The evening times., 1899-06-30

Baltimore, Nd, June 30.-The Baltimore
and Ohio Railroad at midnight tonight will
pass cut of the hands of Receivers John X.
Cowen and Oscar G. Murray. who have
been directing its affairs under the orders
of the United States circuit court for over
three years. Rehabiltated and in better
condition than ever before in its history,
the railroad at that hour will be turned
| over to the Baltimore and Ohio Railroad
Company, with Mr.. Cowen as president An
order directing this to be done was signed
in Baltimore yesterday by Judges Gof and
Morris in the United States circuit court.
The receivership was ended without fore
closure sales, thereby saving to the COM
pany its exemption from taxation in Mary
land under its charter. Millions Of dollars
were provided under the reorganization
plan to pay the obligations of the road.
and 1t is now solvent corporation. When
the receivers have turned over the property
to the company and their final reports have
been passed upon they will be discharged.
The order signed by Judges Goff and
Morris states that the court finds that the
Baltimore and Ohio Railroad Company has
substantially complied with the directions
and requirements of the order and decree
of May 10, 1899. in the settlement and pay
ment, or securing the payment. OF its
Indebtedness represented by the various
issues of bonds except the 12 per cent
terminal mortgage bonds. This was ac-
complished by presenting and surrender
ing to the special masters of the court not
less than 80 per cent in amount Of the
whole Of each issue, not including the
bonds in the sinking funds under the re-
Spective mortgages
Bonds were fled to secure the payment
of all the outstanding bonds with accrued
interest. Arrangements have been made
with the Mercantile. Trust Company of
New York, trustee under the mortgage,
for the payment of the full amount of
principal and interest due on all 1-2 per
cent terminal mortgage bonds not deposit
ed as collateral security under the Balti
more and Ohio's mortgage to the United
States Trust Company securing the new
issue of first mortgage fifty-year per cent
gold bonds. BY reason of this arrange
ment the court granted the Mercantile
Trust Company leave to dismiss its suit
for the foreclosure of the terminal mort
gage. as further proceedings to enforce or
secure the rights of holders of the bonds
are no longer necessary.
The order also states that the Baltimore
! and Ohio Company has complied with the
courts order of May 10. 1889. as to the
payment and presentation for cancellation
OF the certificates OF Indebtedness of the
receivers and other debts and obligations
of the railroad company. The amount of
the receivers certificates and other obli-
cations not yet presented for payment are
comparatively small and are within the
means at the disposal of the company for
their payment.
The Company Now solvent.
The Baltimore and Ohio Railroad Com
pany is now solvent" the order continues,
.'and. being solvent. is entitled to receive
the possession of all its railroad property
and assets in the possession of this court
through the receivers in this cause, sub
ject. however, to all the debts and obli-
cations of the defendant company proved
or filed in this cause by any party. inter-
vener or claimant herein which the court
has found and adiudgei. or may hereafter
find and adjudse. 10 be payable by the d.
fendant company. All TO the amounts of
all allowances, counsel fees. and compen-
sation due TO the receivers. to the respec-
tive trustees under the several mortgages,
and to the respective trustees of the sink
ing funds, or any of the parties to these
proceedings as the same may be deter
mined either by agreement or by the court
and subject 10 the continued right of the
ers' or corporate debts are and ought to
be paid by the defendant.
1T is therefore considered. ordered. ad-
judged and decreed," the order concludes.
that. upon the conditions and subject TO
the reservations herein provided, the re-
ceivers of this court are authorized and
directed TO turn over to the Baltimore and
Ohio Railroad Company possession OF all
and singular the railroad property and as
..,-., L. All.
court. and to execute and deliver any as
sgnments necessary to eifectuate the
transfer Of any property not capable of
physical delivery. such delivery and trans
fer to be made of midnight Of June 30th.
instant.
Conditions Imposed.
'Said railroad company shall take the
property upon the express condition that
it will pay off and satisfy all debts or obli-
cations incurred or to be incurred by the
receivers which have not been or shall rot
be paid by the receivers. and which shall
be adjudged by this court to be proper and
valid debts and obligations of the re-
ceivers, and also that it will pay off and
satisfy each and every debt and obliga-
tion of the railroad company to any party.
interviewer, or claimant in this cause which
the court has adjudged or shall allow and
adjudge to be due and payable by it. and
in accordance with the order or orders of
the court allowing such claims and ad-
Judging with respect thereto: and also that
the railroad company will pay of and sat
isfy the amounts of all allowances, coun-
sci fees and compensation due to the re-
ceivers, to the respective trustees under
the several mortgages, and to the respec-
tive trustees Of the sinking funds, or to any
of the parties to these proceedings as the
same may be determined either by agree
ment or by the court, and all costs; and
this court expressly reserves for future ad-
judication and power thereby to bind the
property. possession of which is delivered
under this order, all liens, claims. and
equities specified in and reserved by the
order and decree of May 15, 1899, or in or
by this order.
1.-The court reserves full right and power
to retake all or any part OF the property
herein directed to be delivered or trans
ferred to the railroad company in case of
the failure or neglect of the company to
comply with any order of the court in re-
spect to the payment or satisfaction Of any
claim against the receivers or against tho
company mentioned rerein or in the order
and decree of May Is. 1889, within thirty
days after service of a copy of such order
on the company; but the company shall BIZ
entitled TO appeal from any and all orders
or DEGREES of the court in respect to such
claims or any of them. The railroad COM
Iany shall not be required to assume or
adopt any contracts of the receivers which
are by their terms limited to the term cr
rhe receivership or further than herecciv-
ers are obligated thereon
The receivers are authorized. apl directed
to take proper receipts from the railroad
company for all cash and money on de-
posit transferred to the company and TO