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

stockholders Must RRtify.
BALTIMORE, June 90.-The receiver
shin of the Baltimore & Ohio railway
terminated at u o'clock tonight, and the
prcperty was turned over to the stock
holders with formality. The new officers
are: President, John X Cowen; hrst vice
president, Oscar G. Murray; second vice
president and general manager, Fred II.
Underw God; treasurer, w. II. l1ams; sec
rotary, C. W. Wolford; general attorney
Hugh L. Bond Jr.; board of directors
William Solomon, chairman, New YORK.
Jacob H. Schiff, New Work; James D.
Hill, St. Paul; Edward r. R. Bacon, New
York; Norman B. Ream, Chicago; James
Stillman, New York; Edward H. Harrl-
man, New York; ]. 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 Solomon, chairman; Jacob II.
Schiff, James ]. Hill, Edward R. Bason,
Norman B. Ream, Edward H. Hartman
and Charles Steele.
were appointed receivers of the company
on Feb. 49, 1885, 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 it's 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 road in a condition to handle
:ts traffic, they obtained permission of
the court to issue certificates for the
purchase by means OF equipment trusts
and receivers certificates, of new cars
and locomotives and to improve the
physical condition of the property.
The reorganization plan, as prepared by
its managers, Speyer Bros. & Co, of Lon
don; Speyer & Co., and Kuehn, Loebe IL
Co, of New York, and the advisory COM
mittee, Gen. Louis Fitzgerald, e. r.
Pacon, Henry Bulge and w. A. Reed,
gives the company the following new Sc
curites: Prior lien 219 per cent gold
bonds $70,OOO,c coo; first mortgage per cent
gold bonds $6SOOO,OOO; per cent non
cumulative preferred stock, $4O,00000O;
common stock, $35,00000O.
On June 2S the preferred stock was in
creased to $6O,OOO,0OO and the common
stock to $45, 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 1892
1900 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 sufficiency of money
for still further improvements with a
view to reducing the cost of transporta-
ton.
President Cowen has issued q circular
announcing the retention of all the en-
ployes of the receivership in service OF
the company No official changes OF
Importance are contemplated.