The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1884-01-25

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missions 80 for stock and bonds.
The report stated that under this contract $780,
500 OF the bonds have been sold. The road, how
ever, had been better made and equipped than
was at first intended and the directors found their
funds running short. Accordingly they issued
800 900 of second mortgage bonds relieving
that the net earnings, would be sufficient to merI
the interest on the bonds, they determined not to
sell these ut present, and in order to raise funds
TO complete the road hypothetical the second
mortgage bonds at SO cents on the dollar They
will be due in July next, by which time the direc-
tors nope TO replace or fund the debt.
Mr.. John L. Ayres, an expert in book keeping
who had examined the company's affairs and
arranged its accounts, read an abstract from tho
books OF the company, as follows:
Construction Account from beginning of tho
nt.'rpr;sc-Expendcdi in 1879. S5.40e; 1879 500
9,8 81 1889. $s66,a5S d. Equipment during that
time, $lG0;'s2 40, of which sri, 552 "a remains I'M
paid, secured by car trust.
Revenue and Expense ACKNOWLEDGEMENTS from
April u to Dec. 81, 1882, from freight, passengers
and miscellaneous, $25,08S rs; general expenses
$50, l06S', fixed charges S2T5, total $2O3sl3; net
and miscellaneous, $74 305; IS: general expenses
total $4O,Oa247; discount and interest on loans,
S0,6I6G5; total, $50, 1922 net profit of 1888 $23
1885, This net profit was nearly sufficient to
pay the years coupons on $}99.500 first mortgage
bonds. which coupons amounted to $23, 81.
First Mortgage Bonds Accounts-January |,
1884. sold 1899 500; in Safe Deposit Company, 80
600; hypothetical. $l0O5OO-total SGOOO0O There is
Loaned on the S t.o bonds md S eay
these bonds were sold they would realize enough
surplus to pay off the entire floating debt.
Floating Liabilities-Pay- roll account of en-
pSyes ana S &a Msabe STo
completion of road about $l4,000; overdraft at
Old Town Bank, $l8,449.6j-total $49,553.H: Nc
Cabes have since taken the $4,000 bonds in the
Safe Deposit Company ut par and credited on
their account.
on Jan. There was issued and not transferred
], 744 shares OF Baltimore and Delta stock, l0,2ll
shares of Maryland Central stock-total II $50
shares. There had been loaned on second mort
gage bonds to Jan. ], 1884, $l44,50O.
Mr.. Boyd, resumed his report, which states that
it is proposed to throw off a branch road from
Atkins Summit one or one and a. half miles,
from which slate could be loaded at the quarry
banks. The quarry dumps contain tagging in
inexhaustable quantities, which would find a
The report also referred to the necessity of OBJ
tanning better terminal facilities nearer the city.
committee had been appointed To consider the
matter and it was hoped the city of Baltimore, in
its corporate capacity orotherwse, will unite in
securing terminal facilities in the city limits.
Mr.. John M. Denison moved that the report
be accepted.
Mr.. Parker Bosley desired to know to whom,
bonds were sold, and if Mr. Gilmor had sold
100000 of bonds in 30 days.
Mr.. Stevenson Archer said Mr.. Gilmor had
sold $780, 900 of the bonds in 10 days after he got
the contract.
Mr.. Boslcy. what price2"
Mr.. Archer AT the price authorized by the
contract-the stock at par, and the bonds at Al
cents, less his commission. What Mr.. Gilmor
sold them for is matter between him and the
purchaser"
Mr. Bosley insisted upon an answer
Mr.. JohnM, Denison said this was not relev-
ant to the matter. Mr.. Gilmor bought the bonds
''S Mr.. ''i Bo osepasyo that's 1T. Mr.. Gmor
bought the bonds and did not sell them"
Mr., Archer said that under the contract, which
was the same as that with Brown n Lowndes, MIR.
Gilmor had the right to purchase for himself or
others, and had the right TO do as he saw fit with
The pariey continued, Mr.. Bradford Insisting
upon knowing whether Mr.. Gilmor bought or
MIR. Archer.~"Did not the gentleman see the
books? He can answer as well as any member
of the board"
place. The company had furnished a yolumin-
Gus report, and if it is TO be subjected to the
scrutinzing eyes OF counsel, said he We may
make up our minds TO Sit here all winter.
Gen. George s. Brown said the main object of
the meeting was not to bring out technical points,
but simply to know whether the money received
by the company had been properly spent and
whether the directors had msmanaged or
cheated. From what he had known of the road
bonds, and he thought Mr.. Gimor had great
courage to undertake their sale He had many
friends, however, who aided the road out Of
friendship for him. The speaker had taken $l0,-
600 of the bonds with full knowledge that he was
to get no stock.
MIR. VIM. Gmor said that two years ago at
Bel Air. the question was put AS To who got this
stock, and he had replied: IL got ii and it was
mine absolutely. 10 do what pleased with it,"
Mr. sr 5l orr :on would ask Mr. Gilm"r when
Mr.; Gilmor-"When went with the money |
got them"
In reply 10 question Mr.. Brown said he paid
Mr. Bradford WIN Mr.. Denison tell us what
he paid Ar.
whether paid fifty or one hundred and nifty"
After more sharp shooting the question upon
the acceptance of the report was put and decided
carried.
Mr.. Hays demanded rising vote.
The Chairman. The vote is decided"
Mr.. Denison moved that the report be printed
and copy mailed TO every stakeholder. which
Mr.. Denison also moved to proceed to the
election of directors, when Mr.. Bradford offered
the following resolution:
Whereas, One thousand six hundred shares of
the stock of this corporation stands on the books
thereof in the name of William II. Waters, Pre-
sident, 2,40O shares of the same in the name of
William Gimor. Vice President, and $50 shares
in the name of $. q. Boyd, superintendent and
Whereas, Grave doubts exist as to the bona ndes
by which the said stock was acquired, therefore be
Resolved. That it is the sense of this meeting
that the said stock shall not be voted at the cleo
ton OF officers about to be held, unless satisfac
tory explanation is made as to the mode by which
said stock was acquired.
Mr.. Henry w. Archer opposed the resolution as
out of order. The charter gives every stockhold-
er the right to cast one vote for each share of
stock standing In his name on the books of the
of that right, except upon application to the
courts.
Are we to have nnuendoes and surmises here
by parties not willing to go into the courtsp AS
II stakeholder he had madea full investigation of
these transactions and he had no doubt a court of
equity would sustain them. He therefore moved
the resolution be rejected.
Mr.. John /. Yellott said it was truo the parties
interested in this corporation had the right to go
into court to test the validity of the stock issued
by the company but not paid for, but they were
not anxious to force the company, into litigation
and thereby destroy its credit. Wedeforred that
the question. He was we'll aware of the right to
vote that stock, but, said he we have right under
the law to require an oath to be taken as to how
that stock was issued, and whaI was paid for it. He
asked the stockholders TO vote down this stock. -
II admit Our right to go into court, said Major
Yellot, land when the vote is taken we will still
have that right and we are going to take IL. We
don't propose to allow three officers to issue stock
to ana so Keep in as long
Gen Brown said that at no time within three
years could the stock have been sold at 50 per
share.
Major Yellott.-"Strike out the eight thousand
bogus shares, put the road in proper manage
ment, and will guarantee in forty-eight hours
900. II that stock had not been Issued the road
would have belonged to the original stockhold-
s the bo bppdS Ky
continues there will not be one cent in the treas
ury to meet tn" debt and the original stock will
be sold out
Mr.. Stevenson Archer said that II avote of the
stockholders could settle this question il was set
tied at Bel Air two years ago, when tho gentle
man took this identical mode to get at tho Gil
NOR contract. There were only four votes in the
negative, the gentleman's being one of them, and
he afterwards changed his vote to the Affirmative
Mr.. Yellott said he had voted then for the board
of directors because he had understood the Gil
NOR contract would be cancelled.
Mr.. Archer said that we had raised $l50,000 for
the railroad, but no one who subscribed ever be-
levei their stock rs stock would come back to
them The road was bankrupt before it got to
Towsontown and eaph director had made himself
liable for $3.50. Brown l. Lpwndes gave up the
sale of bonds as hopeless. The question then was,
the stock go on hard contract and get the road
OF the Sl50,0D0 of original subscriptions perhaps
one-half are dissatisfied The pOndhoders who
ers,
Mr.. Bradford wanted it understood that he was
not antagonizpg the bondholders or any MEM
har nf the nresnnt hoard. Ii O would sny for Mr