The evening times., 1896-09-11
CREDITORS WANT RECEIVER
Washington and Baltimore
Electric Road in Debt.
CONTRACTORS FILE SUITS
Controversy Said to Be q Friendly
One In Order That the Affairs of
the Company May BE Straigh tened
Out and the Work Proceeded With.
Washington People Interested.

The electric road from Washington to
Baltimore viii probably be completed tie
quicker by reason of a movement " LiclI took
shape in legal proceedings for a receiver
ship at Baltimore yesterday. There are
differences OF opinion among those who
have money tied up in the enterprise, and
JUST what will he done is is get Undecided.
is hoped here that scme ad1ustsneDt Will
be reached by which tn e line wiil be pushed
rapidly 10 completion and its earning power
demonstrated, with the result uf easy pay
nieDI of interest on tie tonds. IT not OF
dividend on the stock. The creditors or
the baltimore and Ca.onsvillc Construction
Company are urgent that the settlement
reached should involve The immediate pay
n,ent of their claims. Some OF them propose
to bring every agency Of the courts to bear
TO secure an early payment.
They have paid out their own money
to their employees and are now hard
pressed for funds They cannot afford to
allow consideration for the managers OF
the enterprise and a wish TO see the line
completed TO weigh against their own
immediate necessities This Is one of
the stumbling-blocks in the way of agree
nient upon plan for continuing opera
tions The suit for a receiver filed at
Baltimore yesterday was supplemented
by suits filed by contractors here today.
SOME BIG CREDITORS.
The application at Baltimore was made
by big creditors-tbe Westinghouse Elec-
tric Company which wants about S2CO,-
OoO; Thomas C. Bassbor Il Co., 81 900:
the Baltimore Traction Company, 81 700:
thu 5. ID. Wariield Manufacturing Company.
So 500 1t is said The Baltimore Trac-
ton Company, which controls most OF the
street car lines in Baltimore, and is an
.varhanH fr,ItpY Interested
in the new line to the extent of STo.0 900
The Baltimore suit is against the Balti-
more and Catonsyille Construction Com
pany, which was organized OIL November
90, S94, for the construction OF the Mary
land end of the road. Its stock is only
$4,000, but it has a contract with the
Columbia and Maryland Railway Company
for millions, and has already spent about
one million dollars in acquiring right OF
way and real estate, grading, laying track
and putting up buildings. The line is
practically complete from Baltimore to
Eilicott City, "a distance OF fifteen miles,
and nearly ten miles at this end, it is
claimed. could be gotten into condition
TO operate at a small expense.
The contract OF the Catonsville Construc-
ton Company with the Columbia and Mary
land Railway Company is to construct
the road from Baltimore to Washington by
way OF Ellicott City, Laurel and Hyatts-
vile. and to connect here with the Belt
line and lexington and Soldiers Home com
bination. The construction coapanny was
to transfer to the Columbia and Maryland
1O.625 shares of lexington and Soldiers
Home stock and 5000 shares OF Belt stock,
with large amount OF other stocks and
bonds.
MANY BONDS ISSUED.
In return for these securities and the
h,,;t linz nf ba tan, rti ION
pany was TO receive 10000 shares or the
capital stock OF the Columbia and Mary
land Company, par value $50 each, and
$500 900 in bonds, fifty-year at per
cent interest.
This contract was made June 20, 1895,
and soon after work was begun by the
construction company. The Columbia and
Maryland Company issued bonds to large
amount and these We're floated to secure
funds for carrying on the work.
The Washington end OF the enterprise
is represented by the Maryland and Wash
ington halfway Company, which obtained
charter from Congress in 1892 and had
it amended in important particulars by an
act approved on March 2, 1S95.
This latter act gives the company priv
ilege to condemn right OF wayalong Rhode
Island avenue, extended, to the District
line, directs that the full face value Of
stock III ust be paid within short time from
its issue, limits the total issue OF stock and
bonds to Si50, 900 and provides that with
in this limit the issue must not exceed the
actual cost OF construction. Also, the mon
ey raised must not be used for anything eN-
cept acquisition of necessary ri ght OF
way and real estate, construction OF the
road and payment for an operating plant.
Under this charter John Ridout, the at
terney for the company, acquired the right
or way, and negotiations were completed
for the construction of tine road. Terms
were agreed upon for the cooperation OF
the construction company at Baltimore
with the interests represented here.
SUITS ARE FRIENDLY.
Ii is claimed tn at the suits begun at Bal
tiinOre are friendly and constitute an at
tempt to readjust relations and continue
operations. The tightness of the money
market has prevented the managers from
floating bonds, aud as a consequence work
had been suspended all along the line.
foresh ado wing of this was in the account
published by The Times two weeks ago,
showing that there W as a great falling off
in work on the road.
One of the suits filed here today was by
Maurice r Tally, one of the contractors,