The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1882-01-06
Idhl Meeting OF the Baltimore and
Delta Railway COMPANY.

Only small proportion of the entire num-
Der of stockholders OF the Baltimore and Delta
Railway Company attended the annual meeting,
which was held in the County Commissioners
Office, Bel Air. on Thursday. Jos. VI. Street,
was cul ed to the chair aud Geo. L. VanBibber
appointed Secretary.
Mr.. WIN. II. Waters, President of the road,
presented the annual report, which was read
II showed the total receipts for 1881 to be
Sl44, rs "a disbursements SlI3 S2I As: balance
ON hand, 1854 0G. The ba ance of outstanding
stock subscribed is Sol, H. Amount of bonds
sold S144 900.
MIR VIM. GiImor, financial agent of the road,
SUD that IN addition TO this amount some
| sou 000 OF bonds had been sold aud the money
| deposited with Robert Garrett II Sons, ut 8 per
cent.
| II is expected that the road will be completed
to TowsonIown and opened to business by Feb
| ruary 18th. The board are of opinion that the
entire road will be completed and ready for bus
| mess during the present year.
Before vote was taken upon the report Mr.
| John l. Yellott, of rowsonlown, asked for the
| Information of the stockholders, what was the
contract made with Mr.. William Gilmor for the
sale of the bonds.
President Waters called upon Hon Stevenson
Archer TO explain it. Mr.. Archer said that ut
several periods i'll the history of the road ii was
utterly bankrupt, and would have gone under
| the hammer II the directors themselves had not
pledged their individual credit o keep 1t atloat
The directors had contracted with Brown Il
| Lowndes to sell their bonds, who would not I'M
ueriake the sale unless some protection was uf-
| iorded me bondhoders by issuing stock of The
| road. After repeated efforts they had surren-
| dcred the contract. Mr.. Gimor then entered
| into the same contract, and in 30 days had sold
! 100000 of bonds.
Mr.. Yellott said it was represented that this
stock does not go into the hands of the purchas-
! ers OF bonds, but is given 10 Mr. Gilmor, in ad-
diton TO five per cent. for the sale of the bonds
As he understood it $50 in stock is given to Mr.
! Gilmor to do as he p,cases with, for every 500
| III buEds sold by him.
| President Waters in reply said that the stock
was issued to Mr. Gimor MS additional com.
| pensation for selling the bonds.
MI. GlmOr also said that the stock was Is.
| sued TO him absolutely as a guarantee ON The
one side for the bondhoders and ON the her
for the shareholders. The Board thought it was
better to give away what was OF no present value
and realize 90 cents for the bonds.
Mr. 1ellott then offered the following rcsolu.
ton:
''RtSolped by the stockholders of the Balti
more and Delta Railway Company, in general
meeting assembled, that the contract made with
| William Gilmor for disposiug of the bonds OF
| the company is, in their opinion, unwise and
detrimental TO the best interests OF the company
and that the incoming Board Of Directors bd
and they are hereby requested to rescind said
contract Immediately and adopt some Other
method for the sa'e of the bonds, more in &C
cord with the interests of the company"
Mr.. Yellott said he had heard Of no objection
to the board of directors, but in his county the
general impression is that this contract Is most
unwise, and must act injuriously 10 the best in
tcrests of the company He knew that thu
bonds would sell more readily if the stock wcr,
given to the Northumberland not to the financial
agent. II would be an mduccmcEt for capital
lists to 20 into this thing. As Il small stock
holder he did not want to see the road and al
its franchises pnt in the control of one man
Such course has not the appearance of bust
ness on its face. and when il goes before the
community it has the appearance of crooked
ness.
Hon. Stevenson Archer said he was not At tho
meeting of the directors when the contract wa.
made. and no doubt the directors had mudea Sc
rious and grave mistake, but they had all done
the best they could to get n railroad through
Baltimore and Hartford counties. Mr.. Yellot's
resolution contemplated the ahrogatiun of
solemn contract that both Mr., Gilmor's counsel
and the counsel for the company had declared
legal and binding. II violated the next board o.
directors would have Il lawsuit on hand with
Mr.. Gimor. Suppose Mr.. Gilmor sells $500
600 of the bonds and receives 5000 600 of Tn,
stock, we still hold the ajority OF the stock.
Mr.. Yeott said he understood that the con
tract was only for seven months from June last
and it was now about expired. He lad doubts
about the validity of the contracts, and 1t SHOULD
not he entered into again.
Caleb 5. Taylor, director, of Baltimore, op
posed Mr. 1ellotts resolution, and Nathan
Grafton expressed his confidence in the bourt
OF directors.
A vote " as taken and the resolution rejected
The report was then accepted and adopted
and the former board of directors were re-clect
ed us follows VIM. II Waters Jas. p STREET.
Caleb J. Moore, Stevenson Archer, Eli Tucker
f. Stanley Rogers Hartford county; Caleb
Taylor, s &. Boyd, Thomas Armstrong, c. w
Halter, G. o. Wilson, Henry r McNally -Balti
} more city and county; Foulk Joues-Yorl
county.
OF the 4. 72S paid up shares, 3,5lS were repre-
scented al the meeting in person or by proxy
The meeting then met and reelected VIM. II
II. Waters, President; s G. Boyd, Secretary
Thomas Armstrong, Treasurer, and &. W. Hat
ter Auditor