Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-05-16
THE NEW B. 4 O.
Reorganization Plans Passed Upon
and Approved by the United States
Court.


Baltimore, Nd, May 15.-Judges Golf
and Morris sitting in the United States
Circuit Court signed an order and de-
cree to-day authorizing the Baltimore
& Ohio Railway 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 re-
organization managers.
The securities authorized are:
Seventy million dollars par value
prior lien mortgage 31a per cent. gold
bonds.
Fifty million dollars par value first
mortgage so year 4 per cent. gold
bonds,
Fifty million dollars par value Pitts
burg Junction and yAddle division first
| mortgage 315 per cent. gold bonds.
Sixty million dollars par value per
cent. non-cumulative full paid and nom
assesable preferred stock.
Twenty million dollars par value adj
ditional full paid and worcestershire
common stock.
The order is long printed document
containing full statement of the mat
tiers embraced in the petition of which
the hearing was had, as we'll as the or
der and decree. 1t authorizes the COM
pany to accept the offer of Frederick
p. Voorhees,, of New York, to effect a
settlement of the claims of the Balti-
more & Ohio Southwestern, Central
Ohio and Pittsburg Junction railroads
against the Baltimore & Chic in con-
sideration of the issuance to him of
certain new securities. Cne of the eff
/ fects of such settlement will be to re-
duce the fixed charges on these sys-
tens from IS, 146,72tao $6,252,351, there
by saving annually $1,S94,376 for the
company.
The plan by which the, outstanding
! Indebtedness may be cancelled is ex-
planned in the order. Messrs. A. S.
Durham and Arthur L. Spamer, the
special masters in the case, are to give
notice to all security holders involved
to appear within thirty days, interest on
the securities ending at that time. The
bonds are to be given to the special
masters who shall cancel them and de-
post them in safe deposit vault
When the full SO per cent. have been
cancelled the company is to deposit
cash in the Farmers and Merchants
National Bank of Baltimore, equal tC
the amount due upon the uncancelled
bonds and overdue coupons or to file q
bond for the faithful payment Of the
amount due. The trustees and the
mortgage upon the payment of the
lawful compensation for their services
shall file with the court a 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 of these
receivers certificates as the company
desires to retire, upon the payment OF
the necessary money.
Messrs. BARN Bros & Co., and J. S
Morgan & Co., trustees of the sinking
funds under the mortgages of 1872, 1874
and 1877, are directed upon the presen-
tation of certificate from a court that
the bonds secured by these mortgages
have been cancelled to turn over to the
company all the various securities
properties and moneys comprised IL
said sinking funds.
After the payment of all claims oil
creditors and all counsel fees, allow
anees, etc, of the various trustees under
the various mortgages and sinking
funds, the B. & o. Railroad Company
has leave upon ten days notice to the
receivers, to apply for a proper order
providing for the redelivery to it of its
properties and franchises for the settle
ment of the affairs of the receivers ant
for their final discharge, but the court
reserves to itself for future adjudica-
ton all questions regarding the fna
discharge of the receivers