The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-07-01

stockholders Must Ratify.
BALTIMORE. June SO.-The receiver
ship of the Baltimore & Ohio railway
terminated at y o'clock tonight, and the
property was turned over to the stock
holders with formaIity. The new officers
are: President, John X. Cowen; first vice
president, Oscar G. Murray; second vice
president and general manager, Fred ID.
UnderW ood; treasurer, w. H. Ijams; sec
retary, c. W. Wolford; general attorney,
Hugh L. Bond Jr.; board of directors,
William salomon, chairman. New York;
Jacob II. Schiff, New Work; James ].
Hin. St. Paul; Edward R. R. Bacon, New
York; Norman B. Ream, Chicago; James
Stillman, New York Edward II. Harri-
man, New York; J. Kennedy Tod, New
York; Charles Steele, New York; Alex
ander Brown, Baltimore; II. Clay Pierce,
St Louis; Fl, Crawford Black and John
V L. Findlay, Baltimore.
The executive committee is composed
of William Salomon, chairman; Jacob II.
Schiff, James J. Hill, Edward R. Rason,
Norman B. Ream, Edward H. Hartman
and Charles Steele.
John K. Cowen and Oscar G. Murray
were appointed receivers of the company
on Feb. 10, 1896, by the United States
court for the district of Maryland. The
receivers decided that the only wise
course to pursue was to practically re-
build and re-eQuip the railway The
physical condition was bad; its equip
ment antiquated, and inadequate to ham
die the business properly, which was
serious injury to the revenues. The re-
ceivers' plans were discussed by the Sc
curity holders, and as a large majority
agreed to the cbtention of enough funds
TO place the read in a condition to handle
they obtained permission Of
to issue certificates for the
by means Of equipment trusts
vers' certificates, of new cars
lotives and to improve the
ondition of the property.
yaniZatiOn plan, as prepared by
rs, Speyer Bros. & Co, of Lon
uUn, s7I.eyer & Co., and Kuehn, Loebe x
Co, of New York, and the advisory COM
mittee, Gen. Louis Fitzgerald, E. R.
Racon, Henry Bulge and w. A. Reed,
gives the company the following new Sc
curities; Prior lien 31a per cent gold
bonds S7G,0OO,oO0; first mortgage 4 per cent
gold bonds $69,000,OO0; 4 per cent non
cumulative preferred stock, $4O,O0O,0OO;
common stock, $35, ,OOO, 0OO
On June 2S the preferred stock was in
creased to $6O,OOO,0OO and the common
stock to $45, ,OOO,O 600 for the purpose of car
rying out the plan of reorganization of
the Baltimore & Ohio Southwestern rail-
way. The plan as adopted provided for
the payment in full of ali receivers in
6ebtedness, the entire floating debt of
the company, represented by promissory
notes and negotiable obligations, and of
all car trust obligations, enabling the
company to begin the fiscal year of 1899
1906 with all its obligations paid.
For the reason that reorganization was
possible without a foreclosure, the orig
inal charter of the company remains in
force and the next annual meeting of
the stockholders will be the seventy
third.
The new stock of the company is held
by interests which cannot fail to be of
great help to the property, much new
capital has been invested in the securi-
ties, and there is a sufficiency Of money
for still further improvements with a
view to reducing the cost of Transports
ton.
President COwen has issued a circular
announcing the retention of all the en-
ployes Of the receivership in service of
, the company. No official changes OF
Importance are contemplated