The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-02-09
NEW B. & o. RAILROAD BONDS.
The Company to Raise Si5.0OO.OOo
FOR improvements.

/ BALTIMORE. Feb, "a special de-
spateh from New York says:
An announcement that promises a con
tinuation Of the development of the Bal
timore and Ohio Railroad system thai
has been the persistent policy Of the re-
/ organized management was made today
after the close of business on the Stock
/ Exchange
This WAS that the directors at yes
tertay's meeting had voted an issue OF
{ $l5,GC0, coo Of bonds for purposes of con
struction and Improvement. besides de-
claring the regular semi-annual dividend
/ OF per cent on the preferred stock and
dividend Of per cent on the common
stock which was practically announced
! last year, out Of the earnings Of last
( year.
The bond issue was not unexpected
Chairman Solomon having said that the
executive committee had arranged for
IT. but the general impression prevailed
that the money 20 be raised was TO be
used in the reorganization Of the Pitts
burg and Western Railroad. The terms
or the announcement. however. apparent
I y VIII not permit of the use of the new
issue to acquire any new property the
purpose being distinctly stated as fol
lows
" The proceeds Of sale Of these deben-
lures are intended TO be used for con
struction purposes and fer additions and
improvements to the property
president John K COwen came here
Thursday night from Baltimore 10 attend
the meeting which Was held at the Balti-
mare and Ohio office. at Broadway and
Wal Street about nocn. No announce
merit as to the dividend or bond issue was
made, however. until the close of business
on he EXCHANGE Nr Toyyar -afrrrnad 70
Baltimore yesterday afternoon
Chairman Solomon and others of the
directors who attended the meeting would
not make public the details of the pro-
posed constructive additions and improve
ments. declaring such matters were in the
hands OF the executive department Yes
terday's action provided for So 600 600 1
per cent ten-year gold convertible deben-
lures. convertible at the option of the
holders into common stock at par on
March l. 1892 or any semi-annual interest
day thereafter. Tie company reserves the
right to deliver voting trustees certIf-
Gates during the life Of the voters trust
The company may redeem these bonds BY
lot at par, beginning al the above date,
but bonds so drawn have the option of
converting They bear interest from
March I, 1911. Principal and interest are
free Of tax. The bonds carry coupons, but
the principal may be registered
'SJOckROlQerS OF the company nave the
right to subscribe for 81 coo bonds for each
10 shares OF their holdings until February
IS. at O'Clock. at the Office of the com
pany The transfer books viii close Feb
ruary 81 The issue is underwTit-en at
par The subscription price IS par ard
accrued interest paying S100 on March /.
SI5050 April l. s151 May /. S15150 June /
S152 July l. S152.50 August l, ana S133
September / The last payment 5 ret.
the bonds being delivered ex the Septem-
Der coupon
The company viii not itself buy or sell
rights for fractional lots of bond. but
blanks Will be furnished, so that frac-
tlOnaI lots as well as full bonds. may lie
assigned The first payment for the bonds
must be made al the office Of the company
, Wall Street Subsequent payments may
be made there or at the Office of Spey9r
Bros. in London The right TO subscribe
will expire at o'clock p. m February
28. 1901 A syndicate has been formed to
take at par any portion Of the issue which
shall not have been subscribed within the
period specified"