New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-17
THE BALTIMORE AND OHIO.
WHAT THE REPORT AT THE ANNUAL MEET.
ING WILL SHOW.


BALANCE IN SPITE OF HEAVY Ex-
PEyDITUREs.
tBY TELEGRAPH TO TIE iRisuNg.i
Baltimore Nov. 16.-Thls has been important
year In Baltimore and Ohio Railroad affairs and the
report to be presented to the stockholders the annual
meeting tomorrow will not only show a greatly i'm
proved financial condition. but will tell story Of inn
portant changes and improvements President Charles
F. Mayer was only elected to the executive last De
ccnber. and the road during The first year Of his man.
agement has been very successful. Another year OF
such prosperity and dividends will be renewed. In his
report President Mayer will explain the improvements
made during the year and those contemplated Among
these was the reorganization Of the Baltimore and Ohio
southwestern Railroad Company. which formerly
the Cincinnati, Washington and Baltimore Railroad and
by which the Baltimore and Ohio was secured for a
large amount OF money and material spent the Gin
cinnati, Washington and Baltimore. This we'll
managed that the Baltimore and Ohio southwestern is
now doing good business and earning a good deal
more money than its fixed charges. The purchase OF a
controlling interest I'M the Valley road of Ohio with its
terminals docks and elevators at Cleveland on the
lake, was accomplished by using funds hand and
without making a loan This gave additional mar
ket for the large quantities of coal and coke shipped
the Baltimore and Ohio. supplied more freight
IN the OF from tnat city, well
supplied port for the receipt Of Western grain and
considerable passenger traffic. Control over the
Upper Monongahela River Railroad obtained by a
ninety nine year lease and the Endorsement OF that
panys first mortgage bonds at per cent amounting
to 100000.
One Of the best moves OF the Baltimore and Ohio
when II made lease of all the Camden lines in
West Virginia for BOO years under the name Of the
West Virginia and Ptsburg road, and had bought
timber
lands in Pocahontas, Webster and Nicholas counties
in West Virginia. The railroad Is fast being com
pleted to the junction of the Gauey and Cherry
rivers, and with branches will amount to about
$50 miles Of track For this the Baltimore and Ohio
Endorsed 100000 Of the West Virginia and Pittsburg
Railroad first mortgage gold fves running 100 years
Many of these lines were single track narrow gauge
roads running through q fer,ie agricultural cOun
try while along them valuable timber lands and
mineral deposits Three million dollars Of these bonds
were placed in New-York and Europe at 1O2. aud sub
scribed for three times the first day. The
remaining 81 100000 bonds retained in the Balt
moro and Ohio treasury. to be used from time to
time in equipping the road
The freight and passenger traffic contract
Of the Baltimore and Ohio Reading and
jersey Central Railroads between Washington and
New-York, which was so long latent was put into
effect by the present administration and has been
useful to the three lines So far the Baltimore and
Ohio has made little use of It's terminals staten
Island. but that valuable property has done i'm
mcnse local business Some piers and warehouses are
being erected there. new road, the Chicago and
Akron. running seventy three miles from Akron, Ohio
to Chicago Junction, will be completed during the
winter. 1t will give the Baltimore and Ohio short
line Of its own toward Chicago from Cleveland and
Pittsburg. 1t cost little to build, most of the
rights of way given and the grades moderate.
On September 1 Sa.5OO,O00 per cent bonds of the
Central Ohio Railroad redeemed and 1-2 per
4
Columbus Midland obtained through the Central
Ohio becoming the lessee and OF all the stock.
This line from Columbus to Midland City. The
Oakland and Confluence Railroad has been built twenty
miles from Confluence. PENN, up the Youshioghcny
River The Baltimore and ONO Is the permanent lessee
and owner Of majority of the stock.
big oil region is being developed on the line of
the Baltimore and Ohio at Warrington. v. Va. and u
pipe line is being built to connect with pipes for Pla
delphia, Baltimore and New. York North Baltimore,
on the Chicago Division and Washington, Penn. are
also oil regions that have huiit up the country muen
and have greatly increased freight and passenger bust
drilling ground at Brunswick the main line 0! the
baltimore and Ohio, between Point of Rocks and
freight station for the separation OF freight and making
up Of trains intended for different branches Of the sys
tenn 1t appears to have become the policy Of the
company TO place all OF it, repair and construction
stations along the main line within the state ON, Of Mary,
Cumberland which has lent to the Baltimore and Ohio
Company $4,000 In consideration Of these and other
| changes.
The most important transaction OF the year was the
| Endorsement OF S5,O0OCOo 100 year per cent gold
bonds OF the Baltimore Belt Railroad and the guaran
ceng TO the Belt road the interest of the bonds by
wheclagc contract. The baltimore and Ohio will
struct the Belt road by having full ownership in
| the stock of construction company which has
| the contract TO build the line. The work is
| tractors have engaged to finish it IN eighteen
months. Besides giving the Baltimore and Ohio an
all-ra connection between the main line and its Pha-
delphia division many convenient passenger stations
| will be obtained and time and money saved by not
having to br" trains In crossing the river. Direct
rail connections I'll also be made with other lines en-
| tering the city Z baltimore. Probably the only
reference which will " made in the annual report to
the great deals by W.T. n the common stock held by
the city Of Baltimore, am mounting to 80 500 shares
and 1900 shares ont Of tn 1900 held by the Johns
Hopkins University obtained by syndicate OF the
present shareholders and outside friends, will be
@ brief statement saying that the city Is no longer
represented in the Board Of Directors and that the
State has lost two OF its four directors, who were
| dropped when the Board Of Public Works sold the
states 1900 shares Of first preferred stock. These
deals took the road entirely ont Of politics. While
heavy expenditures have boon made for Improvements,
tho reports will show net balance OF 81 100000
TOO MUCH TONNAGE, TOO LITTLE EARNINGS.
ST. Paul, Nov. rs tspecia.-Northwestern capitalists
interested in railroad enterprises have been aroused
to the necessity OF action their part locking
TO the protection Of the securities held by them The