The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1884-01-26
The MARYLAND Central Railroad Stock.

The Maryland Central Railroad Stock
holders--Annual Meeting. The annual
meeting or the stockholders of the Mary land Cen
trail Railroad Company was held on Tuesday. II
had been arranged to hold the meeting at the
Company's Office, Boundary avenue, but the at.
tendance was so large that it was found impossi
BILE for all to get within the building. According
! ~, on motion, the meeting adjourned to Hoy's
Temperance Tabernacle, on nsyvania avenue,
where there was ample accommodations for ALL
| Nathan Grafton was elected president, and Geo.
L. Vanbibber and f. w. Baker secretaries
From the beginning it evident that the
meeting would be lively one, the dissatisfied
stockholders being on hand in force, and almost
| every question that was raised followed by a
sharp discussion. On taking the chair Mr.. Graf
ton said that, matter what differences of opin-
ion might exist in regard to the stock manage
ment, great object had been accomplished in the
construction of the road. He hoped the gentle
men in discussing whatever questions might arise,
would do so in moderation.
Alter considerable cross firing, which was par
ticpated in by Messrs L. Kel Bradford, S. Par
ker Bosey and Thos. G.. Hayes, of Hartford, on
the part of the dissatisfied, and Messrs. R. r.
Boarman, Caleb S. Taylor and S. G. Boyd, on the
part of the directory, the meeting got down to
work.
THE ANNUAL REPORT.
Superintendent S. G. Boyd read the annual re
port. 1t was a voluminous documents history
of the road from the beginning. 1t told of the
progress made the completion of the road to Delta,
the erection of comfortable stations at Belar and
other points, and fine pavilion at Lock Raven.
The rolling stock of the company now includes 6
locomotives, 81 passenger coaches, 10 box cars,
81 gondolas, IL fat cars and stock cars. The
financial operations were discussed in the report
At the close of 1880 the greater part of stock sub
scriptions had been spent on construction $780,
600 were needed to complete the road. Messrs.
Brown d Lowndes, bankers, were solicited to act
as the companys financial agents. They recon-
mended the issue of 100000 six per cent. first
mortgage bonds a syndicate could be formed to
advance the funds. They thought that when the
road in first class running order net revenue
the first year of $40, 900 could be counted on. The
contract with Brown & Lowndes executed
in 1881, but they failed to dispose of the bonds
The directors then authorized the president of the
company and the executive committee to make a
contract with Mr.. William Gilmor under the same
conditions as that made with Brown & Lowndes.
The terms of the contract provided that as the
capital stock of the road then had little or no
value, to attain the object sought and the sale of
the bonds each purchaser of 800 in bonds at
ninety per cent less the five per cent. commission
to the agent was entitled to share Of stock or,
on the other hand, the law requiring shares of
stock to be paid up in full then the purchaser of
a bond paid up the par value $50 for the share of
stock and the bond stood $35 the idea being that
the sale of the stock and bonds must net not less
than So per cent, that being less the five per
cent. commission. The agent negotiating the
loan required to turn over 100000 in thirty
days after making the contract. The report then
stated that the funds raised not sufficient to
complete the road and 900 second mortgage
bonds were ISSUED but not disposed of, greater
part of them being hypothecated at so per cent.
their value.
AN EXPERTS REPORT.
Mr.. John P. Ayers, an expert accountant who
had been employed to make report of the finan-
cial condition of the road here read the result of
his investigation, showing that the cash expendi-
ture for the construction of the road from 1878 to
the'close of 1889 was 96,954.79; expenditures
for equipments during same time, Sl6O,3S2.4O.-
OF this amount there has been paid Sl29, S5O.34;
remaining unpaid, but secured by the car trust,
$50, 532.34. The revenue for 1882, from April
18th, when the road began operation, was $780,
0SS.76; expenses $40, 1891 33 net profit, $4,707.-
43. In 1883 the was S74 ,3O5.lO; expenses,
SAC, 092.57 in addition to the latter, S1O,676.65,
discount and interest loans total, $50 1922;
net profit for 1888, 1913, 1886. This net profit
was sufficient to pay the years coupons on $780,
500 first mortgage bonds amounting to 1885,
Sl-only S360.S5 less than the profits. The first
mortgage bonds account shows that January LIST,
1884, there had been sold 1899, 800 there were
deposited with Safe Deposit Company, $4,000;
hypothecated, $3.50, 5000 making up the $500 600.
There is loaned on the hypothecated bonds S147,-
O00 leaving surplus of S43,500 from the par
value. The floating liabilities we're: Payroll
account of employees and others, $7,961.S4; sun
dry bills for construction and equipment account,
Sl2l42.25; McCabe & Bro, completing the road,
about Sl4, 900; overdraft in the Old Town Bank
sl6,449.65; total s49,453.74. Messrs McCabe
Bro. have since taken the $4,000 bonds deposited
the amount on their account. January LIST there
was issued and not transferred LIZA shares of
Baltimore and Delta stock and 1921 shares of
MARYLAND Central--total IL ,955 shares.
The annual report, in conclusion, referred to
the proposed extension of the road to the slate
quarries at Delta and strongly advocated better
terminal facilities, complaining of the remote To-
cation of the North Avenve Station and stating
that committee had been appointed to inquire
citizens of Baltimore would unite in prompt mea-
sures to secure a terminus for the road within the
city limits.
Another lively debate followed the reading of
the annual report, which was finally adopted by
a very large majority of votes each share of stock
being entitled to one vote.
Mr.. Bradford then offered the following pream-
BILE and resolutions:
WHEREAS, One thousand six hundred shares of
the stock of this corporation stand on the books
thereof in the name of William IL Waters, presi-
dent, 2,4OO shares of the same in the name of
William Gilmore, vice president, and 800 shares
in the name of S. G. Boyd, superintendent, and
WHEREAS, Grave doubts exist as to the bona
fides by which the said stock was acquired; there
fore. be it
Resolped, 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 by which said stock was
acquired
Here followed another warm debate participated
in by Messrs. Henry W. Archer, Geo S. Brown
and Stevenson Archer, for the managers of the
road, and Major J. I. Yellott for the protesting
stockholders The chair finally ruled the resolu
ton out of order, when an appeal was taken
vote being taken by shares the chair was sus-
tanned by vote of 9,219 to 925.
An election for directors then took place and
Mr. Henry W. Archer nominated the old Board,
composed of VIM. H. Waters, VIM. Gilmor, John
M. Denison, Joseph M. STREET., Foulk Jones,
James p. Street, Thomas Armstrong, Eli Tucker,
Caleb J. Moore, Charles W. Halter, Granville 0.
Wilson, Caleb S. Taylor, Henry r. McNally.-
They were all elected, after which the meeting
adjourned.
Mr.. T. KelI Bradford was interviewed by a
newspaper reporter on Tuesday. He said: "We
will take the matter into the courts. bill will
be fled in a week ten days, either in the courts
of the city or in the Baltimore county court" The
dissatisfied stockholders will ask the court for
mandamus to secure the refunding of the stock
held by Messrs. Gilmor, Waters and Boyd, on the
plea as set forth in the resolution overruled at
the annual meeting. They may also ask the court
to determine whether the bondholders should not
take possession of the stock to which their pur
chase of the bonds entitled them, or whether the
stock should be owed by the company. Hon.
John V. L. Fndlay has been engaged as counsel
for the dissatisfied stockholders, and he will be
assisted by Major John I. Yellott and s. Parker
Bosley, Esq.
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