The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1888-07-11
c. Vanderbilt and ". K Vanderbilt as
legarees under viii ofW. Il Wander

] At1tf TIE toutlaIl NJ ltEt-isz-> N-As HAT
with the road and recently another reorgan-
izaiion took place. The new agreement was
( fled in evidence the other day in the suit be-
I fore Examiner George c. Appel. it being pro-
duce,i BY Lawyers Steison and Baer On no.
I tee from Judge L0-an. counsel fcrrhe Penn
sylvania railroad who offered It in evidence.
The agreement sets forth that it was made
on February /, ISSs, between the subscri5-
/ ers 10 the agreement Of subscription 70 the
bonds and stock Of the South Pennsylvania
railroad made on or before the 10th day of
May. 1883, for the purpose Of securing the
construction of the South Pennsylvania and
the American Construction Company, under
date Of September s, lSs3. Andrew Carne-
gle. David Hosteiter Benjamin F. Jones,
George f. Baer and T. L. Stetson are made
committee TO be known As The Reconstruc-
ton Committee with faIl power 10 act
There shall be transferred 10 this committee
all the stock, bonds and assets of the south
Penn road with the righl, title and interest
and claim Of the parties thereto in the esyndi-
cate agreement. with their syndicate certif-
Gates Of interest in the bonds and stock of
the road. all the contracts and assets in the
control Of the syndicate committee, and all
the stock contracts and assets Of the Ameri-
can Construction company. In oonsidera-
ton for such transfers the construction COM
mittee shall liquidaie all outstanding liabili-
ties and protect and defend the syndicate
committee ani subscribers against salts and
assume control Of all litigation arising out
Of the enterprise, and the committee shall
have falI power to reorgaHize the south Penn 7
sylvania
The common stock Of the South Pennsyl-
vania. or other railroad as may be organized
by direction Of the COMMITTEES, shall be is-
sued by each Of the subscribers hereto to an
amount equal TO that heretofore due and
paid 70 the treasurer Of the south Pennsyl-
vania syndicate, together with the interest
at per cent, the aggregate sum Of such
common stock to be approximately 5000
g0O.
Preferred stock bearing 8 Per cent. accum- I
Native dividends to an amount equal TO -
per cent of the entire amount OF subscrip-
tons Of each subscriber hereto in the south
Pennsylvania syndicate shall be issued 20
each subscriber hereto upon his payment
therefor 90 the treasurer Of the full amount
Of the par value of such preferred stock
provided that every subscriber agrees that he /
VIII pay for such preferred stock the par
value thereof the aggregate amount Of such f.
preferred stock TO be approx maieiy 5000 T.
900 and to be called for in ins,aIlments not .
exceeding 5 per cent. per month.
First mortgage bonds for the aggregate I
principal sum Of 100000 payable in fifty
years in gold at per cent. interest shall be .
issued al par to such persons as shall sub .
scribe, il being expressly provided that every /
subscriber hereto may make binding sub 4
scrip,ion for bonds at the time Of signing .
the agreement to an amount not exceeding {
three times his subscription 10 the preferred .
stock The bonds not 30 taken to be sold By 4
the committee at not less than par The .
money received for bonds and preferred stock j
shall be used by the company for construc-
ton Of road and other corporate purposes.
In case OF the resignation or death Of any
member Of the reconstruction committee the +
survivors shall exercise the powers imposed 4
upon them and by a majority I'll The vacan- (
cy. All previous contracts by the syndicate 4
committee shall be annulled and the sub .
scribers forever discharge each other and the .
syndicate COMMITTEES Of any claims or de- .
niands arising out Of the syndicate agree I
ment.
III by September l, iSSs. the reorganization /.
above mentioned shall have progressed 20 .
far rs 10 have secured the receipt thereafter +
Of money which It is proposed to raise by the I
issue Of stocks and bonds. then a majority in .
value and in number Of subscribers hereto .
may al any time thereafter file with the re-
construction committee 4 written declaration .
terminating she operation OF this agreement (
whercupou this agreement and the sigma 1
tures thereto shall cease to bind any sub 4
scriber hereto a. far as concerns any subse-
quent operation thereunto.
The following Is q list Of subscribers to (
above agreement, AID the amounts sub (
scribed
-