The San Francisco call., 1896-03-01
Directors Try in Vain to Meet
the Floating Debt Of the
Road.
THE PLANS FOR THE FUTURE.
Committees Will Continue to Raise
Funds at Home and Abroad to
Meet Indebtedness.

BALTIMORE, ND, Feb. 29.-The Balti-
more and Ohio Railroad Company is in
the hand of receivers. Judges Goff and
Morris of the United States Circuit Court
this evening named John K. Cowen and
Oscar G. Murray to take charge of the al
fairs of the corporation, which is one of
the oldest in American railroad history.
Mr.. Cowen has been president of the
road since early in January, when he sue
| ceeded Charles F. Mayer. For years Mr..
Cowen had been chief counsel for the road.
Mr.. Murray steps from the position of first
vice-president, to which he was elected
only few weeks ago, into the joint re-
ceivership with Mr.. Cowen.
Mr.. Murray has for some years past oc-
cupied the position of third vice presden
of the Big Four system, and represented
the latter corporation and the Chesapeake
and Ohio in the Joint Traffic Association.
From early morning Baltimore and Ohio
stock broke far below all previous records
on the rumor that a receiver would be ap-
pointed. A statement sent out by the
United Press from Baltimore Thursday
night, in which most positive information
was given to the effect that a receiver
would be appointed within forty-eight
uONIS, was pOlutCo " do lHuICdtiHR d
reasonable assurance that some action in
that direction would be taken before the
day closed.
4 number of stockholders and financial
institutions having an interest in Balti-
| more and Ohio property dispatched mes
sengers to the United States court at fre-
quent intervals during the day, and were
| apparently relieved when they learned
that no application had been made up to
the hour that the clerk closed the office to
| the public.
| Mr.. Cowen denied himself to all visitors
excepting directors of the company, who
came to his Office in answer to call No
one would give the slightest information
as to the object of the meeting, but it soon
became known that there was trouble in
the air.
The New York and foreign representa-
tives OF the company were we'll represented,
four of the directors arriving early in the
morning. The presence in the city of
Judge Nathan Golf of the United States
Circuit Court, which fact became known
shortly after the noon hour, was also con-
sidered significant as portending some inn
portant action in that direction. The
street was flied with rumors until the long
conference and board meeting in the
Baltimore and Ohio building came to an
end, after o'clock this evening.
When the directors filed out of Presi-
dent Cowen's private Office and some OF
them wended their way to the United
States Circuit Court in the postoffice
building, there seemed to be no doubt
that the until recently highly valued Bal
timore and Ohio property, with which the
name of Garrett had for so many wears
been linked, was about to pass into the
hands of receivers.
Judges Golf and Morris were locked in
their offices, and none but the Baltimore
and Ohio officials and attorneys were al
lowed to enter the sacred portals. 1t re-
quired but few minutes to transact the
business in Judge Goffs private quarters;
and at o'clock the announcement was
unofficially made that President Cowen
and Vice-President Murray had been ap-
pointed receivers of the company.
AT II clock to night Mr.. Cowen
emerged from the presidents Office and
gave to the press the following official
statement, which had been in the course
of preparation for some hours:
"A committee composed of the New
York directors of the Baltimore and Ohio
Railroad Company has been for some time
engaged on plan for funding the floating
debt of the company and to provide addi-
tlonal capital. Until this morning there
was the strongest belief upon the part of
the company and the members of the svn-