Publication: Electrical World
New York, NY, United States
Transfer of the Baltimore & Ohio Property
The transfer of the huge Baltimore & Ohio property has long been talked of and has come at last. The following official announcement was made on Sept. 8 by Drexel, Morgan & Co.:
"A preliminary contract has been executed to-day between the Baltimore, & Ohio Railroad Company and J. S Morgan & Co., Baring Brothers & Co., and Brown, Shipley & Co., of London, and their allied houses on this side. This contract provides for the negotiation of $5,000,000 Baltimore & Ohio consolidated 5 per cent. bonds and $5,000,000 Baltimore & Ohio preferred stock for the purpose of paying off the entire floating debts of the company and placing it upon a sound financial basis. The conditions are as follows:
"First. The verification of statements, etc., as made.
"Second. That the management of the company shall be placed in competent hands satisfactory to the syndicate.
"Third. That satisfactory contracts shall be made between the Baltimore & Ohio and the other roads for New York business, which shall remove all antagonism between them on the subject and insure the permanent working of the Baltimore & Ohio in entire harmony with the other trunk lines, and also avoid construction or threat of construction of extensive parallel lines north and east of Philadelphia.
"The houses interested on this side are Drexel, Morgan & Co., Drexel & Co., Brown Brothers & Co., and Kidder, Peabody & Co."
As is already known, the United States Express Company has purchased the Baltimore & Ohio express system. It is said that the Pullman Company will now obtain the palace car service, and, finally, that Mr. Jay Gould will get his share in the telegraph system. In fact, it is alleged that $500,000 has already been paid on account for the telegraph system, to the syndicate, the whole sum asked being $6,000,000.
|Keywords:||Baltimore and Ohio Telegraph Company|
|Date completed:||July 16, 2009 by: Bob Stahr;|