The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1888-05-16

SNttt''s- b-tt tf41t eiify Nt3id attiss1tt A.
plan offered that would prove acceptable I,
the majority OF tie origina. subscribers, ans
that, # the resolutions Offered rerreSensCs
the views Of the majority. he would certain
" accept them The resolutions were ilses
read They provide for the issuing Of So.
eo0ds9 Of stock, 80 represent the money
that was paid IN by the original subscribers
Then it was proposed TO collect ~ per cent
from these subscribers. TO be Offset BY ii,s
issuing Of Ss ooooe preferred stock. wllicl
Is ~ per cent On the holdings Of the orig
inai subscribers. In addition the resolution:
provided for an issue Of Sie.0sJ.e9 bonds
It vas claimed That this amount. with thu
s3e@oNo0 from the prefernrs, stock. will yield
sI3,00g0 IN cash Il is claimed also that
that will be sufficient 10 complete the Toad
The placing the bonds viii be left 10 Hos
tet,er. Carnegie ami Gowen. The Wander
biz interest viii chip in iis 70 per cent. but
will not interest itself in the floating Of the
bonds. The work Of completing the road
viii be p;ished as rapidly as possible
THE PESysY's NEw MOVE
The PennsylyaniY officials look upon the
revival of the South Penn scheme as a
violation Of the agreement made in the sum
H,er Of 1885. The yan,lerbiIis aud other New
York subscribers of the South Penn at that
time promised TO sell their stoc to the Penn
syisania, and the Pennsylvania has never
relieved them from that promise That was
done in order TO pat an end To the deInoral-
ization resulting from the actual competition
Of the West shore with the New York Cen
tral. and the threatened competition Of the
South Pennsylvania with the Pennsylvania
railroad. the ,ro stronger lincS wonld swal-
low up the weaker. Ia the ease of The New
York Genital and West shore, this Eas ar-
cyrnIliSke,l. blt The proposed amai.slmarion
IN this s;1;e was defeated by the conrfs. The
PenSylvania people hold that. notEiilsstansi-
ing his prohibiiion, the Vanderbiiis az
morally bound 10 do al they can TO carry
out the main idea Involved IN the consproni-
ize on last Friday the Psnasylvauia CON-
paay Eled = re; l;caiion in the suit AGAINST
the south Penn subscri5cEs living in NeN
York. from parting wi.h their securities or
deinr ANYTHING 10 interfere with the con-
Summation Of the agreefncnt % scii % The
Pcnn>y ylsaniA Tie suit soems 10 be hang
iig tire. however. a. aosbin= was heard 81
il u tie neesins on "Wednesday.
The Philaslcil.lsia Esypr.i 4 Tiurs.lsy says
The nieesin< cs slsc ssockis,silrs q the >ossih
Psna-s ivania Railnsad Company was heis!
IN Ne~ York city oa we-ins-say. When the
-sheane % rscrlssni1e tlse conaTany and f,sssll
tie e,lii.friaciias II tie ros.l ~as agre.-i o.
IT, aIsfius xss aissss.issi By Ms-srs Frsnk-
un y se~-n and Z G Knieti. ~ t.ii- city.
in the istrn.l- - ths rhiia.srip..ia stock
hei.s~r.
Th- f-4rosant asfsrs of the naesiing ~ss
ti.s 8.slsraiiaa u Wliiam X Vande-bils.
rgre-s1,fin< fiss F1a.irrbist Interests. that
h. csgti - i.ke ANY sciise part IN the
scisue l11 sesld suPport any plan which
Tie ri nal .isckAciiers might ADOPT
To rsan asisfecd prsri,iss fDr The issuifg
q sI1.eoeo worth q bosld-. For the s.
tssis-e aine4dy pad IN BY the original syn
sliczic The same amount of ncx stock vii Be
issuel Presrn-s stock 20 the amount Of
s5eso9o viii bc erea;e-i. and the syndicate
subscribers are 70 take il up ~ the exieni Of
n per crnt. of their holdings. This plan
viii yield sI3.eco. 500. which. il l. expected,
will b. more than sufficient 10 finish the
line. Without the active support Of The
Nanderhilfs il Is seonsi,lerei doubtful wile;h-
e. the bonds caa BE- fsnatesi ia New York
and il i expected that the most Of the caEi-
tai rs'gaired viii come fron Piusbarg.
II was rsmore.i yesterday that the promo
tiers of the scheme had already made sails
factory traffic arrangements with the Official
OF the Realizing Railroad Company. Tut the
Iaiter denied the statement Mr. F. C.
Knight was asked last night aboa. the re
ported arrangements. and he stated that
nothing new bad been decided upoa, but
that Il vas probable that the old agreement
regarding east aud wes; bound traisic-which
had been made not only between TIE Read
ing and the South Penn but also the Lake
Store, the Jersey Central and the Baltiniro
and Ohio Companies-wegld go into opera
ton when the road should be formally
opened for business This arrangement
wouid be Of ines,inaable value 10 local ship
pcrs-
It was also reported thai the Pennsylvania
gaiin1ad was abou; to Withdraw the orposi-
lion 10 the scheme, bat inquiry at the main
Office Of chat company brought ont the fact
that the officials were only awaiting the ap-
F-,in;nlcnt Of an Examiner TO push their
case against the yanderbiifs
Al present only a few miles of the road
have been graded, buf engineers wiii be sent
to work AZ once to complete the leyeiins
The piers which had been placed in the s.ss-
.,aes.snna River at Harrisburg 10 support
the brislse which was 10 Connect the South
Penn with the Lebanon Valley Road are IN
4 ssilaEsi.latesi condition. but II was stated
yesterday that repairs To them could be
made at ba, small oatiay.
From Friiays New York Tribase We take
the following: The revival of the South
Pennsylvania RajiFuad scheme was regarded
in Wall street yesterday with more serious
ness, a. additional details Of Wednesdays
meeting OF the syndicate subscribers leakel
sut. TIE a.iyoclies of the scheme profess
their utmost confidence the rad VII be
built. and that il win start with traffic that
viii not necessarily rob the Pennsylvania
Railroad Of business. They assert that il
tie road had been opened last year. il could
have earned small dividend on is stock
ont Of the traffic which the Pennsylvania
couid not carry.
The sl0.00.oo bond issue, which IS
in the reorganization scheme OF the South
has been practically provided
for. The Rockefsile-s. James d. Co'gase
And others haze subscribed 70 their aliot-
nenf- The Vanderbilt estate Is credited
With 100000 OF the bonds as proportion of
the whole amount. The syndicate rpsrg~ri-
izs,son plan rsquirs- twenty per cent ofo-ig-
inas s.sidinss to be taken In the proposed
nex preferred stock. and sixty per cent sub
.eripsiens TO be masle to the bond issae- As