The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1882-09-01
Consolidation of the Baltimore and
Delta and the Maryland Central Rail

The stockholders of the Baltimore and Delta
Railway met, at the company's office, in Balti-
more, on Monday, and ratified the agreement
by which their railroad is merged into the Mary.
land Central Railroad.
Among those present at the meeting were
Messrs. VIM. H. Waters, president; VIM. G.
Ensor, financial agent; Hon. Stevenson Archer,
Caleb s. Taylor, c. W. Halter, Eli Tucker, s.
g. Boyd, q. o. Wilson, Foulk Jones, dircc-
tors; George l.. VanBibber, Edward Pierce,
Iaviland Hull Amos Hollingsworth, DR.. E. H.
Richardson, Joseph NJ Street,, c. j. Moore,
John c. Pierce Dr. McCnrdy, Thos b. Gorsuch,
VIM. H. Ruby, DIR. w. X. Monroe, Chas. E.
Fendall, Thos. /. Jenifer, s. Parker Bosley, d.
Strasburger, and others of Hartford and Balti.
more counties.
Mr.. VIM. H. Ruby was called to the chair and
Geo l.. VanBibber appointed Secretary. The
terms OF the agreement of consolidation are as
follows:
The new company is TO issue 16, 900 shares OF
its full paid-up capital stock. Each Delta stock
| holder is entitled to share for share in this
| stock, those not having paid up in full being
entitled to the exchange as soon as they have
! made up the balance. The Maryland Central
is to receive 1000 shares of this issue to pay up
its debts to date. The rest is to be held in the
treasury. Thirteen directors shall be elected by
the stockholders, one vote for each share. The
third Monday in January each year shall be the
date of general meeting.
The capital stock of theMaryland Cent? al shall
consist of such number of shares as aforesaid
subject to the right of increasing the same from
time to time according to the provisions of the
respective charters Of the consolidated com.
panics. The paperis signed by VIM. IL Waters,
president Of the Baltimore and Delta and VIM,
Gilmor, president of the Maryland Central.
s. Parker Bosley wanted TO know what the
Delta would gain by the consolidation.
Hon. Stevenson Archer said he was the last to
agree upon the articles of consolidation, but he
believed now the best thing for both roads is to
carry out the plan. The Baltimore and Delta has
accomplished much under its management and
| has far exceeded the hopes of its most sanguine
friends but its charter is not sufficient TO &C.
complsh the desired ends The bonds, if all
sold, would not be sufficient to accomplish what
those interested want to do. The Maryland
Central, with its liberal charter and enlarged
powers, provides for the issue of more bonds, il
| needed; provides for going into the centre OF
the city, crossing the Susquehanna at Deer Creek
| and connecting with the Pennsylvania Railroad
| at Delta Mr.. Archer said he believed the city
owes the Endorsement of the 5000 600 bonds
voted to the Maryland Central some years ago.
The Baltimore and Delta has sold 800 600 of its
bonds at about So and is holding the other $500
600 If the city Endorsement is secured the
other bonds, instead of selling at SIS, will bring
at least l20, and on that item alone the company
will gain S65, 900 in the sale of the bonds. The
question is whether or not more than that can
| not be accomplished by the merging-whether
the holders of the S400, 900 of Delta bonds would
not accept their release at rate above 50, but
below 100. 1t would depend in that case on the
disposition of the bondholdcrs, who have been
liberal in promoting the Delta enterprise He
believed they would be so liberal that they
would accept terms between 100 and 49, The
road has done so remarkably well under the
old organization that he had slowly arrived ut the
conclusion that consolidation would be the best
for the farming communities of the two coun.
ties, and for the original stockholders, bond
holders, and for the future of the company.
Mr.. Bosley.-"What debt has the Maryland
Central?"
Mr.. Archer-'They are to take 800, 900 OF
stock in full for all Indebtedness of every
kind"
Mr.. Haviland Iull.-"I think you are asking
us to do great deal to come here and vote on a
thing we know little or nothing about"
Mr.. Caleb 8. Taylor.-"The secretary has read
the terms of the agreement"
Mr.. Hull-''Is that all there is to be known ?
Are there no ether reasons that can be given +?
1t looks like choking down investigation"
Mr.. Gilmor.-"The action Of the two boarSs
is expressed IN the paper. Ask any questions.
There is no desire to choke any body down"
DR.. f. Hall Richardson asked to have a call
S'ON'N W
sented
Mr.. Gilmor.-"We have one thousand stock
holders, and it would be a tedious thing 20 call
them all now. The vote on the agreement will
SHOW"
President Waters.-'I advise all stockhold-
crs to vote for the consolidation. | believe we
will get by IL what we want to complete the
road. ] am ready to vote for the plan'
Mr.. Bosley.-"We are to be absorbed in the
Maryland Central and still it is not clear what
is to become of our property"
Mr.. Archer.-"We get the enlarged powers of
the Maryland Central, which exceed ours, and
carry the possibilities of Endorsement of bonds
by the city. We get q the privilege of bridg-
ing the Susquehanna (9; of striking the Penn
sylvania's line east or west of the Susquehanna;
city limits. These are very essential to u.s. and
these our charter does not possess"
The Chair.-"lf there are no other gentlemen
who wish to make remarks the vote ON the con-
solidation agreement will proceed by stock."'
THE observation-disclosures
The vote was called, many of those present
having also proxies of absent stockholders
The vote was announced /: For the consolidation
1851 shares; against, shares. The total stock
issued was stated to be 1886, 900, par of shares
being $50. The Chair stated that majority of
all the stock in interest had been voted for the
agreement, and therefore the consolidation was
complete. -@f
Thirteen directors were then elected, as fol-
lows Messrs. w. II. Waters. William Gilmor,
Thomas Armstrong, g. g. Boyd, Charles w.
Halter, Caleb J. Moore, Caleb s. Taylor, Gran
vile Wilson, Foulk Jones, Henry X. Mentally,
Stevenson Archer. j. Polk STREET., and Eli
Tucker. The board Is the same as the old Balti-
more and Delta board, with Mr.. VIM. Gilmor
added. These directors elected Mr.. Waters,
PRESIDENT Mr.. VIM. Gilmor, vice president;
Mr.. Thomas Armstrong, treasurer; Mr., s. G.
Boyd, secretary, and Mr.. Charles W. Halter,
auditor. Mr.. 3, q. Boyd was appointed general
superintendent. Mr.. Armstrong, who is now in
Europe, sailed for home on Tuesday.
The name of Maryland Central will replace
that of Baltimore and Delta on the cars of the
company, and the changes necessary in the new