New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-05-10
recommended ths. immediate step. be taken 10 prosecute
RAILROAD INTERESTS.
AGREEING TO PUSH SOUTH PENN.
POSITION OF THE vANDERnnrs-Mosr OF THE

CAPITAL TO COME FROM THE WEST.
The subscribers to the syndicate for tho buiiains
of the South Pennsylvania RAILROAD, which was ADAM
doned whom tho West Shore settlement Of 1885 was
made met yesterday at the ofacc of Francis Lyndo
setson, at No As william-st to consider tho lsters
proposition for the reorganizatin Of the enterprise
and the pushing OF construction. Various attempts
have at times been mado to rovtvo the scheme but
the Western capitalists who heavily Interested in
tho syndicate claim to DO tho high road to
success. Tho amount Of original subscribed STOCK
was 81 5000 ,000 and out Of this sum there was
represented in person or by proxy S12,330,0Oo Dr
David Hostetter, Of Pfttsburg, represented by
proxy as his attendance prevented by the state OF
his health. Tho Rockefeller interest represented
BY Colgate Hoyt, and Franklin D. Gowen besides act
ing for himself had authority TO appear for e. d IL
Borie, Of Philadelphia and other less prominent SUD-
scribers Among those present were William H.
Vanderbilt, II. Mex. Twombly. Andrew Carnegie, T. @.
Knight Of Philadelphia; J. B. Colgate G Co., s. T.
Rlkins, B. F. Jones, ii. F. Dmock, J. N. Brookman
and Mr stetson Christopher Meyer sent IT, A. Schumar
ker to represent him. Ralph BagaIay, who was so active
In resisting any attempt to abandon the enterprise,
not present. but his absence was not Significant
of any relaxation of his interest and enthusiasm
The interest in tho discussions centred in tho
declaration Of Mr. Vanderbilt to the position Of the
Vanderbilt Estate He said that the Vanderbilts could
not take any activo leading part in putting the
enterprise its feot but that they felt under obl
cations to accept and support any plan which their
original associates agreed upon The proposition
under consideration appeared TO be favored by the
other original subscribers, and tho Vanderbilt Estate,
II that were the casc would cooperate with 1t. IL
finally voted without dissent 10 adopt the plan OK
reorganization and for the completion of the road
The meeting then adjourned Matters Of detail VIII
be arranged later by the Western subscribers, who
engage to assume the aggressive work Of providing
most OF tho funds needed. 1t will be some rsmo
before definite progress can bc made, but the Car
negie-Hostetter party sanguino Of On carly com
pcton the road Tho outlines of the reorganization
plan, which has appeared in Western dispatches,
provide for issue of s10,000,oo0 bonds For tho
81 already paid in By the syndicate subscrb-
ers the same amount Of now stock will be issued.
Preferred stock the amount Of 90 900 VIII be
created and the syndicate subscribers to take IL up
pro rata.-that is TO the extent Of 20 per cent OF
their holdings. This plan win yield S13 900,
which 1t IS expected will be more than sufficient 10
finish the line. .
The present status of the litigation Uvcr the South
Pennsylvania project IS not supposed 10 be an obstacle
to the success of the Carnegie Hos tettcr schemc,
but the friends of the Pennsylvania Railroad say that
their fight against II IS by no means eDded. With
out the active support OF tho Vandcrbilts ip floating
tho proposed bond issue Wall Street generally cohsd'
that the chances OF rovival Of the enterprise
not groat 1t IS believed by conservative observ.
ers that the burden OF the financial operations must
rest wholly on Pittsburg capital