Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-04-27

@44S poiicS VI Inc lOuOWlDS companies. Is.
and o. Southwestern LIST 4k's; B. and o.
Southwestern LIST consols; Clcvelal Ter
minal and Valley railway, Staten Island
"a Rapld transit I'd 5's:Valley of Virginia, s413.
go, 1st 6s; Columbus and Cincinnati Mid
land, AS; Pittsburg, Cleveland and Toledo,
as to interest, LIST SIS; West Virginia and
Plttsburg as to interest, LIST IS.
vi these amounts the g. and O. stands
as promising to pay $4,00O,000 Pittsburi,
and Connellsville first mortgage, in 1895;
si,Go,o0h Equipment trust, series 3, in
iao: $4,000 oot to city of baltimore, same
Co. London, 1902. All these, as will be
seen, are due within six years. besides
which and before the present j. Pierpont
Morgan M o & Co. held their obligations for
same firm ST, I6S.312. neither of which, how
ever, comes due for more than ten years.
me immense floating debt of $16OO0,00O
IS OIL course, rot included IN the above
statements, which, however, afford ample
evidence of the reason why ]. P. Morgan
q CO. should take so much interest in the
b: and O's affairs. as 1t will be seen that
with the exception of the CARROTS thew
hold the largest single block of the com
pany's securities.
Mr.. Spencer'x Position.
The action thus far taken by the New
York committee of reorganiza ton is regard
ed by those best informed on the subject as
only step in the matter, and it is predict
ed that the almost $210,0OO,OOO Of indebted
ness will be greatly scaled down when
a plan of reorganization is agreed upon.
When this period arrives Mr.. Samuel
spencer VIII, 1t Is believed, be named as
co-receiver with the present receivers, TAX
ing the position of president some time
later. 1t is now known that the CARROTS
wanted Mr.. Spencer to be one of the two
receivers at the time Messrs. CoWen and
Murray We're appointed. some time ago.
but Mr.. Cowen, it is said, objected on the
ground that the then vice president Mr.
Murray, had just been brought from the
west and made first vice president, ard
that it would be treating him unfairly to
lay him aside and make Mr.. Spencer re-
ceiver.
Mr.. Spencer will, however, it is expected,
De appointed co-receiver, with MesS-s
Cowen and Murray. at the proper time, end
when the interests of J. P. Morgan require
II, IN which position he will serve VI til
the road is taken out Of the hands Of the
"nen ne Will be the president, provided, of
course, he lives
The Garrett people have good reason to
nave commence In Mr.: Spencer. lie was
protege OF the late Mr.. John w Garrett
VINO discovered him in the humble position
of rodman in an engineering party in the
service of the b. and o.. and promoted him
from one position to another until srhsa
quent to President CARROTS death he he
came president of the company
II Is true that he served but a little over
one year as such. but his retracy was not
for any sin of omission or commission ard
was brought about because the compony
heeded money. which it was supposed Mr.
Mayer and his friends could supply. MI
spencers business affairs president
We're conducted with the utmost fidelity
ara with such exactness that he was able
to lay down his trust at the very moment he
learned that his successor was elected and
1t is worthy of note that there is no charge
of ACKNOWLEDGEMENT of any sort connected
with the presidency while he was at the
helm.
Changes Likely.
Within the next few days there will be, it
is expected. g, considerable shaking up of
officials of the Baltimore and Ohio There
have already been some changes among
those occupying the higher places, but those
occupying the offices of lesser responsibility
have good cause to take seats on the any-
ious bench. 1t is understood that the Office
OF general superintendent of the lines east
of the Ohio II er will be abolished and Mr..
Thomas Fitzgerald, the incumbent, be given
the place of division superintendent from
Baltimore to Keyser. Mr.. Spurrier, who
was promoted from train dispatcher to su-
perintendent of the latter division, when
Mr.. Fitzgerald was made general superin-
tendent, will be reduced to train dispatcher,
and the present train dispatcher will go
back to an engine on the road In like
manner there will be changes in the inter-
est of economy and efficiency throughout
the system.
Whether the few old veterans still re-
manning in the service of the companywho
having entered it during it's earlier history
end through their faithfuiness to duty be-
came the favOrites of President John w
Garrett, will be allowed to remain in the
places now held by them is question that
has so far as can be ascertained not been
settled. With almost every previous change
OF administration attempts have been made
to remove some of them but the fact that
they were first given employment by her
father and were liked by him has invariably
brought Miss Mary f. Garrett to their re-
lief and prevented their official decapita-
ton. Now. however, it is said that Miss
Garrett has been obliged to forego her
pleasures in this direction for the sake of
protecting her business interests: that the
condition of her health forbds her giving
thought to the interests of those who have
really been but little more than pensioners
of the company, and that if they are to he
retained on the pay rolls of the company, it
will have to be done through the interces-
sion of others than herself
c. and o. Canal.
The future ownership of the Chesapeake
ard Ohio canal is of vital interest to many
of the residents of the District of Column
hia, and this is one of the problems with
which the present management Of the Bal
timore and Ohio Railroad Company will
have to deal in the near future.
1t is pretty we'll known that Of all the
large sums advanced by the state to the
Chesapeake and Ohio Canal Company, and
for which bonds were issued by the state
nearly the entire sum has been charged to
the account of profit and loss at the Mary
land treasury department
Attempts have been made from time to
time by members Of the legislature and
other influential men in Maryland to OBJ
tain for the state some remuneration for
its practical kindness in going to the relief
of the canal company, when but for this
action the canal could not have been built
to Cumberland, but these efforts proved
abortive owing to the action Of the parties
who were then in control of the Baltimore
and Ohio road, and who, shortly after it
reached Harper's Ferry many years ago.
bought up what was known as the 1874
bonds of the company.
This fact was apparently entirely lost
sight Of by every one except the owners of
the bonds. until a bill was passed by the
Maryland Legislature at it's session in 1892
empowering the board of public works to
sell the states interest in the canal. Legal
complications were at once instituted by
the holders Of these bonds. The case final
ly REACHED the court Of appeals of Mary
land. which body decided that the canal
had become the property of these same
bondholders. and that If they would pro-
vide the money to place the canal in a
condition for traffic (the canal having been
completely wrecked by a flood of a few
wears befOral and nav tho interest M, +bo