The contract made with Vice President Gil
NOR, it is understood, was that he should sell
$1,000 of the stock in 80 days and shall have
seven months time in which to sell the remain
der that the purchasers of bonds shall also re-
| Ccve certificates of stock of the road amounting
to one-half the face value of their bonds, as an
inducement to purchase the bonds.
A very earnest desire was manifested on the
part of the Directors to have the work of track
laying commenced, and the entire road pushed
through to completion As soon as possible, and
to that end the President and Executive Com.
mittce were granted full power to make con.
tracts for rails, cars, locomotives track laying,
&c.