Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1886-12-30
THE SOUTH PENN R. R.
WHAT WAS DONE AT THE NEW YORK
MEETING, TUESDAY,.
GOwsns Proposition for tie Purchase Of the Wander
bilt Inieres, favOrably Rsceivsd-Asreemenh
Embodyns II Drawn Up for Sigma
ture-The Outlook Favorable.

PIrsBURG, December 29.-Dr. Hostetter
arrived home this morning from the meet
ing Of the South Penn Railroad, held In
New York, yesterday. To reporter DIR.
Hostetter stated that everything now
looked favorable. The principal business
of yesterdays meeting was the considera-
ton Of Gowen's proposition for the pur-
chase of the Vanderbilt interest. ''Gowen
offers bond of as cents on the dollar for
such money as has been put into the COM
pany by the Vanderbilts and their friends.
This proposition was favorably received
and a committee appointed to draw up an
agreement embodying these ideas.
THE COMMITTEE
consists of Mr.. Stetson, of Bangs & Stetson,
attorneys for Mr.. Twombley and the Van
derbilts, and Mr.. Barr, the attorney for
the Reading Railroad Company, who rep
resepts us. The gentlemen will draw up
two agreements. One will be TO the effect
that the undersigned agree to sell their in
terest in the South Penn and bind them
selves to take bonds for the same. The
other agreement will be for such stock khold.
ers as are willing to 20 ON and build the
road and put more money into it,"
who will sign the sell-out agreement?'
"All the Nanderbilts and those con-
nected with them will no doubt sign it.
About s.. .O00, 900 Of the stock will he thus
transfer red TO us. This will give us two
thirds of all the stock"
"who will agree to stay and go on with
building"
"Well, so far we
HAVE DEFINITE ASSURANCES
from number of the gentleman con-
ceIncd. Mr.. Bagely and myself will put
in our three millions, and its probable
that Mr.. Carnegie and his friends will
Join us. We have not talked the matter
over yet, but will do so next week. This
will bring 10 us 81 600, 900 more. Of the
Others, Mr.. Colgate will come with us and
also the Standard Oil Company, through
Mr.. Rockafellar who has million more.
! think all of the Pittsburgers and the
greater portion OF the outsiders will como
in. As soon rs the new agreements are
drawn up they will he sent out for sigma
lures, and in very short time We will be
able to tell just where everybody stands"
What change will be made in the com
pany?"
1T is probable that there will be
FORECLOSURE AND SALE
in order to free the company from all the
cmbarrassments and legal tangles in which
il has become involved There will alsobe
some slight change in the name of the
company"
will any action be taken in regard 10
Mr.. CARROTS offer TO take part in the COM
pany and join il to his system AT Somer-
sctr''
II think it il highly improbable. We
do not need Mr.. Garrett aid, and do
not think connection with his system OF
roads would help Us. OF course cannot
tell what will he done, but 80 far his offer
has not been officially considered.
''ls il true that Mr.. Gowan has gone TO
Europe 10 raises money for the South
| PENN"
81 sec il il 40 stated. can tell you
about that. know, however, that all the
money necessary tn complete the rad will
be forthcoming when it's needed. Some
will come from those already connected
with the company and some from other
| sources.