New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-06-30
RAILROAD INTERESTS.
B. AND o. OUT OF RECEIVERS HANDS.
THE COMPANY NOW SOLVENT AND THE REoR-
GANIzATIoN CoMPLETED-oRDER
OF COTRT

OF COURT
Baltimore June 2s-Judge Morris in the United
States District Court in this city, signed an order
to-day discharging the receiverssof the Baltimore
and Ohio Railway Company and RELOCATING the
property back TO the stockholders. The order Will
go into effect at midnight on Friday. June 60 With
It Is coupled the proviso that the United States
Court will retain such jurisdiction and control OF
the property as TO enable the bondhoders 10 re-
establish the recevership motion and thirty
days notice. in the event OF default in interest
payments.
To-days order is the final step in the reorganiza-
ton and rehabilitation OF the Baltimore and Ohio
company. which began with the appointment OF
Messrs. Cowen ard Murray as receivers little
more than two years ago Mr.. Cowen will resume
his duties as president and Mr.. Murray those OF
first vice-presdent and general manager on Satur-
day, with every prospect OF successful and pros
porous future for the recognized corporation
The company in its petition for the discharge OF
the receivers says that II has accepted the oner
Of Frederick p VOORHEES, in regard to the reorgan-
cation OF the Baltimore and Ohio Southwestern
and other lines 1t has issued the new securities
Of the Baltimore and Ohio to replace the old ones
the new issues being 100000 OF 31 per cent gold
bonds s5O00OOoo 4 per cent gold bonds, 100000
preferred stock and 100000 common stock out OF
SIS 900 authorized The old issues Of bonds have
been cancelled by the special masters with the eX-
ception of about per cent which is amply secured
The Indebtedness incurred Dy the bdI'lHOIe anu
Ohio receivers which has not yet been paid. is as
follows Equipment obligations. NlO0.294 10; re-
cefvers' certificates $31 600. and $4,000 due the Mer-
camille Trust and Deposit Company None Of these
have been presented as yet, and many are not due,
but all are secured. The $4,000 Az per cent ter
mnal mortgage bonds remain in existence, as 1t
was found necessary to preserve them.
The petition adds that, the first year OF the
railroad under the new rules Of the Interstate Com
merce Commission ends on June 80. 1t is important
that the road should be out Of the receivers hands
by that time. The company is now solvent and
the petition adds, should be taken out OF the re-
celvers' hands.
In the order signed by Judge Morris It is stated
that the Court finds that the company has complied
with all the requirements Of the order of May 10
relative to the retirement Of the old mortgages and
has paid or given security for the payment OF all
its Indebtedness. represented by the bonds not
less than 90 per cent Of which have been cancelled
and has also arranged for the payment Of the Az
per cent terminal loan The Court also finds that
the company has complied with the order regard
ing the retirement Of the receivers certificates and
in consideration of the fact that the corporation Is
now solvent. passes the following order
It IS therefore ordered adjudged and decreed that
upon the conditions and subject 10 the reservations
herein provided, the receivers OF this Court are
autLorlzed and directed 10 turn over to the said
Baltimore and Ohio Railroad Company possession
OF all and singular the railroad property ana assets
ia their hands as receivers OF this Court ana 70
execute and deliver any assignments necessary 70
efectuate the trustee of any property not capapie
OF physical delivery. such delivery and transfer to
be made OF midnight OF June 30 inst. SAD
railroad company shall take the property upon me
express condition that It will pay off and satisfy
all debts obligations incurred or 10 be incurred
by the receivers.
And also that It will pay of and satisfy each
and every debt and oblig alton of the said railroad
company to any party interviewed or claimant in
this cause. which the Court has sdjudged or shalI
allow and adjudge to be due and payable by II, TO-
gether with all allowance. counsel fees and COM
pensaton due to the receivers. to the respective
trustees and the several mortgages and to me re-
spective trustees OF the sinking fund.
The Court reserves the right 10 retake all or any
part OF the property Of the company In case OF
failure n comply with the order Of Court In respect
to the payment of any claim against the receivers
of the company Thirty days notice OF such an
order must he given by the Court. and the COM
pany shall have the right of appeal The company
snail not be required assume any contracts OF
the receivers. which limited to the terms or the