The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1886-12-30
CANNOT Be STOPPED,
THE SOUTH PENN, RAILROAD
WIN 10 Pushed Through at oacs-Ths Re.
suit Of tho Syndicate Meeting In New
York CIty-The Position of the
stockholders on the PrOjsc;,

PIFTsBuRaH, Dec, 29,-Ths CNroniel
Telegraph this evening has the following
Looking very well satisfied with the re
suit Of yesterdays South Penn meeting
Dr., Hostettsr this morning arrived frou
the East and went directly to his office.
"south Penn affairs are looking bright
or, DOCtorH" remarked the reporter,
"Yss, we have every reason to look fol
favorable results now" replied the man
who has stood by Mr., Gowsn until they
have won the good fight,
"Whst did you do at the meeting in
New York ysst&dsy2"
"Ws talked q good deal and did some
work, The principal business was the
consideration Of Mr., Gowen's proposition
for settlement"
"What does Gowen propose2"
"He offers bond for sevepty.fva cents
on the dollar for such money as has been
put into the company by the Vanderbllls
and their friends and such other members
OF the syndicate aa desire TO withdraw.
These bonds will bsar four percent, and
will be secured upon tho property OF the
South Penn road. They will bs put into
the hands oil q trustee so they Csnnot be
bought up by the Pennsylvania Railroad
or any one In its interest, and the South
Penn Company will have Gn option GOV,
ering them, The company will buy them
at private figure, which Is q little less
than par"
"What was done with tho proposition ~
vt was discussed at length, and In tho
main 1t was tsvorably received. A com,
mittee was then appointed TO draw up Q
new sgreement embodying these ideas.
The committee consists Of Mr.. Stetson, Of
Bangs & Stetson, the attorneys for Mr.
Twombley aud the Vanderhilts, and Mr..
Barr, the attorney for the Reading Rail.
road Company, who represents us, TheRe
gentlemen will draw up two agreements.
Ono will be to the effect that the under.
signed agree 10 sell their interest In the
South Penn and bind themselves To take
bonds for the same. The other egree.
ment will be for SUCH stockholders as are
willing to 20 on and build the road and put
more money into itN
"Who will sign the sell out agreement ?"
"Al the Vanderbilts and those connect.
cd with them will no doubt sign IL. About
S., ,O00,0 900 Of the stock will be thus trans.
ferred to US, This will give US tTo.thirls
Of all the stock"
@Whp viii agree to stay and go on with
the buildipg2"
swell, 80 far We haYs definite assurances
from q number Of the gentlemen concern.
ed. Mr.. Bagaley and myself will put In
our three millions, and It 10 possible thSt
Mr.. Carnegie aud bic friends will Join US.
We have not talked the matter over yet,
but will do 80 next week. This will bring
to us two millions more. OF the Others,
Mr.. Colgate will come with us and so will
the Standard Oil Company through Mr.
Rockefeller who has million more. !
think Sll Of tue pittsLurgheEs and the
greater portion Of the other outsiders will
come In. As soon as the new agreements
are drawn up they will be sent out for
signature and in q very short time We will
be able to tell juOt where everybody
StspdS.lI
"What change will be made in the COM
pany?"
at is probable that there will be q fore.
closure and sale In order to free the coin.
pany from all tho endorsements and
legal tangles In which It kss become In:
volyed. There will also be some slight
change In the name Of the company
NWill the route bo the same as already
laid out2" -...' "a .8 :.
"Yes, except in the coke regions. There
will be a change from New Haven, where
II joins the Pittabprgh, McKeesport 4
YoaghioshenY. ny this change We will
cover more territory In tho coke region
and will DO enabled To get o much larger
share Of the coke trade than under our
present plan. This will be the Only i'm.
portant change. We will reach Pitts.
bursh over the Pittsburgh, McKeesport& &
Youghlogheney Road and will soanecG
with the Lake Erie'G western system.
We have traffic agreements with these
and the other Vanderbilt lines. ! cannot
say now what will be the attitude OF tho
Vanderhilts toward our company, but /
am confident It will be irtendly,a
NWill this INCLUDE q transfer Of the con.
troll Of the Pittsburgh, MCkeesport 4
foughiogheney and the Lake Erie te
you2"
lThat mAtter has not yet hoer eonsid.
cred or talked Of, 80 cannot say what
will be DONE"
"Will any action be taken in regard to
Mr.. Garretts offer to take part in the COM
psny and Join 1t to bis system qt somsF-
n think It is highly improbable. The
attitude Of the B. 4 o. az to the Junction
and the Connellsville road shows that It
does not 90 into company unless II Is for
the purpose OF getting about all there is In
II. We do not need Mr.. GRr.ett's aid and,
| do not think q connection with his sys.
tenn OF roads would help Us. vi course
cannot tell what will be done, but so far
hisotIer has not been officially VonBldered.n
u Gee II is 90 statsl. cannot tell you
abOlt that / know, however, that all The
money necessary to complete the road will
be forthcoming when II ID needed. some
will come tfoih these already connected
with the company, and some from other
Bourcea.n ''
''To Gup the whole thing up, the build
Ing Of the South Penn road 10 now an as
Bured tadH" b
ut 10. It cannot be stopped. Nobody
can prevent our building the road. The
new arrangements may delay It's orgsnlza-
tion little, but work will begin on II
next spring and II will be pushed through
as rapidly 90 money can putt, The Penn.
BylyRnia Railroad Company can get out
no Injunction against "a nor can II prevent
as from giving better terms Tor the major.