New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-04-19
RAILROAD INTERESTS.
TO INVESTIGATE B. AND o. AFFAIRS.
THE BALTIMORE REORGANIZATION COMMITTEE


THE BALTIMORE REORGANIZATION CoMMiiibE
ANNOUNCES ITS PURPOSE
Baltimore April ls.-The Baltimore Reorganiza-
ton Committee, Of the Baltimore and ONO Railroad
gave out statement yesterday which shows that
the floating debt OF the company Is $6.UoOU Inc
committee has decided. the statement says. to en-
ploy an expert accountant for the purpose OF ex-
aiming fully into the operations OF the company
between the years 1888 and 1885, which informa ton
is considered essential before the plan Of reorganiza
ton can be perfected The sta ement goes on to say
that the published reports during the incumbency
of Mr. Mayer president. did not contain the
information which is required Particular at
tention is directed 10 the bare statement showing
that the rolling stock decreased in value during the
seven years st. 500 953. and that the number OF en-
gnes decreased from 5S4 TO 5O2. During this time
the number of owned by the company de-
creased 409S. These items together with the fact
that the floating debt has increased from $4,000
to about SIG 900. and that the common stock has
been increased about S. 100000 and sS5Ooo0 Of ter
mlnal bonds negotiated, the sale Of l4.1UO shares
OF snoscd anS s be
ing extremely Significant as 10 the management OF
ment would show that during the seven years men
toned the Baltimore and Ohio obtained about $780,
100000 of fresh capital without satisfactory results
Hambieton & Co.'S financial circular. in referring
to aGn 81 the pa ED
what the bond and stockholders desire, Is that
those interested In the management or the BdItl-
more and Ohio Company from 1880 up to the placing
of the property in the hands OF the receivers shall
give an account of their stewardship; shall explain
the many deals with other roads. notably the Pitts
burg and Western. the Akron and Chicago Junction.
the baltimore and Ohio Southwestern the Camden
roads in West Virginia. the Maryland Construction
Company and other properties. and shall show how
10 that the company during this period so largely
increased its obligations and liabilities through the
issue of new securities and the guaranteeing and in
dorsement OF bonds of other companies. while at
the same time the annual reports Of the road show
deterioration rather than enhancement In the value
Of the property
REORGANIZATION OF THE c. & n. P.
J. Edward Simmons. chairman OF the Bondholders'
Railroad yesterday made the following statement
regarding the terms OF settlement agreed upon with
the REORGANIZATION Committee Of the Northern
Pacific Railroad:
The Chicago and Northern Pacific is to include In
its reorganization, on terms that met with the
tee the securities of the Calumet Road which has
always been operated In connection with the Chi.
tSe Cailmet being owned by the Northern Pacific.
The Northern PACIFIC managers agree 70 return 10
the Chicago and Nor,nern "a inc 3 @ 90 chi
cago and Northern Pacific bonds for the recovery
Of which suit had been brought eS that con Nnr,S
ern Pacific agrees to relinQush all claims against
the Northern Pacific and the Northern Pacific wire-
Pac.ic This agreement. however. does not nclude
the claims between the respective receivers OF me
properties which are to Dc s NnrsSeT on Pscac man
ayers and Reorganization COMMITTEE VIII g give me
Chicago and Northern Pacnc bonanoiaers So onssnn
Of their properly under foreclosure and sale.
The report that the Chicago and Northern paci a
Railroad companys holdings Of Calumet securities n lies
is without foundation No money Is paa by ,o dns
secur Ties. but they are included at fair valuation
in the reorganization CT that company