Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-04-02
PITTsBTRGH SOUTHERN.
The CreditOrsAceept the Plan Of
Settlement.

Another meeting MAS held Monday
afternoon by the stockholders, directors
and creditors OF the Pittsburgh South
ern Railroad to hear. the IMPORT. OF the
committee appointed to prepare some
plan for the adjustment of the financial
troubles OF the road. At a meeting last
week the stockholders decided TO put
out first mortgage bonds on the road at
the rate OF s., 800 per mile, which would
make the total issue about $500, 600.
The total claim against the road is
about $4,000. This claim is held by
preferred creditors and by others whose
claims are endorsed by different gentle
men, chiefly stockholders. There are a
few other claims against the company,
but these are not large, The total sum
due, and ON which creditors are press
ing, is about 100000, OF which amount
James II. Hopkins holds about SG5,OOO.
Mr.. Hopkins, it win be. remembered,
some time AGO brought suit for hts claim
and has obtained an order for the sale OF
the road by the sheriff. 1t was TO hear
and act upon the report OF the commit
tee appointed to prepare some plan Tor
the settlement Of these troubles that
the meeting was held yesterday.
At this meeting the proposition was
accepted that the indorsers should pay
100000 OF the total claim against the
line, cash down, and the creditors
agreed to wait till some future time for
the balance of their money. This prop
osition was virtually accepted, though q
few details are yet to be arranged, The
indorsers will of course be required 10
make up this 100000, and will have 10
90 down into their pockets to obtain the
money. For the balance of their claims
the creditors will take about $1,000 OF
the first mortgage bonds as security.
The balance of revenue that can be
derived from the issue of the bonds Will
be devoted TO the bettermcnt of the
road and to paying tho indOrsers OF the
Company's paper. The Company Will
obtain additional rolling stock and Will
probably complete the line as far as the
Smithfield street bridge at an early date,
with portion OF the revenue from the
sale of these bonds.
The Sheriffs sale advertised to take
place in this county on April Sth, VIII
still take place, but the sale advertised
i'm Washington county will not be had.
All the indorscrs are stockholders, and
bv the Sherifi's sale these gentlemen
will lose all that they have invested in
stock. There are a few stockholders III
adjacent counties, and these gentlemen
will lose all their investments too.
They have placed but very little
money in the road, however, and their
luSs will Inc lpht COMPARED to the loss
of stock that will fall on some fifty or
sixty gentlemen, nearly all Of whom be-
long to this city. While these gentle
men will lose the money they invested
in stock, they hope, however, to con-
fine their losses TO the stock, and to
escape any additional loss although they
are indOrscrs.
The sale OF the road will divest the
stockholders of their rights, but il is
necessary to glance through the judicial
forms of a sale in order To make certain
changes which they desire. One Oi
these changes will be to put the line
under new management. \ new board
OF directors will be elected by the pnr-
chasers. and there will also bc Il change
i'm some OF the salaricd officers. There
are details, however, which remain 10
be settled hereafter. The indications at
present are, however, that the new road
will weather the storm, and be III
successful operation shortly.