The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1888-10-17
RRleHr zoe sourH pENN.
The Pittsbursers WIN Sign the Re.
organization Asraemans

n Ptttsourgers VIII Sign the Re
organization Agreement.
The Pittzburg T@ss Of Friday says.
ANDREW Carnegie arrived in Piusbarg las,
night and win consult with the Pittsbu1s
stockholders Of the south Penn mad. who
have not set signed The reorganization agree
mont. A trustee Of the S1oss Penn says
thai ali PifSsburg stockholders will sign the
agreement, and the road will be built before
the time limit named in its charter expires.
b. F. Jones, who is represented by Ralph
Bagaley as heading a combination OF Pitts
burgers who have not signed the oryaniza-
ton agreement. and Who have been termed
-obstruciionists'' to the completion Of the
road, Is authority Cor The statements ia the
foregoing paragraph.
F-IrrsnrRsKzs Sor oEsTRucrIoSisT.
Mr.. Jones said last night he was not aware
thsf the Pittsburgcrs named in a dispatch
from New YORK had refused to sign the re-
organization scheme. The matter has been
IN just this shape, said Mr.. Jones some
Pitsbargers have been waiting for New York
parties to siga. The parties have been in
Europe for the summer, a. have Mr. Carnegie
ard other members Of the reorganization
committee. They are back now, and the
reorganization will Sc completed by all the
parties signing the agreement No time is to
be lost. and work viii o o be recommended.
l believe, and pushed to completion before
the expiration Of The time given in the char
ter as the limit. Mr.. Carnegie will consul,
with the interested parties ia this city to-
maTrow.
THE SITUATION ~ SEw YORK.
Mr.. Jones said that a Telegram from New
York. submitted to him. represented the sit
nation fairly. he thought. The telegram. in
substance, was thar Andrew Carnegie who
drew up the agreement on which the present
negotiations are based. feels more interested
than formerly in pushing the South Penn to
compilation. The company can aud will get
all the money necessary To finish the road.
after It's securities are offered, and will put
such strength and energy into the work as
will complete the road with the time limit
under its charter. II Is given as the general
of railroad and hSuking men Of
New York that Mr.. Carnegie will do his at
most to bring together all hitherto conflict
ing interests,
WHAT i REORGANIZATION Il.
The reorganization scheme in briefs that
each stoekholder agee to an immediate as
sessment Of - per cent. of the amount
paid on capital stock. Of the so
ono, 900 capital stock Of the company, Sl5,-
ooo.0o0 has been subscribed. on which be-
tween 100000 aud sjOo0,0o0 has been
paid. Bonds can be issued for the amount,
plus the % per cent assessment. which can
be sold for sufficient to complete the line.
The P~ittsbarg Tines Of Saturday says The
inactivity that has characterized south Penn
Railroad affairs for months past IS giving
way, and it seems now that something is
going to be done TO complete the
enterprise.
Andrew Carnegie was seen yesterday. He
said he was too busy to talk, and, anyhow.
he had nothing to say concerning south
Penn afairs. Marx W. Watson. one Of the
stockholders who has not YET signedt the agree
said. There is no trouble about all
the Pittsburg stockholders signing the re
organization agreement as D as they are
that he road viii be built.
DR.. Hostetter. who IS a member Of the Re
organization Committee and a heavy stock
holder Ia the South Penn said The APP
inactivity in the South Penn snter-
prise was because many OF the Reoryaniza
ion COMMITTEES and heavy holders Of stock
n New York nave been in Europe until
very recently. 1t was bnt simple courtesy
o Mr. Carnegie, who formulated the reor-
yanization agreement, to await his return
rom Europe before taking action in the
Bat they are all back now, and a
Of the Reorganization Committee
sill be held the latter part OF this or the first
II next month, and matters viii be pushed
apidly from that time.
AZ first stockhol iers went into this thing
With fali fifth in Mr.. Vanderbilt that he
sould do what was right. They are j little
by now about advancing the additional -
,er cent. cash called for in the reorganiz4
ion agreement. but when everything is de
ided 10 their satisfaction, aud | feel sure
hey viii be, all will sign the Reorganization
grcement, the ~ 100000 Of first mortgage
'onds will be issued. and the road completed
Its prospects are really brighter now than
Vhen it was begun. Rtilroai business all
the country is good. and the So1ih Penn
Fill prove . paying investment beyond