New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-16
RAILROAD INTERESTS.
B. AND .. REORGANIZATION
ISSUE OF NEW SECURITIES TO RETIRE OLD
ONES AUTHORIZATIONS OF
THE ORDER

Baltimore, May b.-Judges Con and Morris sit
ting In the United States Circuit Court. signed an
order and decree to-day authorizing the Baltimore
and Ohio Railroad Company TO issue fu-psid and
worcestershire stocks and bonds for the purpose
OF retiring the old issues. provided for in the
plan OF agreement declded upon by the reorgan-
ization managers
The securities authorized are:
Seventy million dollars par value prior lien mort
gage 80 per cent gold bonds.
Fifty million dollars par value first mortgage 90
Fifteen million dollars par value Plttsburg juno
cent gold bonds
Forty million dollars par value Southwestern
Sixty million dollars par value per cent nom
cumulative. full-pald and worcestershire preferred
stock
Twenty million dollars par value additional full
paid and worcestershire common stock.
The order is a long printed document contain
ing full statement OF the matters embraced in
the petition OF which the hearing was had we'll
as the order and decree. 1t authorizes the COM
pany to accept the offer Of Frederick p voorhees,.
OF York to effect settlement OF the claims
Of the Baltimore and Ohio Southwestern and Central
Ohio and Pittsburg Junction railroads against the
Baltimore and Ohio. in consideration Of the issu-
him Of certain new securities One Of the
effects OF such settlement will be to reduce the
fixed charges on these systems from Sli5.1H 10
S,25235l. thereby saving annually NSsAS'6 for the
company.
The plan by which the outstanding Indebtedness
may be cancelled is explained in the order
Messsr A. s. Durham and Arthur L. Spamer. the
special masters in the case. are 70 give notice TO
all security holders involved to appear within
thirty days. interest the securities ending at
that time The bonds to be given TO the spe-
cia masters who shall cancel them and deposit
them In a safe deposit vault When the full per
cent has been cancelled the company is to deposit
cash in the Farmers and Merchants National
Bank OF Baltimore equal to the amount due upon
the uncancelled bonds and overdue coupons. or TO
file a bond for the faithful payment Of the amount
due. The trustees and the mortgages. upon the
payment Of the lawful compensation for their ser
vices shall file with the Court record OF the
satisfaction Of their mortgages. The distribution
OF the new securities shall then begin The special
masters are also authorized TO cancel such or the
receivers certificates the company desires 10
retire upon the payment Of the necessary money.
Barring Brothers & Co and 8. Morgan d Co.
trustees Of the sinking funds under the mort
cages of 1872 1874 and 1871 arr directed upon the
presentation OF a certificate of the Court that the
bonds secured by these mortgages nave been
cancelled to turn the company all the
various securities properties and moneys com
prised in said sinking funds
After the payment Of all claims OF creditors and
All counsel fees. allowances, etc. or the various
trustees under the various mortgages and sinking
funds the Baltimore and Ohio Railroad Company
has leave upon ten days notice to the receivers,
10 applv for proper order providing for the re-
delivery TO II Of It's properties and franchises for
the settlement OF the affairs OF the receivers and
sor their final discharge but the Court reserves 70
i,self for future adjudication all questions re-
eardng the final discharge OF the receivers.