Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1902-03-22
BIDS WERE SUBMITTED.
Only Four Bids Made for the
Western Maryland Road.
READING OFFERS 100000
One Bidder Pledges Tdewater Terminals and
Connection With Line Supposed to be
Controlled by the GouIds, Anoth-
er Bidder Makes No Promises.

er Bidder Makes No Promises.
Baltimore. Md. March 1S.-The
first definite step toward sale of the
holdings of the city OF Baltimore in
the Western Maryland Railroad was
taken yesterday, when bids were open
ed and read by special committee
appointed from among the members of
the city co uncil for that purpose.
-Four bids were received. The first
vas from Hambleton g. Co.. OF this
city. and the George d. Cook Com
pany, of Chicago and New York.
Thew propose to pav..$6, 900. 600 in cash
an 81, 600. 600 In the stock of the new
company which they purpose crgani-
zing to operate the road. This COM
pany is to be organized under the
laws of Maryland, and is to be
known as the Western MARYLAND
Railroad and Terminal Company. In
q letter ACCOMPANYING the bid 1t is
explained that the plans of the bid
ders involve the right t. use OF the
line and tits terminal facilities by
any and all railroads desiring to
reach Baltimore city, and much stress
is laid upon the.importaoce of pre-
venting any one line from monopoliz-
ing these privileges. The capital
stock of the proposed new company
is to be So. 600. 600.
The second bid is from a syndicate
headed by Messrs. Mvron L. Herrick,
of Cleveland, Ohio: Wlnslow S.
Pierce of New York, and Edward l..
Fuller of Scranton, Pa, who offer
SIS, 500. S19.92, payable IN cash within
ninety DAYS from the date OF accep-
lance Of the bid. These gent lemen
in their bid announce that they rep
resent the same persons who recent
~ acquired the West Virginia Gen.
trail and Plttsburg Railroad, and say
that it is their Durposae to use the
line as a part of the former system
and maintain it as a tidewater ter
minus. AS an evidence of this inten-
tion, they are TO deposit So, 600, 900 in
bonds, to be used in improving the
Western Maryland and enlarQing and
improving it's terminal facilities in
this citv. As condition precedent,
it is required that tbs interests own
ed by Washington CoIaty, Md, must
lso be turned over to the new syndi-
cate at fair price.
The third bidder is the Philadel-
phia and Reading Company. which,
through its president, George +.
Bear, proposes to pay In cash the sum
the sum of 81, 004. 098. 80 for what the
city has to sell. Bear says in his bid
that no other railway company than
HE own has an interest in the proDo-
sal made by him: that the offer Is
made i'll good faith and viii lie not in
the position as yet to make definite
pledges as to what will belhone in the
way of improvements. he promises
that his company Twill do whatever
is necessary to be done to make and
maintain the system as an indepen-
dent competitive line, affording every
reasonable facility for the develop
ment of its traffic and the trade and
commerce of Baltimore -
The fourth and last bidder is Will
lam w. Varney. of this city, who
offers 81, 000 600. and declines to saw
ba &c 10
proposes to nav SO, 900, 900 in cash,
81, 600, 600 in one year andSi. 900. 600 in
two years. the balance to be paid with
per cent. income bonds of the face
value of So, 600, 600.
Each of the bids was ACCOMPANIED
by certified check for 800, 900, which
Is TO be returned in the event of the
non-acceptance of the bid.
After the opening of the bids the
committee adjourned. and in pursu-
ance of the ordinance authorizing the
PROPOSALS for bids. it's members will
forward at once to the city councils
the names of the bidders, together
with all the facts and such recommen-
dations as they may see tit. The
councils will then determine what
next to do.
The interest which it is proposed to
sell consists of the stock and bonds Of
the company held by the citv and va
riors sums of money loaned, together
with interest on it. Various esti-
mates have been made as to the value
of the interest thus held, fixing it at
from IS, 600, 900 t. $40. 900. 900.
Mr.. Varney, the only local bidder,
is:aE lawver, ..and was until yester-
day member of the city water
board. which position he resigned in