Evening journal., 1919-07-23
P. R. R. WOULD BUY
PENINSULA ROAD
Minority Holders of Della
ware, Maryland & Virginia
R. r. Offered $3.50 Share
MUCH STOCK Is
HELD IN STATE

Through a letter received today by
Baltimore shareholders Of the Delaware
Maryland and Virginia Railroad Com
pany Il developed that deal is about
10 be consummated with the Pennsyl-
vania railroad, which controls the prop
erty through a subsidiary, whereby the
minority Interests are 10 sell their hold
ings for $3.50 a share. NegOtiOns for
the sale Of the minority holders have
been conducted by a special committee
named some time ago and action was
FASTENED because the Philadelphia, Bal
timore and Washington Railroad Com
pany, a subsidiary of the Pennsy, w s
contemplating instituting court proceed
ings to recover moneys due by the Del
aware, Maryland and Virginia railroad
In the letter the committee. which is
composed Of Rowland g. Paynter. chair
man, Of Georgetown, Del; George NJ
Upshur, of Snow Hill, Md; Henry A.
Houston, of AfillsbOrO; /. ID. Short, of
Milford, Del, and Oliver A. Newton, OF
Bridgevihe, Del, informs the minority
stockholders that their railroad is Who'll
ly without means or resources TO pro-
vide for the payment Of the indebted
ness 20 the Philadelphia, Baltimore and
Washington railroad. The special COM
mittee communicated with the Pennsyl-
vania railroad, which controls the Phil
Edelplia, Baltimore and Washington
railroad, which in turn, controls the
Delaware, Maryland and Virginia rail
road, and asked II the moneys which
might go 10 defray a legal fight could
not be utilized for purchasing the hold
iDgs OF the minority interests.
The Pennsylvania railroad replied 30
this communication, Offering 20 post
pOne the bringing Of the suit 20 recover
moneys owed until October 4 next. and
IN addition, agreed TO purchase the min
ority stock at 81 80 per share.
This dsal with the Pennsy has created
wide interest in Delaware. in view of
f2le fact that there is a great deal OF
the stock OF the Delaware, Maryland
and Virginia railroad held here, and the
persons holding it bad long since given
UP any idea Of ever realizing on their
holdings.
THE committee is gratifled TO inform
the minority shareholders" says the
letter, that H has effected an arrange
ment whereby the Philadelphia, Balti-
more and Washington railroad will de-
fer incepting its contemplated foreclos-
ure proceedings until October 4. 1919.
and that all minority shareholders who
may so desire and elect, at any time
prior 10 October 4. 1919, shall be afford
ed opportunity OF selling their shares
at the price Of $3.50 per share.
This arrangement is, in the judg-
ment OF the committee, so reasonably
liberal and advantageous 10 the min
Ority shareholders as TO fully Justify
the committee in heartily approving
and unquslifledly recommending its
prompt acceptance by the minority
shareholders, as II not accepted. the
stock held by them Will. in the event
Of judicial sale, be wholly eUtinglish-
ed or lost" NJ
The Pennsylvania railroad operates |
the Delaware, Maryland and Virginia |
in a similar way that DO does |
the Maryland, Delaware and Virginia /
and the Baltimore. Chesapeake and At
lantic railway systems. Il owns ma
jority Of the outstanding stock OF both
There is also a large min