Evening journal., 1899-05-16
B. & O.'S new DEAL.
JUDGES ISSUE A DECREE PROVIDING
FOR REORGANIZATION.

BIG ISSUE OF NON-AssESsA BILE
STOCKS AND BONDS AUTHORIZED
TO RETIRE OUTSTANDING sE-
CURITIEs OF THE COMPANY.
Morris. sitting in the United States Cir
cult Court. signed an order and decree
yesterday authorizing the Baltimore and
Ohio Railroad Company to issue full paid
and worcestershire stocks and bonds for
the purpose Of retiring the old issues. as
provided for in the plan OF agreement
decided upon by the reorganization man
ayers
The SECURITIES authorized are
Seventy million dollars par value prior
lien mortgage 3is per cent. gold bonds
Fifty million dollars par value first
mortgage fifty year per cent gold
bonds.
Fifty million dollars par value Pitts
burg Junction and Middle Division first
mortgage 3ik per cent. gold bonds.
Forty million dollars par value South
western division first mortgage sM per
cent. gold bonds.
Sixty million dollars par value per
cent. non-cumulative full paid and nom
assessable preferred stock.
Twenty million dollars par value addi-
tlonaI FUN paid and non-assessable COM
mon stock.
The order authorizes the company 10
accept the offer Of Frederick p. voor-
hees Of New York to effect a settlement
of the claims OF the Baltimore and South
i ArI.s
Junction railroads against the Baltimors
and Ohio IN consideration Of the issu-
ance to him OF certain new securities
One OF the effects Of such settlement win
be 10 reduce the ixed charges on thes,
systems from Ss.iie.727 20 ss.sse. s5l. there.
by saving annua issls7s for he com
pany. l
The plan. BY witch the out-ianding in
debtedness may be cancelled Is explained
in the order. Messrs. A. s. Dunham ant
Arthur L. Spamer, the special masters II
the case, are to give notice to an secur
ity holders involved to appear withil
thirty days. interest on the securite,
ending at that time. Tho bonds are to bl
given to The special masters, who shal
cancel them and deposit them In a saf
deposit vault When the fun 90 per cent
have been canceied the company Is to de
posit cash in the Farmers and Mechan
les National Bank. Of Baltimore, equa
to the amount due on the uncancele,
bonds and overdue coupons, or to file
bond for the faithful payment Of tn
amount due. The trustees under tn
mortgage, upon the payment Of the law
ful compensation for their services, shall
file with the court a record OF the salts
faction of their mortgages. The dlstrl
button Of the new securities shall thei
begin. The special masters are also au
r thorized to cancel such OF the receivers
certificates as the company desires 10 re
tire upon the payment Of the necessar-
money.
! Messrs. Barring Brothers & CO. and J
S. Morgan & CO., trustees or the sinkin,
FUNDS under the mortgages Of 1872. lsI
and 1877. are directed upon the presenta
tion Of a certificate from the court that
. the bonds secured by these mortgage
have been Cancelled. to turn over TO tn
company an the various securities. prop
critics and moneys comprised in said sink
ing funds.
After the payment Of all calIms O
creditors and all counsel fees, allowance:
ETC., Of the various trustees under tn
various mortgages and sinking funds tn
Baltimore and Ohio Railroad Compan
has leave upon ten days notice to tn
, receivers, to apply for a proper orde
providing for the redelivery to It OF Il
, properties and franchises, for the settle
ment Of the affairs Of the receivers sn
for their final discharge; but the coIi
reserves to itself for future adjudicatio
all questions regarding The final discharg
OF receivers.