New-York tribune., 1886-02-12
PHILGDEGrrIN. Feb H. 1856.
joins B ARRETr CSq. chdirHIIH ~ He Reorganization


DEl SIR Referring to the interview which we had
cnmuttr" SATURDAY last VIII now state
posi- ion We propose O. take On behalf ot the 'ynd
cafe syndicate has beeh formed composed OF leading
BANKERS aud capitalists here and In Europe, together
corporations their representatives. controlling
Large transportation aud coAl nerr-,- VINO nave hKel
To Subscribe IN INC aggregate el1OOoOOO fol the pnr
pusr ~ aiding ~ the r"orstnL't"h ot lhn Ibaripula
aui RrhdIuH Rhhrp'd company ana lt' hIl'i w.,
nur, In" syndicate ha' no 60 ninnrns OF any klhh
other railroads or c"rp"rAtoLs nPon ths sub
ci h"N "nd securing ihhHdE'i III ul' W IVY "
puucp- tnat capital inyrscd In Internal improvements
r,y ~ t,terr,f and ,yiisnds Their o,.c aud pur-
pose l. 10 secure tne rcnrg ,nIa.ion business prin
hncr. so, khodets aud creditors without prejudice to
the relative position ~ either and In their interest only
able ARRANGEMENTS made with the PenhsylNanlt
nI'.t! E"roI. fr rmonoa, relations in order
that suitable prices y br ainei Tor coal producrd
nm -bipprL thrs. objects We shall cndrayOr sccurr
and incu-e copy OF "A CORE poud"nco with
1T Roberts president or the Pennsylvania Railroad. on
these subjects winch 'o'n, TO ~ sufficient 10 trGant
IA" ~ rdce placing roi'""cs "P"n the ",'nr'ntr'
given 10y that company. As inr rec rr3rga@ison W ~ smn
proceed effort and "1pecaton WIZ be l" DrlE aoo,
satisfactory arrangements with all the anthricite coal
r"l aud also trnuk n"~. wrh -h' S'cure 10 tio
| Philadelphia and R-auns RuroId Csupny, when re-
urgauzc It's tr share ot tue business at rennnorAve
suitable for the purpose Of reorganization ana that
so lr composed OF gentlemen who would CON
therefore prefer &" make an hrrin Scmrht with you anu
to aid you wording out the plan But they also think
that there should be- certain notifications aS 10 your or
gau zttion aud also ~ to your plan ~ iol!oNN: . =,
| FirI-Tnc syudicat" wuuli wish two persons TO be
! named by tnru added To yonr board.
Sgc,ud Your plan shoald be made flexible that II
can be- mod lied hereafter IN such respects As may he
| found necessary tO success
Thir There should be executive committee OF hve
10 t,kr charge o the foreclosure procerng. the pur-
chase the property, ORGANIZATION uf the new com
many aud generally whatever may properly apportain 10
reconstruction under the plan mere Shou'h ID" hNo
voting trustee. the stock when deposited
unl,r and whom the power OF voting on lho
stock In the company should ne COnhiru TOT
| uye y.ur, katlpn. These Two tol-
utees 10 ba compusrd OF parties sasfactOry To the
syndiraie and trustees aud mn their vacancies.
ut In case -yudra Dnd trustees cannot agree upon
the hvr aud that three shall be nhuei by
aud by the trustees ana cach class
! .ha ! MI any vacancy occurring I'm ttH own number.
FOtrN-fho compensation to b" allowed Ia the syndi
cate be per cent on the amount OF the syndicate
/ capital.
itnh-rhe syndicate to be allowed interest OF the ratio
| OF u pcr per annum upon any amount they may
nvaoce company the cost OF the process OF fore
! CLOSURE and reorganization.
SrH Proper provision must be made for securing Ia
| the syndicate the rciundlng or the money tEey
| ceriing 4 per per auuuml on the general mort
gage during aud also FOR the SuO
the syndicate In the place "f any creditor O
stockhoder who abandon hls holding and refuse u
piy his assrs-nout II heing the purpOS" OF the synd
e To pay per per auuum interest on tho general
mortgage bonds during ecOnsructlOn ANA also To pay
the of such parties may abandon thell
holding right To take the securities 10 which they may
| Ice entitled under tho plan.
II Your board shall consent To these suggestions we
can meet YOU time VIII appoint to arrange
the details We think board should continue In cX
iStrnce 80 that the executive committee and voting
trustees may able cOufer with yOu from time "a
! time as questions may arise about which your views
| mny b. desired We suggest this ara sure tht
committees would wish TO avail themselves Of the Oppor
| tunity 10 consult you as the business progresses
We are, dear sir, yours very Respectfully, .
j. LOWE Il WELSH.
| j. PIERrOST MORGAM