Evening journal., 1899-07-01
B. & 0. RECEIVEROHIP.
PROPERTY OF THE COMPANY
TRANSFERRED TO STOCKHOLDERS.


AT u O'CLOCK LAST NIGHT THE
RECEIVERS PASSED oUT-ALL
THE OLD OFFICERS TO BE RE-
TAINED-FURTHER IMPROVE
MENTS PLANNED.
The receivership Of the Baltimore
and Ohio railroad terminated at 12l
O'Clock last night, and the property
was turned over to the stockholders
without formal ceremony. The new
l,officers are: President, John X
Cowen; first vice-president, Oscar G.
Murray; second vice-president and
general manager, Fred d. Underwood;
treasurer, w. H. Ijams; secretary, c.
w. Woolford; general attorney, Hugh
l.. Bond Jr.; board of directors, Will
liam Salomon, chairman, New York;
Jacob H. Schiff. New York; James j..
Hill, st. Paul; Edward r. Bacon, New
York; Norman B. Ream, Chicago;
James Stillman, New York; Edward
| Fl. Hartman, New York; j. Kennedy
/ Tod, New York; Charles Steele, New
York; Alexander Brown, Baltimore;
H. Clay Pierce, st. Louis; H. Crawford
land John V. L. Findlay, Baltimore.
The executive committee is COM
i posed of William Solomon, chairman;
4 Jacob II. Schiff, James ]. HILL Edward
r. Bacon, Norman B. Ream. Edward r.
Hartman and Charles Steele.
WORK OF THE RECEIVERS.
John X. Cowen and Oscar G.. Murray
were appointed receivers Of the COM
pany on February 20, 1896, by the
United States Court for the district Of
Maryland. The receivers decided that
the only wise course to pursue was to
practically rebuild and re-equip the
railroad. The physical condition was
bad. its equipment antiquated and in
adequate to handle business. and its
insufficiency was such as to seriously
injure the revenues.
! The receivers plans were discussed
by the security holders, and as a large
| majority agreed to the obtaining of
enough funds to place the road in a
, condition to handle its traffic, they OBJ
tanned permission of the court to issue
[ certificates for the purchase, by means
of equipment trusts and receivers GER
/ tificates, of new cars and locomotives,
and to improve the physical condition
of the property.
REORGANIZATION.
The reorganization plan as prepared
, by its managers, Speyer Brothers &
+. Co., of London; Speyer & Co. and
Kuhn, Loeb & Co., of New York, and
the advisory committee, General Louis
8 Fitzgerald, E. r. Bacon, Henry Bulge
and w. A. Reed. gives the company
the following new securities: Prioi
! lien 31s per cent. gold bonds, $4,000,
q 600: first mortgage 4 per cent. gold
Z bonds, s63,0O0,0OO; per cent. non-cu
! mulative preferred stock, 10000 900
II common stock, S35 ,0OO, 900. On June .;
. the preferred stock was increased t
4 100000 600 and the common stock Z
u s45.0O0,000 for the purpose of carrying
out the plan of reorganization OF tn
IS Baltimore and Ohio Southwestern rail
h way.
/. The plan also provided for the pay
I ment in full of all receivers indebted
J. ness, the entire floating debt Of tn
= company. represented by promlssor.
notes and negotiable obligation
r and of all car trust obligations, enaD
n ling the company to begin the fisca
4 year of 1S99-1900 with all its obliga
s. tions paid.
l. For the reason that reorganizatio
was possible without foreclosure, th
% original charter of the company re
mains in force, and the next annus
sr meeting of the stockholders will
the seventy-third. The new stock {
l. the company is heli by Interest,"
in which cannot fail TO be Of great hel
7e to the property, much new capital ha
id been invested in the securities, an
r. is a sufficiency Of money for still fui
I'd ther improvements, which are in pre-
IN gress With a view to still further r.
ducing the cost OF transportation.
RS President Cowen has issued a circl
s. lar announcing the retention of all Il
z employees Of the receivers, in the Sc
vice of the company. No ofici
changes of importance are conten
plated