New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-10-11
RAILROAD INTERESTS.
A PLAN OF REORGANIZATION.


ONO AND MISSISSIPPI TO BE CONTROLLED By
BALTIMORE AND OHIO
Tile announcement by cable from London that
plan had been agreed upoa for the reorganization Of
the Ohio and Mississippi and fits transfer TO the con-
troll Of the baltimore and ohio Railroad was confirmed
in this city yesterday Complete details are lacking
owing partly 10 the absence OF particulars from abroad
partly 70 the .icence Of the few directors OF tie
Ohio and Mississippi who are In this city. r. lie
Dacon, president OF the Baltimore and OHIO southwest
ern road and a director In the ohio road, has
been in London several months conducting the neso-
,iatiOns. The committee representing the stOckhod-
ers OF the Ohio aud Mississippi have Ia, 900 ont OF
100000 shares OF stock deposited with Brown, shipey
d Co., given subject TO their control The following
statement Issued by Dow, Jones Co. is understood TO
come from member Of the executive committee OF the
OHIO and Mississippi:
1t T. proposed to form 4 controlling company with
IS 900 900 common stock 10 he given 70 the Baltl-
more and Ohio Company. The Ohio and Mississippi
preferred stock Is 20 receive Sl.4 share In first
per cent income bonds and per cent in cash the CON-
mon stO"k 10 receive $500 share in second income
bonds ard $500 in preferred stock Of the controlling
company, the baltimore aud Ohio 20 guarantee interest
on Ohio and Mississippi bonds to the extent Of
sl,l0OOOo annually in consideration Of the stock Of
the controlling company
Beyond this brief outline nothing could he learned
to the particulars OF the proposed scheme. The plan
has yet % receive the formal assent OF the stockholders
and il is not certain that 1t viii othroush without
opposition. The public cables. however, would indi-
cate thai the English shareholder had been harmon
led and they hold the control Of the stock their
assent to the scheme likely its
cable yesterday to Mr.. Walsh the New York representa-
I've of Mr. Bacon, stated that the plan excellent
snd would lead 10 dividends on the stock II tho
outline Of the plan given above Is correct. il Is
what difficult TO Judge what is exactly meant by this
dttNa zta Wall int -fned
men in Wall street however. have little doubt of the
successful completion Of tie deHl. The changes In The
board Of directors Of the Ohio aud Mississippi are only
matters Of detail, ard have excited discussion AS
the board is constituted. the Baltimore and Ohio
has strong representation. IL Is composed OF these
men: Directors 10 retire in october. 1s91-RobeFt
Garrett, Of Baltimore: James II. smith,
Of New-Yort. aud Edwards whitaker, OF st.
Louis: to retire in l5S2-F. W. Tracy. OF
sprn sfeld H.. George ;. Morrison. Of Chicago, aud
F. p D.mpfeI OF New-York; to reLire in 1904.
Oracle King. George {. Magoun and T. Y. Pacon' OF
New-York. ard q. :. Cunningham. OF Cincinnati; 70
retire In leoi-J. f. Barnard VI Cincinnati, and William
Lrbbey aud George +. Crane, Of New-Nefk
TIE ONO and Mississippi! has been managed in the in
1erest Of tbe Baltimore and Ohio fer years IT, line
has furnished the latter road direct connection frm
Cincinnati and 1t. Louis. aad close tafc contracts
utw exist between the companies. The BAIL
more and Ohio has been working 20 secure the prop
ertv OF It's ters, and has in Vni1ors WAYS Voru
a ,stt cement with the owners. willie 1t the same time
keeping the road out of hostile hands The negoiia-
tlnns. which are now declared 10 be completed, haze
! been pending for a yeIr The NanderDitMoigan III
terests through ~ K. ingalls,, president Of the mesa
pcahe aud Ohio made efforts this suinHe r Z"
secure control In order TO give the Chesapeake ana
Ohio direct connection with st. Louis These enOrJs
doubtless brought the Baltimore and ONO u realize
| the importance OF prompt action and fastened the
con summation OF The de- If the deal is carried out IL
viii further strengthen the position OF the baltimore and
! ohio as q tuns lire. Whether the Nannerbrs
can ostruct The execution Of The plan agreed upon by
Mr. Bacon with the English stockholders Of the Ohio
ard Mis- .,sirpi depends largely upon now complete
! The dsyatch in The Tribune yeste day outlining -
now fuqncial policy FOR the Baltimore and Ohio eX-
! cited Interested comment in Wall street. Although
the statements to the proposed Issue o 1!oo)OCOo
now stOck were nude through Inc circular Of bsu-
] more banding house well informed mere declared
ihot thrv were correct. The plan Is 10 SOiOOOO
in carr ing ont the deal made last January with The
| Ittsburc and Western; 10 reserve $J.oOO.OOO Tor
! be r;erTnents and Improvements and 70 Distribute
~ 600 600 rs a stock dividend. Conservative banhers
| estimate THAT between 100000 and Sf.eO)OOO
| Is fillmore and Ohio stock has been purchased by Eng
li,h investors recently All the floating -ock IN the
| market Is believed 10 have been absorbed some q
the foreign purchases said 10 have been lnduced
| by the knowledge that the deal with The Ohio and
& Mississippi wOud he effected.