The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1901-02-15
RAILROADS CONSOLIDATE.

RAILROADS CONSOLIDATE.
The Baltimore and Lehigh and the
York Southern railroads have been
consolidated under the name of the
Maryland and Pennsylvania Rail
road Company. The agreement
merging the two roads was signed
on Tuesday afternoon. 1t had been
approved of by the directors of the
York Southern on February 2 and
on Tuesday afternoon similar action
was taken by the owners of the Bal
timore and Lehigh. AS the banking
house of Alexander Brown and Sons
has had an option on the stock ofthe
last mentioned road since last Deem
Der the action was a mere formality.
The officers for the Maryland and
Pennsylvania for the first year are:
President, John Wilson Brown; vice
president, w. w. Spence; secretary,
and treasurer, John McHenry; di-
rectors-J. w. Brown, w. w. Spence,
George c. Jenkins, John w. Hall; Us.
Young, Hanover, Pa; Solomon
Frank, Alexander Brown, John K.
Cowen, Henry c. Niles, York, Pa.
All of the gentlemen, except Mr.. Niles,
have occupied similar positions in
the Baltimore and Lehigh. Mr..
Niles was a director in the York
Southern.
The annual meeting ofthe directors
is to be held on the fourth Tuesday
in January, 1902, and annually
thereafter, at the general Offices of
the company in Baltimore.
The York Southern had capital
stock issued and outstanding of
10000 shares of $50 each, or $780,
600, and is liable for outstanding
bonds with interest as follows:
Bonds issued by the York and Peach
Bottom, with interest, $25O,0O0;
York Southern, $15O,OOO, Baltimore
and ,Lehigh, capital stock, 10000
shares, $3,OoO,OOO, and is liable for
its outstanding bonds of$3, 100000.
Of the stock of the Baltimore and
Lehigh the issued amounted to
$s5O,OOO, leaving So, $50, 900, which
was held in trust, from which is to
be deducted to the cost of the recent
improvements on the Baltimore and
Lehigh of about $27O,0OO.
The Baltimore and Lehigh and the
York Southern were formerly
under the same management. Both
lines are of standard gauge, and con-
nected, so that through service may
at once beinaugurated. By building
a branch from York to Chickies,
connection may be made with the
Philadelphia and Reading.
Rumors have been to the effect that
the Baltimore and Ohio Railroad is
interested in the consolidation, but
the Baltimore and Ohio and the
Pennsylvania are now enjoying so
friendly relations that whatever is
done it is thought would have the
sanction of both of these great sys-
TENS. Whatever is done, the plan is
to reach the coal fields.
The capital of the Maryland and
Pennsylvania Company will be
$3,6O0,OO0, divided into $4,000
shares of the par value of 500 a |
share, and in addition bonds to the
amount of So, 100000 will beissued.
In the exchange of the old stock for
the new, one share of the Maryland
and Pennsylvania will be given for
every two shares of the the York and
Southern, par value $50, and stock
holders of the Baltimore and Lehigh
will receive share for share, the par
value being the same, 500.
The issues of securities, according
to the plan, are to be as follows:
First mortgage 4 per cent. 5O-year
gold bonds (subject to call at los
and interest on 60 days notice.
$2,7oO,OoO.
Four per cent. cumulative income
bonds (subject to call at 500 and
interest )-$90O,OOO.
Common stock, 100000.
The foregoing securities are to be
disposed of as follows: First mort
gage bonds to be sold, proceeds of
these bonds and Of the income bonds
to be used to pay for the original is
sue of $500 shares of the capital
stock of the Baltimore and Lehigh
Company, at $40 per share and its
floating debt; $15O,OOO York South
ern Company S per cent. bonds at
par and interest and its floating