The Montgomery advertiser., 1909-04-25
LIFT RECEIVERSHlP
GOVERNOR yUDsoN HARMON MAKES
IMPORTANT ANNOUNCEMENT.
After Recefvership of c. II. and ID.
Railroad 10 Lifted. That Road
VIII Take ON Property of
baltimore and Ohio.

Cincinnati. o. April 24-Governor
Judson Harmon. who is receiver of the
Cincinnati. Hamilton and Dayton rail-
road. while In this city today, con-
firmed reports from New York that
the receivership would be lifted in q
few DAYS and that II would be follow
ed nv the taking over of the property
by the Baltimore and Ohio Railroad.
J The governor was in New York last
week and became familiar with details
OF the plan but Is not In q position to
state them for publicationsat this time.
having only to say that the deal will
mean the reorganization of the Cincin-
natl. Hamilton & Dayton Railroad Com
pany. He anticipates that when the
debts of the company have been set
tied. including the receivership and all
matters have been adjusted. the Gin
cinnati. Hamilton &Dayton will again
be Turned back to Its original owners.
The debts of the company will be
paid by the Issuance of securities. but
just in what manner Governor Hamil-
ton was not able 10 say. He antici-
pates that the receivership Will be If
ted about July /. as 1t will take until
then to complete all the preliminaries.
According TO advices here from New
York the final terms for the acquisi-
ton Of The Cincinnati, Hamilton &
Dayton property by the Baltimore q
Ohio have been agreed to by all inter-
ests concerned and the board Of direc-
tors of the two roads will meet early
next week to ratify the transaction.
Immediately following this n petit
ton will be presented to Judge Lur-
ton OF the United States circuit court.
praying that decree be entered, or
dering the sale OF the Cincinnati. HAM
ilton &Dayton property. When the
road Is offered representatives of the
Baltimore &ohio will bid II in at any
price and Under conditions already
provided which will, to the greatest
extent possible, provide for the pro-
lection OF the various interests invoi-
we'd In the affairs of the road.
It liz understood that the terms Of
tho dead are considerably more liberal
toward the Cincinnati. Hamilton g.
Dayton bond holders than the former
proposal, which fell through several
weeks ago. In general way. howev-
err, the proposition resembles the pre-
vious one. providing for different se-
curities which may be exchanged for
Cincinnati. Hamilton & Dayton notes.
and bonds at the option of the holders
these new issues bearing the stamp of
the Baltimore &Ohio Railroad Compa-
n.y. Provision will be made for cash
payment for some of the old securities
II the holders prefer that. TO the accep-
lance of the new issues.
Technically. under the plan. the Bal
timore &Ohlos will not become the alb
soiute owner OF the Cincinnati. Ham,
ilton &Dayton for several years, but
for all practical purposes 1t win as
sumo control following the ratification
of the deal. The majority shtoclr of
the Cincinnati Hamilton &Dayton Is
now owned by ]. p. Morgan Accompany,
and the Baltimore & Ohio will take an
option on II for its purchase at any
time within a period OF five years, 1t
is said. II a price for the stock can
not be agreed upon between the Bal
timore g Ohio and the Morgan firm
whenever the company chooses to ex-
arcies the option 1t Ia understood that