New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-01-26
RAILROAD INTERESTS.
BALTIMORE AND OHIO AFFAIRS.

PRESIDENT COwEN's POLiCY-A SYNDICATE To
PROVIDE FOR THE FLOATING DEBT.
baltimore Jan. 25.-Baltimore and Ohio affairs were
much discussed in financial circles THIS morning
The selection of Mr. Cowen as president or the COM
pany was viewed the wisest step the directors
could have taken and one that Will lead 10 SUD-
stantial results His bodness intelligence and as-
oress,vene,. with the cooperation OF an apprecia-
tive Board OF Directors WILL 1t is asserted develop
the property to the full extent OF Its earning capac-
ity The report that after the nex' regular meet
Ing on February 10 there may be a compete re-
organization Of the existing standing committees Oh
the company attracts considerable attention II Is
well understood that president OF the properly
Mr. Cowen is not to have the management OF the
arancts In fact he made IL condition or MS
acceptance OF the Office that not only were all pres
ent financial needs to be amply provided Tor Dut
that the responsibility was 10 be shared by capaoe
Finance Committee. Whether this committee is to
be changed is not known. but that there VIII De
some shifting about OF committee members Is ac-
cepted as fact.
James Sloan IT,, who for many years dlrec-
tor of the property and chairman OF the Finance
Committee. speaks OF the syndicate as one OF the
strongest formed in this country. The New
York members are understood 10 be the Mercantile
Trust Company, Brown Bros. Co., the Farmers
Loan and Trust Company. Nermi.ye & Co. and
Blake Boissevain x CO. J. +. Morgan & Co. and
some other New-York capitalists also are said 10
be interested. The New Workers agreed. 1t IS said.
az a part OF the programme OF which MT Cowen s
election was the first STEP 10 provide for the present
floating Indebtedness OF the company, amounting 10
neary 100000 OF this amount N,5oo.cD Will be
furnished at once TO NEE: current expenses apd
the fixed charges falling due on February l. The
floating debt, much remains after desiuct-
ing the cash advance. Is to be funded into col
lateral trust mortgage. TO be secured by the po!us
and stock held In the c0mpanys treasury. Inc
length OF time this mortgage IL 10 run and the rate
OF Interest IL is 10 bear matters TO be decided
hereafter. Major Alexander Shaw. as chairman OF
the Finance Committee is conducting the neSotia-
lions. and will go to NewYork within the next few
days TO complete tho settlement. 1t Is generally
understood that the mortgage bonds are TO bear In
tcrest at per cent. and that they VIII run ong
term OF years.
The syndicate will underwrite this mortgage. and
relieve the company OF the prAssure OF this debt
and also provide capital for the company as re-
Quired. condition made by the syndicate was
that the interests represented therein should have
further representation in the directory OF the COM
pany. and thus II that Edward II. Bacon was
e.ected at yesterdays meeting Another representa-
tive OF the syndicate viii, Is said. be elected at
the next Board meeting. This will give to the New
York interests six votes. against the same number
representing the Baltimore sockhC lders. with Pres
dent Governs the decisive voice in all questions
of policy about which there may be difference OF
opinion.