The evening times., 1899-08-28

The Western Maryland Railway, which
runs from Baltimore through Northern Ma
ryland TO the western portion of the State
and into Southern Pennsylvania, will, it is
said. soon pass into the hands OF a big
New York syndicate. 1t is proposed by the
syndicate to purchase the controlling in
terest in the company owned by the city
of Baltimore and to expend large sum in
reiuvenating the property, which traverses
a rich section of territory, capable of yield
ing good revenues.
The syndicate has been investigating the
affairs of the company for several months,
but its work has been carefully concealed,
and up to the present time nothing is
known as TO it's identity except that it is
connected with large trust company and
banking interests in New York and has
practically unlimited capital behind 1t.
The syndicate has not reached the point
where it is ready to state the price 1t will
offer to the city for its interests in the
Western Maryland. and, like all such big
deals. there is still chance that no offer
will be forthcoming; but the gentlemen
who have been Investigating the property
are serious in their intentions. They have
made most searching examination
through one of the leading New York rail-
road experts, and are probably better in
formed about the Western Maryland than
anyone outside of the executive head of
the property.
Not only have their Investigations covered
the reports OF the company but they have
secured copies of the various mortgages
and leases, and these We're referred TO their
counsel and closely studied to bring out the
exact property interest the city Of Balti-
more has in the company. The relations
with connecting lines were also carefully
gone over and considerable money was
spent in getting data to measure accurately
the worth of the property. At the proper
time the syndicate will come forward with a
proposition. and the identity of the people
will then become public.
Their plans. should an understanding be
reached with the city, contemplate the full
est development Of the property, and they
have gone into these requirements in MAX
ing their investigations. Their FIRST move
would be to get rid of the heavy tunnel
charges which the company has been paying
the Pennsylvania Railroad.
The city of Baltimore has been annu-
ally paying $112, 500 for interest on the
debts OF the company guaranteed by the
city, which is practically subsidy for
every car OF ITelSul anu every paoochSoi
handled in and out of the city. The tun-
mel charges are prohibitiye to the proper
development of the road. Coal can be
hauled over a hundred miles for what it
costs to take it through this tunnel. To
get rid of this means the building OF an
Independent entrance into the city, and
tie syndicate is prepared to spend from
So, ,0O0, 900 to s., ,000, 900 on this work If they
secure the property. Baltimore is big
enough to have another trunk line, and
extensions, together with reductions in
grades and other physical betterments.
necessitating an outlay of about s5,O0O,O0O
more, have already been considered by
this syndicate.
The city of Baltimore has over $4,000 600
locked up in the property, the principal
of the debt assumed by the city being $5,-
0OO, ,000 and the interest paid out about
So. SOC, 900. Offers have been made for this
interest in the past, but they have all been
SO small as almost to reject themselves
The West Virginia and Pittsburg Railway
made an offer some time ago OF S500.00
cash and $4,000 yearly for ninety mine
years.