New-York tribune., 1885-07-25
ANGRY SYNDICATE MEMBERS.
THE SOUTH PENNSYLVANIA MEETING.
DISCUSSING MR. RoDERrs's OFFER BUT TAKING NO
ACTTON

DISCUSSING MR. ROBERTS's OFFER BUT TAKING NO
ACTION
The meeting of the members of the South
Pennsylvania Railroad Syndicate yesterday was not 30
interesting for what accomplished as for tho hostility
expressed by several heavy investors to the proposed
sale to the Pennsylvania Railroad 1t was hold at the
Office Of H. Mex Twomby, treasurer ofthe syndicate, st
Beaver-st and Broadway, and between twenty-five
and thirty persons were present Every precauuon
was taken to keep the proceedings from the re-
porters Robert H. Sayre president OF the South fenn
sylvania Railroad who IL q" Reading man." and Z. T.
Knight Of the Bound Brook road present. ana the
opposition Pittsburg aud Philadelphia interests were
represented by Dr. David Hostette- Charles Bore OF
c. H. BOrie OF Philadelphia, John W. Chalfan John D.
Lewis James Colgate. Of this city aud others Rapn
Bagaey who is seeking through the courts to secure
o receiver Of the South Pennsylvania enterprise,
was represented by James B. Dill, OF Dill Chandler
and Francis O. steson of Bangs sctson, appeared for
the committee Of the syndicate.
Tho proposition ofthe Ponnsylvania Railroad to take
up rights of subscribers the syndicate with oDg
ons bearing per cent interest for the net amount OF
the subscriptions paid In was expected to be suomted'
though the notices calling the meeting did not Indicate
what business 1t to consider The representatives
Of Mr.. Vanderbilt were, however, exceedingly
cautious in what they said. It is understood
that Mr.. Twomply stated that the meeting
purely Informal to discussa proposal from an
unnamed party to take tho subscriptions paid In at
per cent These amounted to about $5,5OOOO0 out OF
the SIS 900 which had been pledged to the syndi-
cate. Mr. Twomby urged tho acceptance Of this oner In
view Of the litigation involving the South Pennsylvania
and the probable failure OF certain rac contracts which
had been made with the Reading aud NewJersey Central
roads, Some lively uterances made by the syndi
cate subscribers regard to Mr. Twomblys suggestion
According to the best Information that could be
obtained after the conference, Mr. vanderbilt was was
subscribers had gone into with good promise Oh ooin
ing 81 profit every 81 Invested vigorous contrast
drawn between the outlook pictured AZ he incep-
OF the scheme for the development Of the southern
counties OF Pennsylvania and Pttsours interests and
paltry return of cent on the money invested
pow offered for the acceptance OF the syndicate mem-
bers. An effort was made to induce Mr. v4nderoIls
representatives to say who the proposed purchaser was
but 1t was OF no avail An attempt 10
was Insisted that the meeting was informal and could
take no binding action. . ,, =,
clang that he the last In the world 10 desert
or nnre hs friends associates aud that the seitle
sea 70 ar the enterprise
to completion one oi tne opp%son ga aysryrns in
your hands I've made fool OF myself Now, what do
you want 10 give ns-six psr cent hve three; OF
fhe conference finally broke up without action. Mr.
Twomby OF the syndicate. requested that
on their sn should inform him OF the fact No
tme ixed suggested for the return OF the re-
plies ~ ,,
the meetings Tho conercpce was simply 70 talk over over
willing to take back their Investment, with
fnt We did want to do
anything that Mr.. Bagaeys lawyer could make point
on in law suit" person representing the opposition
said evening: " beiye that Mr. Vanderbits con-
tract with Mr. Roberts will be carried out Mr.. Wander
bii controls OF the subscriptions to the syndi
cate and with other which Will support him VIII
control a majority When It comes to the point no
matter how badly the opposition may feel. they VIII
accept per cent rather than remain with ouy
franchise aud fe holes In tho ground on their hands
hut the sale OF the South Pennsy will not prevent
tha building Of another parallel limo 70 the
Pesasylyania by new with new money"