Evening star., 1898-12-24
AFTER THE BRICE LINES
Baltimore and Ohio Railway Company Seek
ing Connections in Ohio
Probable Early Purchase, Also. of
of Wheeling and Lake Erie and
Wheeling Bridge and Terminal.

The new Baltimore and Ohio Railroad
Company will, IT is believed, acquire three
of the Ohio railway lines owned by the late
Calvin s. Brice. The executive committee
OF the road will meet in Baltimore January
to consider the matter. One of these
roads, the Pittsburg and Western, was con-
trolled by the Baltimore and Ohio up to three
months ago. The line is now much needed
by 1t to connect with Lake Erie. Another
Brtce line the Baltimore and Ohio is anx-
lous to absorb is the Cleveland, Akron and
columbus road, which would give it the
shortest line between Cleveland and Gin
clnnati and make it the strongest competi-
tor OF the Big -Four road between those cit
les. It also wants the Ohio Central, which
would give 1t the shortest line by three
miles between Columbus, Ohio and Chicago
ana also give it entrance into Toledo and
an additlonal line to the coal fields of CEN
tral ONO and the Oil fields of southern Ohio
IL would make valuable connecting link
between the main stems Of the Baltimore
and ohio and the Baltimore and Ohio South.
western
The main object in trying to obtain DOS
session OF these three Brice roads, how
ever. is said to be desire to prevent a com
bination of the various lines controlled bv
the late ex-senator Brice to ca rry out his
Cherlsneo project of establishing new
through lines from Chicago and Cincinnati
10 the eastern seaboard
Other Properties Desired,
II is understood also that the Baltimore
ana Ohio will acquire the Wheeling and
Lake Erie and Wheeling Bridge and Ter
m'nal railway properties before long.
There are on the Wheeling and Lake Erie
reorganization committee friends of the
Baltimore and Ohio. In fact, they are men
who have been identified with the reorgani-
cation of the big trunk line. The speedy
acquisition of the coal road by the Balti-
more and Ohio is looked for and without
the wheeling Bridge and Terminal as Il
connecting link the Wheeling and Lake
Erle Will be of comparatively little use to
the big system. The Terminal stockholders,
1t is thought will be glad to dispose of
their interests if the Baltimore and Ohio
would only offer to assume the bonded in
debtedness, which is about s3,500,0OO.
The stock. about $1O00,O00. is anything
but source of revenue to its holders. OF
the million in stock, 100000 is held by
Ohio county, w. Va but unlike the Pan
Handle. it hasn't proved a paying invest
Inissioners wouldn't object to unloading,
especially as their object-the building OF
the terminal system-has been accom-
plished
Judge Taft Saturday. the Wheeling and
Lake Erie railway will be sold in Cleve-
land within the next three months. A
special master will be appointed to con-
uuCt tHe safe. ana the upset pliSc iidS peeu
fixed at s7,5OO.OOO. to cover $6,5cO,OoO con-
soltdated mortgage indebtedness and $1,OoO,-
600 of receivers certiGcatesa
The main line of thee Wheeling and Lake
Erie runs from Tolede to Martins Ferry,
fraction over 216 mites. Branches extend
to Huron and Steubenvill4. and 1t enters
Wheeling, w. Va, by virtue, OF an arrange
ment with the Wheeling Bridge and Ter
minal Company. TheIfroadoi was placed in
the hands of receivers January 10, 1897,
Myron T. Herrick of Cleveland and Robert
Blickensderfer of Toledo being appointed
to that office. A few days later committees
were named to protect the holders of the
different classes of securities.
Expenditures for Bdtterments.
The road has been always considered by
the bondholders good property, Its diff
culties having arisen from the fact that
large amount of money was spent for bet
terments and extraoRdinaEy expenses re-
quired to put 1t in good condition. Since
passing into the hands of receivers it's an
nual income has been considerably more
than its annual charges.
The sale now ordered is in pursuance of
the plan of reorganization proposed by the
committee appointed in February 'ast. The
property will be sold under foreclosure of
the consolidated mortgage First preferred
stock will be issued to the amount of
T,o00.0 900 and common stock to the amount
of $15.OOO.OO OF the second preferred
stock $5,OOO,OO0 is to be used partly in set
tlement of existing floating debt of the
company and the balance for additions and
improvements to the property. Each class
OF preferred stock Is to be entitled to per
cent dividend when paid out of the net
earnings. The first preferred stock will be
distributed among the consolidated bond
holders In proportion agreed upon. An
assessment OF SO and %, respectively, will
be levied upon old preferred and old COM
mon stock.