Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1891-03-18
BIGRAILR0AD DEAL
Over Half a Million Dol
lars are Involved.
BOLD FINANCIAL STROKE.
Pennsy Secures the Delaware, Mary.
land and Virginia Road.

IL Will ray the state 1881, 353.S3 by
November 1, 1891; and Guarantees the
Payment OF Sass 900 in Three Per
Cent. Bonds-Fun grext OF the Agree
ment-The Farmers' Trust and Loan
Company Precipitates Action Work Of
the Committee WIN be Accepted by the
General Assembly.
Stan Correspondence EVENING JOURNAL.
DOVER, March II The Pennsylvania
Railroad has again reached out its long
arm and secured control Of another rail.
road. Or, rather, the Philadelphia,
Wilmington & Baltimore railroad has.
and it is all the same. But be this as it
may, those persons who predicted that
when the State Of Delaware took a mort.
gage Of $500, 600 on the Junction and
Breakwater Railroad, and one for 5000,
600 on the Breakwater and frankfort
railroad, It was throwing money away,
will feel very much gratifed, If chagrined,
when they learn that the state will make
money by the transaction, and ere long
the treasury will hold over half million
Of dollars they said it never would hold
The Deal Consumated.
AS predicted exclusively in the Dover
letters to the EVENING JOURNAL Satur-
day, there has been one Of the biggest
railroad deals between this state, the P.
w & B. Railroad Company and the
Delaware, Maryland and Virginia Rail
road Company that this Peninsula has
known for years
1t involves state mortgages amounting
to $500, coo and a mortgage held by the
Farmers Loan aud Trust Com pany of
New York for $3.50 This gives a
grand total of $3.50, 600 involved in the
deal
The Legislative Committee to consider
what should DO done la the matter met
tonight in the parlor OF the State House
James L Wolcott. tlIsir counsel, was
present. as well as e. NJ Houston, Ebe
w. Tunnel aud George NJ. Bishop on
the part of this Delaware, Maryland and
Virginia Railroad.
TIE D, IA & VS. Proposition.
The Delaware, Maryland & Virginia
Railroad Committee presented the fol-
lowing communication to the committee
on behalf of that road:
Hon. William T. Hutson, Chairman OF
the Joint Committee:
SIR-The Committee of the directors Of
the Delaware, Maryland and Virginia
Railroad Company, having submitted to
your joint committee the plan devised
and prcpounded by them for paying in part
in cash and securing the residue of the
debts held by the State Of Delaware.
which are represented by the two mort
cages for $400, 900, and 5000 900. against
the Junction g. Breakwater Railroad
Company" and the "Breakwater Frank
ford Railroad Company" respectively aud
having been officially advised BY your
letter that your committee had unani-
mously adopted a resolution approving
aud accepting the same, have, since your
action and pursuant thereto been using
their best endeavors to secure the aid and
co operation of the Philadelphia, VIII
mingtun and Baltimore Railroad Com pany
to enable them to cOnsulnate the plan
proposed, and without which it would
be impossible for the D. M & V. Co. so
to do. And this committee is much
gratihed that it is now prepared to an.
nounce positively the ability Of its com
pany to carry out and complete a plan
which at once abundantly secures the
state and at the same time protects the
numerous stockholders of the said com
pany and avoids the complications and
loss that would necessarily ensue from
sale of the property under the mortgages;
and herewith submits a certified copy Of a
resolution adopted by the directors OF
the p, w. & B. Company. whereby that
company undertakes the payment in
cash Of the following sums--as loan
and advance to this company. viz;
$62, 600 on July 1. 1891, and $172. 1913 SO
November 1, 1891; and the guaranty Of
$685.. coo, 3 per cent. bonds OF the D NJ
a " Company. principal and interest, to
be delivered to the state, IN full payment,
discharge and satisfaction OF the said
two mortgages, on the enactment of the
General Assembly, at lis present session,
Of such legislation In that behalf as is set
forth in said resolution. IL would seem
only fair and just that the p, w. 4 B
Company should, in view Of it's covenant
of guaranty of the 1885. 600 Of bonds OF
the D. N. g. " Company, have reserved
to it's option, at any Uime the state may
desire to sell the whole or any part or
the bonds, to take the same at par and
accrued interest, bu5 inssmuch as this
feature was not embodied in our propo-
sition which your committee accepted,
we suppose we could not now insist upon
It with propriety, and merely suggest it
for the consideration Of your committee
we have now done everything in the
premises which we have undertaken to
do in good faith. and leave the whole
matter in the hands OF vnuP committee
to secure the enactment OF such legisla-
tion as Is necessary 10 effect the com
pleted consummation OF the plan so pro.
posed to and accepted by your joint com
mittee, and remain very respectfully,
GEORGE NJ RIsHoP.
EBE w. TUNNELI.,
EDWARD w. Houston.
Committee of the Directors Of the d
N. & v r. R. Co.
Dover, Delaware. March IL, 1891.
Official Action OF the p. w. &B.
II hereby certify that the following Is
a true and correct copy from the minutes
of action had az meeting of the Board
of Directors OF the Philadelphia, Will
mington aud Baltimore Railroad Com
pany, held at the office of the company in
the city of Philadelphia on the Sixteenth
day Of March 1891, namely:
Gets First Mortgage.
whereas, The Delaware, Maryland
and Virginia Railroad Company" being
DESTROYS Of providing means for paying
or securing all its liabilities, have formu
lated the following plan therefor, viz;
That 1t will issue on the first day of
November. 1891, its bonds of the de-