New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-18
RAILROAD INTERESTS.
REoRGANIzING BALTIMORE AND OHIO
TO BE IN THREE DIVISIONS WITH A GENERAL
MANAGER-FINANoIAL PLANS FOR
THE c. w. AND B. COMPANY.


Baltimore July il (SpeolaD.-At a well-atehded
special meeting of the Board Of Directors OF the Ba'
more and Ohio Railroad to-day, plans presehteu ny
President Mayer for the organization of the baiuhore
and Ohio system, and for the complete reorg"i@s'o'
OF the Cincinnati, Washington and BALTIMORE "eio
adopted by the Board. The Baltimore ana ohio pan
comprises a general manager for the ehtne sss'o'u'
The road is to be divided into thrco dVlsIons' Que
west of the Ohio River be known as the uans-ouo
division: one east of the Ohio to Mount Clare, 10
bo known as the mainline DIVISION and the third nom
Washington 10 Philadelphia, including tne NC" Urn
Terminal which is to be entitled the eastern uNiAon'
J. F. Oden was elected general manager OF @I the
divisions; W. W. Peabody general manager VI "lo
trans-Ohio division. and Alfred Walter. who has unui
recentlv been in the employ OF the Pennsylvania road
general sperintendent Of the two eastern DIVISIONS
Colonel H. T. Douglas, the present chief engineer OF
the Philadelphia division, was ihade 'ne
chief engineer Of the entire system vi
the Baltimore and Ohio. J. NJ schryVer. the
present assistant general ticket agent was confirmed
as assistant general passenger agent east OF the ONO
River, and o. p. McCarty was confirmed as ASSIST
ant general passenger agent west Of the Ohio River,
the Office of general ticket agent having been aooE
shed and consolidated with thf passenger depart
nent G. W. Valiant, the chief clerk OF the machin-
cry department. appointed general storekeeper'
The board also approved the plan for thu reor-
capzaton Of the Cincinnati. Washington and Balii-
more and the formation of an entirely new concern.
II provides for the sale of the road under fore
closure Of the first mortgage, decree for that pur
nose having already been entered In the Cincinnau
courts. new mortgage is to be created securing
bonds 10 the amount of $11,000,000, the principal
and interest of which are be guaranteed by the Bal
limOre and Ohio Railroad. The S11 100000 OF
bonds will take up the present first mortgage bonds
The Baltimore short Line bonds and the Cincinnati,
Washington and Baltimore Hooking Valley bonds,
the remainder to be used IN securing an exchange
of old and new bonds and In improving the road The
total fixed interest charge of the new company
Will thus be reduced from 100000 10 S49oOoo
The pan provides for the exchange of all the bonds
and portion Of the coupon Indebtedness by the issue
of new mortgage of S11 100000, In which mort
gage is funded all of the interest on the old bonds
that will mature In 1859, including January L, 1880
and also providing for about 100000 for the ex-
change of the securities and for the new companys
USE These bonds will run for one hundred years
bearing IL per cent interest per annum, payable
sem.annualy, tic first coupon OF which VIII mature
July l. 1900 and guaranteed absolutely, principal
and interest, by the Baltimore and ONO hallOdn
COMPANY. All OF the holders of the respective nlst
mortgage bonds and liens VIII have the right TO ex
change these bonds the terms stated IN the pan
They are all to be exchanged at par except the Gin
receive premium of about II IL on the new bonds
The holders of the old first mortgage 12s WILL there
fore have right to exchange their holdings 1or the
new bond, which win be an actual first mortgage
ulon the property with an interest charge, whlcn
after careful review by experts, is estimated clearly
within the capacity of the road The COM
pany VIII also issue $6,4oo,0oo Of second income
bonds.