Milford chronicle., 1919-07-25
P. R. R. WOULD BUY
THE D., M. & v. ROAD
THE MINORITY HOLDERS OF DELAWARE,
MARYLAND & VIRGINIA RAILROAD
OFFERED $3.50 A SHARE.
MUCH STOCK HELD IN STATE
THIS DEAL WITH THE Pennsylvania
RAILROAD HAS CREATED WIDE In
TEREST AMONG STOCKHOLDERS.

Through a letter received Wednes-
dav bv Baltimore shareholders of the
Delaware, Maryland & Virginia Rail-
road Company, it developed that
deal is about to be consummated with
the Pennsylvania railroad, which con-
trolls the property through subsidiary
whereby the minority interests are to
sell their holdings for $3.50 share.
Negotiations for the sale of the min
ority holders have been conducted by
a special committee named some time
ago and action was hastened because
the Philadelphia, Baltimore and Wash
ington Railroad Company, a subsi-
diary Of the Pennsy, was contemplat-
ing instituting court proceedings TO
recover moneys due by the Delaware,
Maryland and Virginia railroad.
In the letter the committee, which
is composed of Rowland G. Paynter,
chairman, of Georgetown, Del; Geo.
NJ Upshur of Snow Hill, Md; Henry
A. Houston of Millsboro; 1. D. Short
of Milford; and Oliver A. Newton of
Bridgeville, informs the minority
stockholders that their railroad is
wholly without means or resources to
provide for the payment Of the indebt-
and Washington railroad. The spec
ial committee communicated with the
Pennsylvania railroad which controls
the Philadelphia, Baltimore and
Washington railroad. which in turn
controls the Delaware, Maryland and
Virginia railroad. and asked if the
moneys which might go to defray a
legal fight could not be utilized for
purchasing the holdings of the min
ority interests.
The Pennsylvania railroad replied
to this communication, offering to
postpone the bringing Of the suit to
recover moneys owed until October
1 next, and in addition agreed to pur-
chase the minority stock at $3.50 per
share
This deal with the Pennsy has Great
ed wide interest in Delaware, in view
of the fact that there is a great deal of
the stock of the Delaware Maryland
and Virginia railroad held here and
the persons holding it had long since
given up any idea of ever realizing
on their holdings.
THE committee is gratified to in
form the minority stockholders" says
the letter, that it has effected an ar
whereby the Philadelphia,
Baltimore and Washington railroad
will defer incepting its contemplated
foreclosure proceedings until October
l, 1919, and that all minority share
holders who may so desire and elect,
at any time prior to October /, 1919,
shall be afforded opportunity of sell
ng their shares at the price of $3.50
Der share.
The arrangement is, in the judg-
nent Of the committee, so reasonably
LIBERAL and advantageous to the min
'rity shareholders as to fully justify
he committee in heartily approving
md unqualifiedly recommending its
prompt acceptance by the minority
as if not accepted, the
tock held by them will, in the event
# judicial sale, be wholly extin-
-uished or lost"
The Pennsylvania railroad operates
he Delaware, Maryland and Virginia
in a similar way that it does
he Maryland, Delaware and Virginia
nd the Baltimore, Chesapeake and At
antic railway systems. It owns a
lajority Of the outstanding stock of
9th companies. There is also a large
linority interest throughout Delaware
ut the Delaware, Maryland and Vir-
inia railroad operates through Ber-
I, n,>~Snow Hill, and other points on
le Eastern Shore and also serves
oints in Delaware and Virginia.