. \S
‘ A filltttlfl CHIPPLED
Calmination of the Financial Disas-
ters of the Baltimore and Ohio.
TWO RECEIVERS APPOINTED.
President Cmven and Vice President thr-
'ray Placed In Charge by the Courts.
The Savings Fund Is Intact.
Plans For Reorganization.
BALTIMORE, March 2.—The Baltimore
and Ohio Railway company, one of the
oldest and most extensive transportation
systems in the United States and until re-
cently one of the most profitable, has con-
fessed its insolvency and gone into the
hands of receivers. .
John K. Cowen, its president, and Os-
car G. Murray, its third vice president,
will hereafter operate it for the benefit of
the creditors and bondholders under the
direction of the United States court. This
action was taken after a prolonged strug-
gle against the inevitable and was the im-
mediate result of the failure of the direct-
ors to negotiate loans to provide for inter-
est and other payments due and about to
become due. For several years, however,
the road has been losing money, and while
the collapse, coming at this time, was a sur-
prise to many, but few believed that it
could be averted much longer.
Since the last regular meeting of the di-
rectors, two weeks ago, Major Alexander
Shaw, chairman of the finance committee,
and President- John K. Cowen have spent
a great deal of time in New York endeavor-
ing to borrow enough money to provide
for a large floating debt and payments of
interest amounting to $400,000 falling due
tomorrow. It was thought at one time
that they would be successful, but Presi-
dent Cowen gave up the fight and return-
ed to this city. Immediately upon his ar-
rival he called a meeting of the directors.
This was fully attended, and after a ses-
sion lasting one hour and a half the di-
rectors and legal officials of the road re-
paired to the United States courtroom in
the federal building, and General Counsel
Hugh Bond filed an application on behalf
of the directors asking for the appoint-
ment of receivers upon the showing made
in the petition that the company was in-
solvent. United States Circuit Judge
Gofi of West- Virginia, who had been called
here for that purpose, in conjunction with
United States District Judge Morris, heard
the application, and, there being no objec-
tion, granted it.
The Official Statement.
After the receivers had been appointed
the following statement was issued by the
officials of tl‘d company:
“A committee composed of the New
York directors of the Baltimore and Ohio
Railroad company has been for some time
engaged on a plan for funding the floating
debt of the company and to provide addi-
tional capital. Until yesterday morning
there was the strongest belief upon the
part of the committee and the members of
the syndicate who have been aiding the
company that the plan proposed would be
adopted in time to meet the company’s re-
quirements.
“After full consultation, hovvever, it
was found to be inexpedient to carry out
all the details of the plan without the aid
of the court, and for that reason it became
necessary for the railroad company and the
Mercantile Trust company of New York,
representing the syndicate Which has been
aiding the company, to begin a friendly
suit for the appointment of receivers, who
should hold the property and operate it
pending the consummation of a plan for
its reorganization.
“Prior to the commencement of the
suit, however, the whole matter was laid
before the board of directors of the com-
pany, and they unanimously passed a reso-
lution authorizing the company’s officers
to confess a judgment in favor of the Mer-
cantile Trust company for the amount of
the debt due to that company, held by it
on behalf of the syndicate, and also con-
senting to the appointment of receivers for
the property.
“This action was taken after full delib-
eration and after the presentation of the
whole case to the directors. The board at
the same time passed a resolution request-
ing the New York members of the board——
namely, Messrs. Louis Fitzgerald, Eugene
Delano, Edward R. Bacon. Howland Davis
and William A. Read—who have been pre-
paring a plan for the rehabilitation of the
00mpany without the foreclosure of any
of the company’s mortgages, to organize
themselves as a committee, with power to
add to their number, or to associate with
them a committee in London for the pro-
tection of the interests of all the security!
and shareholders, with a view to theim-
mediate reorganization of the company
and its affairs.
The Savings Fund Intact.
“As stated, these gentlemen have been
engaged for some time upon a plan for the
rehabilitation of the company and its
finances. They will continue in this effort,
and they expect to have appointed in Lon-
don another committee of security and
shareholders to co-operate with them in
the presentation of a plan which will have
for its object the extinguishment of the
entire floating debt of the company and
the furnishing of new capital and the
placing of the company’s finances upon a
firm and stable basis.
“Mr. Cowen states that in regard to the
relief department of the company every
obligation of the company to its employees
will be under the order of the court ful-
filled to the letter. This department, ‘un-
der the court’s order, is continued precise-
ly as it was under the company. All de-
posits made in the saving fund are abso-
lutely protected, and all obligations to
employees under the relief feature are to
be carried out, and all payments made
precisely as if no receivership had taktn
place.”
John K. Cowen, the principal receiver,
has been connected with the Baltimore
and Ohio company for more than 20 years
as its counsel. Six weeks ago he was
elected president to succeed Charles F.
Meyer, and it was hoped that the change
might save the road. At the same time
several prominent New York financiers
were taken into the directory, and a thor-
ough reorganization was contemplated.
As part .of this plan, Mr. Murray, the oth-
er receiver, who had been third vice presi-
dent of the Big Four system, was invited
to accept a similar position in the Bal-
timore and Ohio service. He consented
and has since been acting in that capacity.
Mr. Cowen is also a member of congress
from the Fourth Maryland district and
is the leader of the Democratic opposition
to United States Senator A. P. German.
He is 51 years old and is a native of Ohio. .
An VHistoric Railroad.
The Baltimore and Ohio system includes
2,065 miles of railway, extending into all
parts of the country east of the Mississip—
pi river. It was one of the first railways
.- Advertise in the GAZETTE;
/
auilt in the United Stat-es, and for many
years was considered the most reliable
and profitable. Under the management
of the late John W. Garrett of this city it
‘ attained an enviable position among the
interest bearing and dividend paying lines
in the country, and its securities were
looked upon as gilt edged. Its stocks and
bonds are largely held for investment pur-
poses in this city, where the receivership
is looked upon as almost a public calam-
ity. Johns Hopkins university is one of
the largest holders of its preferred stock,
and the loss of revenue from that source
will be keenly felt by the institution. The
stock of the company is $30,000, 000, di-
vided as follows:
First, preferred, 33.000, 000; second, pre-
ferred, $2,000,000; common and scrip-
$25, 000,000. Its bonded indebtedness, ac,
cording to Poor’s Manual for 1895. is 375,-
000,000, and its floating debt is thought
to be between $10,000,000 and 312, 000,000.
It owns and leases 29 different roads in
Maryland, Virginia, West Virginia. Penn-
sylvania, Ohio and Illinois, including
some of great importance.
The Baltimore and Ohio company is the
guarantor for rentals amounting to $1,-
157,350 on leased lines and for interest on
bonds in double that amount. Its char-
ter was granted in 1627, and some of the
greatest historical events of the present
century have centered about it, notably the
military riots at Camden Station, in this —
city, in the early part of the late rebellion,
at which time the Federal troops on their
way to the south were mobbed, and great
loss of life ensued. Charles F. Meyer,
who succeeded John W. Garrett as presi-
dent, held the place for five years, until
the election of John K. Cowen to the. po-
sition a few Weeks ago.
. ROME AND SECRET SOCIETIES.
An Order \Vhich Considerably llIodifieE
the Decrees of Condemnation.
CHICAGO, March 2.——The Review, a
Catholic paper of this city, publishes an
important decree of the Roman propagan-
da, given in Rome under date of- Jan. 18,
which modifies considerably the decree
previously issued from that tribunal in
condemnation of the societies of Odd Fel-
lows, Knights of Pythias and Sons of
Temperance. Catholics who had belonged
to these societies before the publication oi
the condemnatory decrees are now allowed
to leave their names upon the rolls of
these societies and to pay into the treasury
dues and assessments whenever pecuniary
loss and detriment would follow from
complete severance of ties. The general
prohibition still remains as to any other
participation in the proceedings of the so
cicties.
Particular cases, however, offering diffi-
culties to priests in their spiritual direc-
tions, are to be referred for adjudication
to the apostolic delegate in Washington
instead of being sent, as heretofore, to the
- congregation in Rome.
.KIOARAGUA’S REBELLION.
Momotombo, the Stronghold of the In-
surgents, {educed to Ashes.
DIANAGL'A, Nicaragua, March 2..—Ad-
vices received here are to the effect that in
the bombardment. of Momotombo the
town, the stronghold of the insurgents,
was laid in ashes. The ruin of Momotom-
ho is reported to have been Complete.
An insurgent naval vessel was sunk by
shells from the government gunboat.
Fully 20 of the rebels wore drowned. The
government guns were handled by D. D.
Perry of Chicago, Canal Agent Weynei
and three Americans, who were active par-
ticipants in all the fighting. The Ameri-
cans practically had charge of the govern-
ment gunboat during the battle.
Preparations have been made for an at
tack on the Leonists today, and a big bat-
tle, with hard fighting on both sides, is ex.
pected.
Killed by a Policeman.
ALEXANDRIA, Ind., March 2. -—Jo‘e
Worthington and Thomas Keating. steel
workers at Alexandria became involved
in a fight, in which Worthington shot at
Keating without effect. ‘When Ofificei
Graham went to arrest Worthington, a
mob attacked the officer, and he was
forced to shoot Worthington, killing him
instantly. Graham surrendered.
" Mysterious Death.
PROVIDENCE, March 2.—An unknown
young woman, supposed to have come
from Boston recently, died suddenly in
Dr. Hale’s office yesterday. Medical Ex-
aminer Palmer was called and thought
that the case was surrounded with suffi.
cient mystery to engage the attention oi
the detectives.
Lynched by a Miob.
NEW ORLEANS, March 2.—Paul Frances
and Gilbert Frances were taken from jail
and lynched by a mob yesterday in front
of the courthouse at Convent, St. James
parish. They attempted a few nights ago
to burglarize the store and residence of
Mr. M. G. Gourge and assaulted his wife.
Justifiablc Homicide.
ST. LOUIS, March 2.——The coroner’s jury
has returned a verdict of justifiable homi-
cide in the case of the Broadway dentist,
Dr. A. E. Dill, who shot and killed Dr. J.
J. Seaman, his assistant, last Thursday
after the latter had badly wounded his
employer. The latter is improving.
Kansas For llIcKinley.
TOPEKA, March 2.—-—Thirty Republican
county conventions to select delegates to .
the state convention have been held. N ear-
ly all of the conventions instructed their
delegates in favor of McKinley, and it is
now certain Kansas will send a solid Mc-
Kinley delegation to St. Louis.
Ingcrsoll’s Captor Dead.
PETERSBURG, Va., March 2.—A tele~
gram has been received here announcing
the death of Major G. V. Rambaut, for-
merly of this city, at Memphis. It was
he who captured Colonel Robert Ingersoll
at Lexington, Tenn., :ln December, 1803.
A Baby’s Awful Death.
Locxron'r, N. Y., March 2.—I\iillard
Boyer, aged 10 months, met a terrible
death yesterday. While playing he got
hold of a bottle of ammonia, part of the
contents of which 'he swallowed, dying
shortly after in great agony.
Run Down and Sunk.
NEW YORK, March 2.———The Atlas line
steamer Ailsa, bound for South America,
was yesterday run down and sunk by the
French steamer La Bourgogne. All on
board were saved.
Nominated For Congress.
WEST PLAINS, Mo., March 2.—A. H.
Livingston of this city has been nomi-
nated for congress by the Populist con-
vention of the Fourteenth district.
Yellow Fever In Buenos. Ayres.
BUENOS AYl-lES, March 2.—Several cases
of yellow fever have been recorded in the
suburb of Belgrano.
Advertise in the GAZETTE.
Tan-E -.EvnNING l-GAZET‘TE
THE f OSTON til-ORE]
\
Ten .
Sweet f '
Caporal
Little ,
i ga rs
.___~...-
I‘M“
for cts.
SOLD BY ALL DEALERS.
NEW ALVATIOI ARMY
i
Ballington Booth and His Wife to
Start an Independent Body.
TO BE ENTIRELY AMERICAN.
Numerous and Important Secessions From
the Parent Organization—The Funds
and Property How Held to Be
’Eurncd Over to the Old Army.
NEW Your, March 2.—Ballington Booth
and his wife have'finally decided to start
an independent religious organization.
They will, however, surrender to the rep-
resentatives of General Booth, new in con
trol at the Salvation Army headquarters, '
all the property and money of the army.
To prepare the preliminary plans for such
an organization as they contemplate will
necessarily take considerable time. For
that reason no definite announcements
have been made.
Mr. Booth said to a reporter last night:
“The practically unanimous sentiment ex-
pressed in the hundreds of letters and tele-
grams my wife and I have received is that
we should organize and lead an independ-
ent religious movement. Such an or-
ganization will be esta'»..shed.
“It will be essentially an American
movement, and we have received the most
cordial assurances of support from men
and women prominent in all walks of
life. Although most of our former asso-
ciates in the army have given their alle-
giance to the new commissioner. they are
watching every move made by us with the
deepest interest and concern. From many
of them I have received messages assuring
me of their devotion to me personally.
Staff Captain Cox, who resigned yester-
day, was the best special worker in the
army. Her influence cannot be , under-
rated. Three officers high in the ranks
will hand in their resignations soon.
Their names would be a surprise to every
one. Seven secretaries of auxiliary or-
ganizations in eastern cities have already
resigned. .-
Will Turn Over the Property.
“The public has heard only one side of
this most unfortunate affair. I have made
no reply to the bitter things that were ut-
tered against me. I have said nothing,
even though my sister did assert thatrwe
would be thrown in the street, and though
my brother, the commander of Canada,
did heap upon us accusations bitterly to
be regretted. The property of the army
which is in my possession will be trans-
ferred in due time.” ,
Ex- Commander Booth will make public
tonight a lengthy statement, giving his
side of the controversy. In this statement
both he and Mrs. Booth deny that they
ever refused to obey orders, as has been
charged. They declare that the policy of
the London office toward them has been
unnecessarily hasty. Three representatives
were sent secretly to deal with them. They
tried to force the Booths to go to England
within three days. They employed threats,
bitter words and cutting insinuations as
to their motives to force an immediate de- '
cision. .
The statement also declares their will-
ingness to turn over the property and
funds when they have been convinced that
it will be secured for the use of the Sal-
vation Army and for those who contribut-
ed the money.
Resignations from auxiliaries in all
parts of the country were received at Sal-
vation Army headquarters yesterday. A
wholly unlocked for resignation of a prom-
inent staff officer was received by Com-
missioner Eva Booth. Staff Captain
Blanche B. Cox, commander of the south-
emxl'ieIID. seraniaand Merriam divisigl.
\
NOR‘W ,ALK. ‘
New York Office. 44:2 Broadway.
A MEMORABLE EVENT EOE OUR PATRONS. l
ANOTHER WEEK (32.151
-
GIGANTIC BARGAIN GIVING.
VALUES WORTH COMING Mites To era's.
is Time in Lose If You Wish to BE tastings at Less Than Hall-PilUB————/
100 dozen Ladies’ Black \Vool Hose, retailer's price, per pair, is 19c; somebody’s mistake; our price
while they last, three pairs for 250.
' Ladies’ Hermsdori dye, full
you’ve bought at 250;
60 dozen Boys’ best quality Laundered Shirt
shape, 75c quali‘y, 47c.
lengths, spliced bees and toes, extra stout; cwmpare with some that
importer’s blunders in stampmg the wrong name. Hose is just as good. 12:}0 pair.
\Vaists, all new, triple col er and the new turn-down
ATTENTION, MENm—rm—fi
53 dozen Men’s Outing Shirts. in flannel and chevio'", all sizes, regular 45c quality, just th nk of it,
only 29c each.
96 dozen Men's Spring Scarfs, the nobbiest and latett 5
York at 75c; see our disp'ay in window at 470.
Ladies’ 4 button Glace Gloves, our spring importation, including maize, batiste, ecru, tans, modes,
with embroidered backs in self-colors and fancie s. every pair warranted. $1.25 quality, 98c per pair.
20 pieces Of the well known Jamestown Suitings—the name is a guarantee of their merits—sold
usually from 50 to 750, 39c.
10 pieces 46-inch all-wool Bl
poorer quality at 75c. 37910.
300 yards Grepon berges,
10 dozen Ladies’ Leather, Metal and Silk Belts, all new,
hapes, sold by leading furnishtrs in New
ack Cashmere, thelgreatest bargain cver offered; you have bought
in black and all the new spring co’orings, $1 cloth, 750.
regular prices from 39 to 500, 25.3.
12 dozen, just one gross only, Ladies; Narrow Belts, Very stylish, in silver and gold effects, worth
from 750 to $1.00, 50c.
150 pairs of our Celebrated _ _
3,000 yards Jet and Fancy Beaded 'ln‘mmmgs,
Scissors, every pair warranted, regular price 45c, 29c.
largest stock ever shown in this part of New England
10’ lar 15, 17, 19 and 25c per yard, 33 l?) per cent less than can can be found elsewhere
-2,
N. B.—Watch the Exhibition in our Windows Friday and Saturday. g
IH . BUSIUN SIUR ._ Bur. Main an i
warm hm’cT—T‘uar' are are 171‘ Washington, I
decided to follow the example of Mr. and
Mrs. Ballington Booth.
Staff Captain Cox is the daughter of a
Baptist clergyman in England. She is
about 28 years old and highly educated.
She was the originator of the “Street, Cel-
lar and Garret” brigade in London, out
of which has grown the “slums” depart-
ment of the army. She was a warm
friend of Mrs. Ballington Booth, who was,
before her marriage, one of her coworkers.
The Tide of Secession.
Captain Cox came to this country about
five years ago and was shortly afterward
placed in charge of the Colorado division.
Her work in this country has been suc-
cessful. Six weeks ago she was ordered
to go to Washington.
Commissioner Eva Booth may possibly
be retained here as the permanent com-
mander. Booth-Tucker was appointed to
the oflioe when the news of Ballington’s
withdrawal first reached the general. It
is said that this was done because General
Booth thought speedy action on his part
might check the secession movement.
Commissioner Eva. has won the hearts of
most of the American leaders, and they
talk bf a petition to the general request-
ing that she be ass‘ good here permanently.
The commissioner will issue a call to
the auxiliaries early in “the week asking
for a conference with them. Every at-
tempt is being made to keep them in line.
Frank Harris. a. prominent citizen of
Orange, N. J., and secretary of the auxil-
iaries there, has sent in his resignation
and declares that he will never contribute
another dollar to the Salvation Army.
The Salvation Army corps in Sea Cliff,
N. J ., disbanded because of the removal of
Ballington Booth from the command.
Captain Patty Watkins will preside at a
meeting in Newark, N. J ., this evening, at
which it is said the entire Newark corps
may withdraw frg_m the Army.
PAINT
We are now prepared to supply
the public With a good reliable 1:35.in
mixed paint in 1} pt, 1 qt, 2 qt. and
4 qt. pails. Also aw and boned
oils, turpentine, dryer, varnish,
white lead by the pound or hundred
weight, white and colored kalsomine.
Putty, nails by the pound or keg.
Good line of paint brushes.
Our prices are all 1ight~same as
the goods. ’ ,
H. H. WILLIAMS
17 Main St.
MEEKER COAL co,
con, WOOD, BRICK,
LIME, OEMENT, TILE PIPE.
OFFICE WITH G. e s. H. Henna;
MAIN STREET. NOBWALK.
Advertise now and catch the spring
trade.
Wall 33.
THE HONEST E’LUMIE QR.
W. C. HOLMES,
7 Water Street,
IS PREPARED TO DO ALL MANNEB 0}
PLUMBING WORK
iii and Sheet Iron lento Elli mien
ALL WORK AND MATERI - L‘o‘ GUAI- 4.);-
TEED OF BEST QUALITY, AND
. PRICES FAIR AND VERY
tEASOl‘IABLE.
is: o. HOLMES,
7 \VATER STREET.
Horace E. Dann,
EXCELSIOL
1319333131 Sale Stable.
““W\ —N-—__‘
Opposite Danbury and
N orwalk Railroad depot!
Norwalk. Conn. Stylish
Single or Double Team.
with or without drivers.
Safe horses for women
andchildren. .
RAOHLI- Hill-v Slab A SPECIALTY
STILL GOING ON! 1
, HARVEY’S SHOE
70 mars MAIN eraser, "
0F o. H. HARVEY’S STOCK or
BOOTS, SHOES dz RUBBERS
?3<I0 CLOSE OUT, EVERYTHING IS BEINGSOLD III PRICES NEVER HEARD 0F BEFORE>Z< 4
Come Early. Store Open until 9 o’clock Week Days, and 10 Saturdays.
Bankrupt Sale I
STOREg.
scorn mavens.
Norwalk Chronicler