The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1888-04-25

Tie PssIissisiessls L.co,rsf Of saturday con
tain- the k5Iso1iag The Trustees OF sae
sosth Pean R4ilrosd csnspany have deter
mined n revive the original pisn Of The road
and pssh is conrs-iioa- During the pas
thres years nothing has been done ether 70
eonrinae tiae zork os 10 ksep the present In
ish-E secxion II repair. Various attempts
hare 5zsa made in the past few years 10 re-
new the construction. bar rs.shiag definite
has resulted Andrew Carnegie, Of Pitts
burg roseilser wilh Messrs- Henry PaipFs
Francis L sse;sOn. George r Baer and F B.
GoEen. q the Board Of Trustees. acting
with the consent Of Dr. Hustet1er the re-
naing Trustee have formed = complete plan
OF Reorganization. providing fcr recnpera-
ting the faanees Of the company and csrfsEs-
uing the construction Of the rad This
scheme has bsen placed IN the form of an
agreement and ss soon - all the stockhol-
des shall hare signed il general rseefiny
VIII be held and officers and Direcs0-s of tie
oonpany to replace the Trustees Eii Be
elected Il i expected hat oonirzcts ziil be
given out By June Ii. and that the lass rail
xiii laid IN eighteen months. The Reading
Company ! IN fzro- Of this scheme, A. the
new rad Will connect With is Lebanon
branch at Harrisburg sad open new chan
nel 10 tie West
This scheme i sid TO i1c.a,ie - per
CENT assessment ia addition to the = PER
oent already Subscribed. making ssese.os,s
Of ready ezsh and The issue u sil,.Gass 90 8
per ceist fiity year bonds The assessment
all be rel-eseniei by preserrsa stock. and
the original $ E-er cent paid in will be given
new common stock TO thai amount, The
snif noE pending with TIC Pennsylvania
Railroad Cssnpanv, Il i GAINED, cannot in
ierfsre with these plans
The Pitfsbargh BissateA Of Mooday says
The south PeaaSyir4his Isailrusssi pro5err is
reF5ve-i again. ani TIE stockholders are nov
signing PAPER which Is said 70 b new
agreement 10 bald the roaa The sehsuse i
besaS pzshssi hy Andrew Carne-ie AL the
PiiLzsielFi1iA ssoekholders are sad 70 have
signed the paper, aEd il has now gone ts
New YORK The scheme i being managed
By the trustees appointed t,y the agreement
Of Jnne. lss7, who are David Hesaester-
Henry PhiFp- = B. Csoxea, George 2 Baer
and Frzucis L. Sietsoa Mr Baer snd Mr
Gowea have f.een in New YORK for the past
thrss days securing Subscriptions 70 tbs
pape-.
The new agreement provides that the sab
scribeis shall pay upon eall . per CENT Of
the amount OF their subscriptions. A. the
Subscriptions are SI5oasoo9 tbs viii E.r0Y.lia
ss.esoaot. with xhich work Gan be rszura-
ed An issue Of sleOo6aoo speF cent 30
year bonds : 10 be made, wlsicl. the nsemtseTs
Il the syndicate cza subscribe f5r al par
propoTiioaatsly to their Interest II Tie sya-
dicats-
The agreetnsaf also directs that Is sooa
Is al paries IN inieres. hare assenied
70 fbe''scieme seReral Hseeiinr Of the sub
saribers vii Be called. and ofsce-s and d.
reciors Of the soaih Pennsylvania Railroad
Company elected- The capitalization Of the
company : 70 be rearfang@d- There vii be
issued slof@0eo of per cent bonds. zs
above stated. For the assessment Of - pes
sent Isrsferrei stock xiii be issslea Common
stack xfil be given f1r the 3 per cent pajd
IN prie- 10 tie Suspension 0f work There
w4s about s5-oo 600 paid in, and interus, i
10 BE- allowed gPou this 80 thar the total Is
s1e Of common stock Eill Be- 3 asogso 1
Tbe7e wiB then Be $4,000 q preferred I
stock and S7.gjost Of oosnmon- making. i
Eifh the bonds 70 be issued, total c1psisli- {
-a,ion Of ssaeo013e.
Il i eKperte.i that the as-e;irss q s1hscri- /
Ders vIil Be hel5 this week Upon the elec- /
.iou q o15oers the are trustees VII resign !
he conGrrt q Affairs % thsn- Work : 10 Z
De began Al oace, arsi By the first q June
he nex contracts VII be given e1f and the
-asd vii be pushed 70 eolaplefiuu. The cal 4
sal2iion Is that the last rzil viii be laid in ,
sbo1t j. naonflls n