The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-03-02
NAMED.
The Baltimore s Ohio Railroad
Forced ut Last
TO DECLARE ITS INSOLVENCY.
President cowen aud Oscar G. Murray APP
pointed Receiver. by Judge Gotr-Tho
Action Taken After Long struggle
Against the Inerltabie-csuses OF the
Action.

BALTIMORE, March 1.-The Bait-
more & Ohio Railroad Company, one Of
the Oldest and most expensive trans
portation systems in the United States.
and until recently one OF the most pro-
fitable, has confessed It's insolvency and
gone into the hands OF receivers.
John X. Cower, its president, and Os.
car G.. Murray. Its third vice president,
will hereafter operate II for the benefit
OF the creditors and hondholders. under
the direction OF the United States court.
This action was taken last night after
a long struggle against the inevitable
and was the immediate result OF the
failure OF the directors to negotiate
loans 70 provide for interest and other
payments due and about to become due.
For several years, however, the road
has been losing money, and, while the
collapse, coming at this time, was sur
prise to many. hut few believed that II
could be averted much longer. Since
the last regular meeting OF the direct
ors, two weeks ago. Major Alexander
Shaw, chairman OF the finance commit
tee. and President Cowen. have spent
great deal OF time In New York en-
deavoring to borrow enough money TO
pIOVlue lOT uTlHIEt uuttNlNH htHs $3.50
payment Of interest, amounting to $780,
900, falling due Monday next
II was thought at one time that they
would be successful. but President
Cowen gave up the fight and returned TO
this city. Immediately upon his arrival
he called n meeting OF the directors,
After a session lasting an hour and a
half, the directors and legal officials OF
the road repaired TO to the United
States court room In the federal build:
ing and General Counsel Hugh Bond
filed an application on behalf OF the dl:
rectors asking for the appointment OF
inceivers upon the showing made In the
petition that the company was inSolV-
emf United States Circuit Court Judge
Goff. OF West Virginia, who had been
called here for that purpose, In commune
ton with United States District Judge
Morris, heard the application, and there
being no objection, granted II. After
the adjournment of the court a, state
ment was Issued by the officials OF the
Baltimore 4 Ohio company.
MIR. Murray. the other receiver. VINO
had been third vice president OF the BIZ
Four system. was invited to accept
similar position in the Baltimore & Ohio
service. He consented and has since
been acting In that capacity.
r,
gress from the Fourth Maryland dis
trict, and Is the leader OF the Demo.
cratic opposition to United States Sena:
tor German. He is fifty-one years old
and a native OF Ohio.
The Baltimore & Ohio system In
cludes 2.065 miles OF railway extending
into all parts OF the country east OF the
Mississippi rivet. Ut was one OF the
firs, railways built In the United States,
and for many syesrs was considered the
most reliable and profitable. Under the
management OF the late John W. Gar
rett, OF this city, it'attained an enviaole
position among the interest earning
and dividend paying lines In the coun-
try, and its securities were looked upon
as gilt edged, Its stocks and bonds are
largely held for Investment purposes In
this city, where the Insolvency Is looked
upon MS almost public calamity.
Johns Hopkins University Is one OF
the largest holders Of Its preferred
stock. and the loss OF revenue from thai
source will be keenly felt by the institu-
ton. The stock Of the company Is $780,
00O. 900, DIVIDED as follows:
First preferred, $3,0O0,0O0; second pre-
ferred, $4,000. 600; Icommonr and script,
$25, O0O. 900. Its bonded Indebtedness. nc.
cordinE TO Poor's Manual for 1885, Is
said to be $T5. 900, and its floating
debt is thought to be between Sl0.00O,000
and Sl20O0,O0O. II owns and leased
twenty-nine different roads in Mary
land, Virginia, West Virginia, Pcnnsyl-
vanIa, Ohio and Illinois, Including some
OF great importance.
The Baltimore & Ohio company Is the
guarantcer for rentals, amounting to
sI,l57.350 on leased lines and for inter-
est on bonds In double that amount, It's
charter was granted in 1927, and some
| of the greatest historical events OF the
present. century have centered about 1t:
notably the military riots ut Camden
station in this city, In the early part OF
the rebellion. at which time the Federal
troops on their way TO the south were
mobbed and great loss OF life ensued.