The star. (Reynoldsville, Pa.) 1892-1946, 1899-07-12
REcEIvERsHIp ENDS.
Baltimore and Ohio Railroad Again In the
Hands OF Stockholders.

Hands OF Stockholders.
The Receivership of the Baltimore
and Ohio Railroad terminated with
the first of the present month and the
property was turned over to the stock
holders without formal ceremony. The
new officers are President, John X.
Cowen; First Vice. President, Oscar @.
Murray; Second Vice. President and
General Manager, Fred ID. Under
wood; Treasurer, w. II. Ijams, Secre-
tary, c. w. Woolford; General Attor-
ney,. Hugh l.. Bond, Jr.
John *. Cowen and Oscar G. Mur-
ray were appointed Receivers OF the
company on February Goth, 1885, by the
United States Court for the District Of
Maryland. Being familiar with the
needs of the property, the Receivers
decided that the only wise course to
pursue was to practically rebuild and
re-eduip the railroad. The physical
condition was bad, its equipment an
tiquated and inadequate to handle
business and its insufllciency was
such as to seriously inJure the
revenues.
The Receivers plans were discussed
by the security holders and as n large
majority agreed to the provision Of
enough funds to place the road in a
condition to handle its traffic, they OBJ
tained permission of the Court to Is
sue certificates for the purchase, by
means of equipment trusts and Re
ceivers' certificates, of new cars and
locomotives and to improve the physi-
cal condition of the property.
The Baltimore and Ohio Railroad Is
now in good physical shape and has
equipment of modern construction,
sufficient to handle large traffic sat
isfactorily. The gross earnings have
greatly increased and the net earnings
are expected to be larger when the
improvements, now under way, be-
come available.
The reorganization plan gives the
company the following new securities:
Prior Lien 3h per cent. gold bonds,
$50 1000, 000 First Mortgage A per cent.
gold bonds; SG5, ,000, 900; 4 per cent. nom
cumulative preferred stock 100000, 900,
common stock s35, 100000 on June 2Sth
the preferred stock was increased to
$50. 100000 and the common stock to
A5. 100000 for the purpose of carrying
out the plan of reorganization of the
Baltimore and Ohio South Western
Railway.
The plan also provided for the pay
ment in full OF all Receivers indebted
ness, the entire floating debt of the
company, and Of all car trust obllga-
tions, enabling the company TO begin
the fiscal year of 1S99-l900 with all its
obligations paid.
For the reason that reorganization
the original charter of the company
remains in force, and the next annual
meeting of the stockholders will be the
| 73rd.
The proposed expenditures ON the
property aggregate approximately ten
millions. During their administration
the Receivers purchased 1880 box
cars, $3.50 wooden gondola cars, 5000
pressed steel cars, $40 miscellaneous
freight cars, postal express and din
| ing car equipment, at total cost of
! $l1O00,O00. The PIG locomotives cost
| nearly two and one half millions. The
steel rail purchased amounted to 123.-
010 tons, costing s2,l42,132. and there
were bought over 100000 cross ties,
costing $l,200,00O and $4,000 cubic
| yards of ballast amounting to $685.
| 900. The new steel bridges aggregate
in value S750,000 and fully as much
more was spent in improving the
several terminals, erecting new build
| ings, reducing grades and changing
| the alignment The Maintenance Of
Way pay-rolls or the amount paid dir
| ectly to men employed in making i'm
provements on the tracks, etc. in three
years, was nearly twelve millions Of
| dollars.
The total amounts to about 35 mil
| lions, of which about 10 millions We're
secured by the issuance of Receivers
| certificates and the balance through
| car trusts, earnings from the properly
| and from the Reorganization Man
| ayers. Most of the purchases OF equip
ment and rail were made when mater
| ial was low in price and manufactur-
ing concerns were in great need OF or
| ders to keep their plants in operation.
| Steel rails are worth now from SO to 50
| a ton more than when the Receivers
made their purchase and locomotives
| have advanced from $1,000 to So 600 in
| price. The equipment alone. II pur-
=, a.
more and the other improvements one
million more.