The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-03-01
RECEIVERS AT LAST.
The Baltimore & Ohio Road
Gives Up the Fight.
COMPRISING ITS INSOLVENCY.
Has Been Losing Money for Years
Tried to Borrow Money TO gay
Interest, but Could Not.

Baltimore. Feb. 2a.--The Baltimore e.
Ohio Railroad Company. one Of the eldest
and most extensive transportation 50
TENS in the United States and unth re-
Gently one of the most profitable, has con-
feSsed it's insolvency ana gone INTO me
hands Of receivers. John h Cowen. It's
president, and Oscar O. Murray, it's third
vice president VIII hereafter operate X
for the benefit Of the creditors and bond
holders. under the direction of the United
States court This action was taken to-
night after a prolonged struggle against
the inevitable, and was the Immediate re-
suit of the failure Of the directors 10 ne
gotiate loans TO provide for interest ana
other payments due and a8soslt 20 become
due For several years, however, the read
has been losing money, and while the col
lapse. coming at this time, was a sur
prise 10 many. few believed that il could
be ayerted much longer.
Since the last regular meeting Of the IL
rectors two weeks ago. Mai. Alexander
Shaw. chairman Of the finance commit
tee, and President Cowen had spent n
great deal Of time in New York. endeaY-
oring 20 borrow enough money 10 provide
for a large floating debt and payments Of
interest amounting TO 500 600. falling due
on Monday next Mr. Murray. the other
receiver, who had been third vice presi-
dent Of the Big -Four system was invited
10 accept similar position IN the Bait
more & Ohio service. He consented, and
has since been acting in that capacity. Mr.
Cowen Is member OF congress from tho
Fourth Maryland district.
The Baltimore a. Ohio systsrn includes
20sT miles OF railway extending into oil
parts OF the country east Of the Mississippi
river. II was one % the first railways
huis i'm the United States. and for many
years was considered the most reliable
and profitable Under the management
Of the late John W. Garrett. Of this city, u
attained an enViabls position among the
Understanding and dividend paying lines
In the country, and its securities were
looked upon as gilt-edged. Its stocks and
bonds are largely held for investment pur-
poses in this city, where the receivership
il looked upon AZ almost public caissn-
ity. Johns Hopkins university IS one OF
the largest holders Of iis preferred stock,
ard the loss OF revenue from that soirce
viii be keeniy felt BY the institution
The stock Of the company is $50 fsn.o GO d.
viaed as follows: First preferred, fS,oaV.-
90: second preferred. t2"a. 0n: common
and scrip. 81. 80. 90 It's bonded infebtesf-
ness. according 10 Poor's Manual for lsaS
is S7y 90 a.ps and its floating debt Is thought
10 be between 100000 and 81 81 go II
owns and leases twenty-nine different roads
in Maryland. Virginia. West Virginia.
Pennsylvania, Ohio and Illinois. including
some Of great importance. The baltimore
e. Ohio Company il the gaaranteeT for
rents amounting to si.lS7.3 80 on leased lines.
ard Tor interest on bonds OF double that
amount Its charter was vrsnfed In ls1.
and some OF the creates, historical events
OF the century center around II.