New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-09-18
READING AT LAST IN PEACE.
FRIENDLY REORGANIZATION ASSURED.

~raYiNG THE RATCHET BETWEEN THE DRExEL
AND GowEN INTERESTS
The withdrawal of the opposition of Franklin
r. Gowen and his friends to the reorganization OF the
Phadeiphia and Reading Railroad Company under tho
au.pices OF the Drexe-Morgan syndicate WAS an
nounced yesterday. All Interests are now united In
seeking q speedy rcconsiruction OF the company
anances aud everybody connected with the
agreement expresses himself satisfied with the
result Mr. Gowen to this city yesterday with his
couusel and further negotiations the part or
,nutual advisers following those mentioned In THE
TRIBUNE yesterday satisfactory settlement was made
Alfrea suy representing the friends OF Mr. Gowen as
soc,sted in the Corbn party, and Edward Lauterbsch
have had the conduct Of tho recent negotiations and
their efforts adjustment has made with
a minimum OF friction. j. Pierpont Morgan expressed
HE eradication to TRBSUE reporter at the accom-
phment Of the aims OF the syndicate which was born
nj the timc OF the West Shore settlement year ago
and Mr. Governs friends declared that the result was
favorable to the businessike reconstruction OF the
property.
The corresponds printed herewith WAS teeGraphed
to Philadelphia aud approved by j. Lowber Welsh j. G.
Butt and A. j. DrexeL In substance 1t provides for
An Increase OF 900 In the capital to be put up by
the Drexe-Morsan syndicate TO carry the scheme
through Alfred suly and Edward Lauteroaeh to place
the new money subject to the approval OF j. Morgan
and Jesse sengman Mr. suily is to take the place OF
Mr. Corbn as representative OF the new subscribers
IN the management of the syndicate The original num-
Der of trustees ia to he increased to thir
Teen by adding Mr. suly. r. X. Dow. John Wansmaker
ANA Charles l. BOre The trustees are TO have power
to modify original plan Of reorganization providing
rhat no foreclosure shall take place without giving
curity holders sixty days In which to accept the plan
i've Years in fvo persons Mr.. Morgan and ]. Lowber
Welsh represent the syndicate, and Henry Lewis
corbin interest, the four to the hfth member
satisfactory to the trustees sud the syndicate.
Is the official correspondence OF the settlement;
rr.xKlrs n. eowrx. e.q, President
bTsE SIR: Referring the negotiations for settlement
sfthe Reading troubles lind that the mat
fs syndicate to be enlarged re- by four %T
MesSTs saiiy and GSuerSsc6 the names amounts Of
.eh soecTpon to be apProvSs o TAX. S pac a
M Austin Corbn as Of the new sHessrDer
IN the management OF the syndicate The compensation OF
The syndicate TO he increased proporona'e the increase
SsSondHThe Reconstruction Trustees be increased to
thirteen members by the addition OF MeIs's Anreo y *
uch changes IN The P1 o. t se ons s Changes @
A~The plan provide for reorganization without fore
dealing with obligation ami urity OF The
Mortgage given the bonds be issued in
lieu Of re stock IN The % hn Psp asS S
uncT tgage Bonds The bonds issued in hen Of
frred stock in the present plan to have the right to VOTE
be legally given without affecting the charter
C~The Executive Committee OF reconstruction rus
10 be increased TO six by the addition Of ut Alfred say
days gwen security holders its provisions.
S no n smc shA a sSp S'g
accept e provisions Of the plan within TIE prescribed TINE
If such acceptance secured then REORGANIZATION To TAKE
place and only for the benefit those who have
The trustees as an st,rnaye plan ana issued
tn time as the other for the Information OF The security
holders.
to be for vo and toconsis Of five
ler-ns of whom four slal be fiepcnt doga9 Lowbgr
select NTH who shall be satisfactory both TO the syndicate
md t. the reconstruction trustees 49, ,,
mud Any changes in the plan other than those herein
above provided for shall be subject TO The approval OF e
fS,Sh~A to made by the company the
construction trustees ana me synacatt 10 secure aT
receiver and Mr. Corbin viii take the position and legally
qualify himself 10 IN H. II Is understood that the presidency
81 IA, company shall be offered 10 hun 49, 49,
II - of course understood that the words syndicate and
REORGANIZATION Trustees herein used. when referring toany
future taken 10y either, apply to the enlarged
snli At and laleei board OF oreanizaon Trustees
Nee. York sept IT, lssG. EDWARD LAUTERBAcH
Nessrs. AIFRID SULLY and EDWARD LACrFRBAcH
1ENIlKNkN have read your correspondents OF is GATE
with M Gowen personally approx Of ana accept me
icr,n and Wi do utmost 10 carry Tie SANE into effect
sTcSf sepi Il, 1856.
A,s,s ALFRED suLLYl GndEpwARp IAUTERBAcH
IhaVe favor OF lIth inst and AIN Wiling
o. ADJUST all differences ON the basis therein proposed
od Ireiy 10 Won and are to be- concentrated
upon the OF your negotiations which VIII not only
iut preserve Their PROPER status n corporation
had other Oh Jet taking The presidency last Jann
these and only enttd 10 hold
ie position until reorganization was accomp 'H.1 sanot
o. iel il@u'h lnc NO.h ~ p'aytlN u"o an"
IN ter to the cam Gu" my mn PS der aTS rt a a Tr
denc, prevented agreement upon The form VI NE pn
Ton president OF the company 10 be presented ana iahe
eject upon the acccpunc, by the reorganization trustees
ana The syndicate oi the alterations ana changes contained n
Your letter need scarcely add that SHAH gladly and The
REORGANIZATION trustees 10 every way ~ carving INTO erect
cal basis trust most earnestly that MI COrbn may be in
- Acknowledged ability personal relations with him
Very - "a Eel b..