The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1888-10-24
TO BE SETTLED.
The South Perm Stockholders TO.
Hoida Meeting Next Week-Ihe
StafuA OF the Case.

he SoGtt FGIH o~LOIr1otueIe %
Holda Meeting Next Week-Ihe
Status OF the Case
FROM Pittbszrs Commercial aazntes-
-The fate Of The south Psna viii be set
tied At the aeeiing or stockholders. which
takes place here next week. remarked a
sentlemzn who is largely interested IL that
scheme financially. lie refused 90 allow bis
name 10 be > eblished sr the reason thas le
migha be accused Of making premature dis-
closures. On being further questioned by
the Gsamsrciai GGscres informant. replied
Il will preface what / am going to tell
you By remarking that the newspapers Of
this city. with The exception Of the Commer-
cal Ga,sfs. have been o~utrageousiy gulled
by the stockholders OF the South Penn.
Statements coming from these people have
been published repeatedly which were as far
away from the truth as was possible. The
reporters were informed BY one stakeholder
that the road was being built THAT digging
was going on daily and that the road bed
was At some points ready for the ties. All
Of this IS untrue. There has been no work
done OF construction since the grades we're
made, nor Is there likely 10 be, judging from
present indications. The question viii be
finally settled at the meeting next week and
If you call ON me next Friday / will likely
be able to tell you whether we have con-
cIadei 10 build the line or sell the balance
offhe stock tic tile Pennsylvania Railroad
Company.
THE P. h r CAST gURcHssE-
The las,-namcd corporation cannot pur
chase the stock in its own name according
TO the state supreme Court decision, but
what IS the matter with a private individual
buying it for that companyg
Is there any probability ofaHairs taking
a turn OF that kind.
In order 70 answer y0nr question inieili-
gibly il will he necessary for me to give you
a brief history Of the deal with the Pennsyl-
vania railroad. Pierpont Morgan bought
enough stock IN our company some time ago
to give him a controlling interest. He then
sold out 10 the railroad company named.
The other stockholders appealed the case to
the state Supreme Cour. which decided that
the Pennsylvania Company could no, par-
chase a competing line. ~Theeompany named
then took the ease to the United States Su-
preme Coart, where +, rests at present await
ing decisi0n. Until the latter is rendered in
our favor there Is not the least possibility Of
cur bailding the road Consequently the
published statements to the contrary are not
oaiy untrue, but absurd. That IS Why /
dislike to see Directors. stockholders or
whoever else furnishes the information fool
ing the public and the press in the manner
;hey have been doing Of late
WY IT CAN'T De BUTT.
"Nhy oouldnot the road be built pend
ing the decision Of the United aies Coartg7
Simply because the rsk involved would
be too gT,Ai. Suppose that We went ahead
and built a fst-class lice, placed rolling
stock or it and opened it ny for traffic. Then
suppose when everything was in operation
thai the highest court in the land would de-
eide that the railroad company which par
chased our stock had a perfect right TO 10 So
Would We not then be in a pretty fix The
Pennsylvania Company would then come to
the front and take possession Of the line
Improvements and everything else included.
Therefore we have concluded, and the ma
joriiy viii probably say 50 at the meeting
next week. TO make haste slowly IN this
matter. Quite a number Of stockholders are
anxious 10 turn their stock into money
That means nothing more nor les hau TO
saIl ont their entire interests in the south
Penn scheme. That is why say theques-
ton as to whether tie rad viii be built by
the present stockholders or sold to the CON-
pany named above will be settled at the mex
meeiiDg.
Bat the State Supreme Court has decided
thata competing line can't purchase the
stock Of its competitor.
WIN 10 DIRBcr C~oSSBcTIoS.
= know that, but there Is such a thing as
people who have no direct connection with
either company buying up the stock to
smother the enterprise. That Is the whole
situation in a nutshell. We can't 20 ahead
and build the road pending the legal decis-
ion without great risk. The stock viii bring
Z better price now than IT would in case the
ruling Of the Court was unfavoable 10 our
side. Now Is the best time, 80 those who
want their money think, 10 sell and that
will end all further trouble over this very
harrassing South Penn deal am not pre-
pared to say what day next week the mset-
ing will take place.
The statement thai Mr.. Carnegie was going
to visit the stockholders and get them to sign
an agreement IS also untrue. Next week
all viii be settled