The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-18
EARNINGS OF TIE B. & 0.
The Net Receipts of the System in
Excess of 81. 900, 600.
4 Splendid Showing Made by the New
Mnnagement-Thc officers and d.
NaniR Interests Not Represcntcd-
s3o,0Oo,OOO for improvements.

BALTIMORE, Jan. 1.-THE annual
meeting of the stockholders of the Balti-
more and Ohio Railroad Company was held
at noon today in the Baltimore and Ohio
central building More than ordinary in
! terest attached to the meeting, owing tc a
belief which prevailed in some quarters
that action would be taken upon the ques-
| ton of paying dividends on the common
and preferred stock and on the question
| of giving Pennsylvania Railroad interests
representation on the board
| Neither matter was considered at the
meeting. nor was any mention made of the
| financial scheme by which 1t is proposed to
raise between s25 .000, 600 and $50, 900, 600 to
be used in perfecting the property. The
question OF the absorption of the Baltimore
| and Ohio Southwestern was not brought
up. 1t is understood that all these mat
tiers will be considered at later date.
The stock was voted by The five trustees,
with whom IL is pooled Tor period of
five years. The trustees are Messrs. VIII
liam Solomon. Abraham Wolff. Louis Fitz-
gerald, ]. Kennedy Tod, and Charles II.
Coster. The votes were cast by Messrs.
| Solomon and Tod, and were in favor OF
the reelection of the old board Of direc-
tors as follows: William Solomon, New
York; Edward r. Bacon, New York; Alex
ander Brown, Baltimore; Louis Fitzgerald,
New York: Edward II. Hartman, New
York; James HILL St Paul: II. Clay Pierce,
ST. Louis; Norman B. Ream. Chicago;
Jacob II. schiff. New York; Charles
Steele, New York; James Stillman,
New York; J. Kennedy Tod. New
York; II. Crawford Black, Baltimore; John
V. l.. Fihdlay. Baltimore. Messrs. Black
and Findlay were elected on the part OF the
State of Maryland, which retains its stock
in the Washington branch.
After election the board reelected Off
GERS as follows: John X Cowen. Presi-
dent: William Solomon, Chairman of the
Board; Oscar C. Murray, First Vice Presi-
dent; Frederick D. Underwood Second
Vice President and General Manager; C.
W. Woolford, Secretary; II. ID. Buckley,
Comptroller; J. d. McNeall Treasurer.
The old members OF the executive COM
mittee were reelected as follows Messrs.
Solomon. Bacon, Hartman, Hill, Ream,
Schif. Steele, and Cowan.
The seventy-third annual report for the
year ended June 30. 1899. vas submitted.
Ii covered the operations Of the road for
the last year of the receiyership the COM
psny having assumed control OF the prop
erty on July l, 1899. In order to show the
real earning capacity OF the road sup
Elemental statement of the earnings and
operations for the six months ended De-
cember 81, 1899, was appended TO the re-
port The income for the fiscal year was
so, 260, 2ll.46 Net earnings from opera
tions were s6,4s4. 1874, to which is added
$685.. 2Sg.S9 income from other sources. The
taxes. rentals, interest, and miscellaneous
charges against income were Sc, ilJ 900. 30, |
leaving a net surplus o. 1924 1850.
The work OF improving the line with the |
view of reducing the cost of transporta-
ton and increasing the facilities was con-
tinued during the year. The report OF the |
income and expenses for the six months |
ended December 81. 1899. showed Income, |
sl7.s46, 655; operating expenses, SOTO |
1872: interest, rentals, taxes. etc, 1929, /
800: leaving a surplus for the six months |
of ss.326,5i3. The figures for the six |
months for the Baltimore and Ohio South
western were also given. The gross earn 7
ings were s., us, $40; expenses. 50 27 .272; !
net earnings. 81 1sl 600 interest taxes. |
etc $3.50. 500; surplus, $685., 900.
Regarding the report President Cowen
said.
The property o. the company has been |
operated by the receiy srs during the entire /
fiscal year. but at its cltse was turned /
over 10 the company, IepTBaHlLeu unuef l
the plan dated June %. 1898. The fixed |
charges on the new securities issued under /
the plan We're 10 commence on July /. |
1898. and accordingly, are shown in thiA
report. Some of the old securities. how |
ever. not having been ., changed until late
IN he year. interest wis paid thereon at
the old rate. thus showing a greater in
terest charge than will appear when the \
exchanges are all completed II is proper
to- state that this report cannot give an
accurate representation of the company's
aflairs as they will be when the plan of re-
organization and these Of the subordinate
lines are completed, and the old securi-
ties are exchanged for the new ones au-
hOrized"
While there were no developments at
the meeting TO indicate the source of the
recent heavy purchases Of Baltimore and
Ohio stocks. there is no longer any doubt
that interests very close 10 the manage
nent of the Pennsylvania Railroad have
acquired large blocks OF both the common
and preferred stocks. and that in due
course the new interests will be given
on the board
II is admitted that practically the same
interests that have been active in ac
quiring Baltimore and Chic stocks have
recently bought control of the Chesapeake
and Ohio Railroad Company. President
NJ f. ingalls, will shortly retire from the
of the latter property and be
succeeded by some one named by the new
owners. Who this will he is not known,
though the name of Oscar c. Murray. at
present First Vice President OF the Balti-
more and Ohio has frequently been men
Toned in connection with the position.