The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1888-05-09
THE SOUTH PENN.
'Meeting Of the Stockholders to be
Held To-Dav.


. day said the PirrsbHrsh .tsekhogssers rece;
: % notice that q nseesing Of fbe stock q.
bond holders Of the Soufh Pennsglsau
u tofnaany had been called fsr Mar 9TH.
y the Office Of + l. Sresssn, in yes York. III
2 meeting viii be beld for such business
, fnay come up. ineinding business Of speci
Is Importance The cali is signed bv r.
: >;efson. secretary Of the reorganization cor
IS nilttee 4 Was originally expected that sa
> meeting would be held On the ee.b az "a,
4 nonih, but things were moi ready. and
+ was postponed The significance Of this "a
: Is apparent It shows that the difference
! are az an end between the stockholders. an
: ne ilen who form the South Penn r,ool p-,
E pose 30 build the mad.
, The meesins * called TO consider the com
promise agreement drawn Ep by andres
carnegie and signed by Carnegie, rlse Van
} defb'ifs. Hostesrer, Bagairy. and others. Mr
earTse-;se galecsesi 70 the agreement as drawn
Up ey the ganderhilts- ard he Was asked r.
prepare scheme which would be aeresabl,
- him. He did this. and rlse others Signed
i al once. This agreement w.ls to the esisr,
that the stockholders should reurearize the
company. should ar once pay in - Der
cent assessment. arss that sloessp ossl ~
bonds slIoald be issued The sale Of barsis
and the assessment would bring ia SIS coo :
80 which would easily anish the road. No
water Eas TO be put into the securities aud
they we're 10 be gilt-eSige in every way.
Tbs agreement was put into the hands II
( bangs Stetson, the attorneys for the enu--
Fany, aud signatures for sls, ,7go GO Of stock
oat Of si5.eoe 09o xere obtainesi the s5v,,e-s
piesisillg themselves 70 furnish the cash re-
quired- About two-thir,is Of the proposed
isslis Of bonds were subscribed for hv The
Nsnderbilts, Hos;eiter. cafnerie. and Rssa-
ley II the meeting on Wesiress!sy s,r next
week Il Is expected that the outlines of the
plans Of reorganization viii b. made 20 pu;
The road N the hands Of CONTRACTORS Is soon
as the legal preiiminaries have been arrsnr-
e't- The Reading Railroad Company has
been arranging Tor the building OF the south /
Penn and much OF Auslin corbin's ss.eces-
IN getting the refaniing scheme through
was due to the good prospects FOR the south
Penn.
The Philadelphia Rscori Of Saturday. says.
The revival Of the south Penn scheme las
caused the Pennsylvania Railroad Company
to push II suit asainss the New York stock
holders of the former corporation. asking f.srf
an injunction 70 restrain the defendants from
exercising their faH prerogas;ves as stock
holders, alleging thar such rights were reIin-
pushed BY an agreement Which had beer.
Hiada hefweeH tie plaiHfifIs and ,le.el.laass.
An examiner viii SOM be a1g4siuse-i who
vii t@ks testimony ia This city and New
foTk- Should the result be adverse 10 the
'ouih Penn Stockholders they woald be con-
'elied 10 dispose Of their stock.
osx II Hz squzLcHEbe
The Pittsburgh DispEsra q Moistiay sars
ir Ralph Basaley. one Of tie most prorni-
ienr Pittso1rgh capitalists ideiififiel with
be seaih Pennsylvania Railroad project.
9TH in It's original Form and in connection !,
Fith IL reorganization. departed yesterday
% New ferk, where be viii, with tie Van
erbilis and certain Pennsylvania siockhold- :,
: Of tue road, confer on Wednesday Gor the :
uTpsase OF efiecting dn@l reorganization Of
'e company, uPlR the terms recently pul,-
shed in the D1spaseA II : quite possible ,,
owever. that his departure for glse East was
astened day CT two by reason OF The fsrr
al on Friday last the Pennsylrania Rail- r
ad Company very quietly Instituted and
- a -.zs.lSa-s4S..s -, II, -, i. -
oekhoiders Of the proposed new line. in
ew York. The South Penn people viii. :
'Never, 20 ahead. il IS said. and sriil hold a
setting IN New YORK wednesday 10 elect 3.
fcers and make permanent organization
eFaraiory 10 giving out the contracts for
1rk on the line ~
oificehs Of The Pennsylvania Railroad Com -
ny look upoa tie revival Of ilse sou,b - =
M sebeme as violation Of the agreement -
'sle in the simmer Of ISIS The Wander -
4 and other New York subscribers sos the
afii Penn al the time proniis.,io sell their. -
ek TO The Pennsylvania. and the Peausxl- .
ala has EsYer relieved them from. that
'rnlse- That was, that IN order 20 n,it An
20 the generalization resrlting from the
uai competition Of the West shore x;;h -
New YORK Central. and the threatened
nqetiiion af tbe South Pennsylvania with =
PennsyiVania Railroad, the two stronger
: would swallow ap the weaker. In The =
E Of the Nes YORK Central and the West -
re, tliS was accomplished, hst the nTo-
81 aulaissasaiian IN this STATE Was de- SO
ed BY the courts The Peansy ylgania POO. The
bold that, notwithstanding this pr,lsib5- SUI
J, the Faaderhilis sTe morally h.sund to ma
al they can 20 carry oct the main idea fun
llyesl in the compromise 1t Is expsc,esI al I
the Pennsylvania officials that the sal; I
! pending ia New York viii s.e snfAc;eus she
'no'eet the Interests Of the company in T'ai
case. for
be PeansylvAnia asks for an injunction coz
'nohibit the so1ih Peru sub.eribers lfv- T
in New York from parting with tlseir coal
Flties OF DONG anything 70 interfere the
the eonsanisaation of the agreement to her
70 the Pennsylgania. II effect. the Si !
ssyivania haFiEg beer f8-hislslea hy tie by
: q this sgA;e 70 purchase tie Sogfb PIE
rs securities, asks the courts of Sew seal
! to sgrtid slse stockholders selling 10 =
sssiy else, OF going ahezd wiki Tie con- ts,n,
.ii'isl Of The rad siiegid decision, be l,r-.
q IN fsVor q the Pennsylvania. the az p
ii Peura enterprise wili have to De asssu- se,,s
a eles'
examiner vii be appointed at once to :.
testimony. and hearings viii hesln -,
70 two weeks They wiil Be held IN
lieipi,ia. and ai-o in Sew YORK. -
ne Of the larger s,oexholders of the 49,
Pennsylvania Railroai Company are are
shippers over the Pennsylvania Rail- tn. ?
Tie main line Of which they propose ana !
'rsiiel. There Is a suspicious that they ee- :,
''is ne new enterprise As a club to ton
preferential rates on their shipments. "a
have broken cat frg,qseaily during the 49,,
go-years with threats Of SOFA sonf,ies-
iie eansiracsioa Of the nex line. ba;
- -. l.f''s one 4
Relic Of George Washington. yei b
" days asn, while pIoxiar sesd. 81 to
story of Dunbar. Fsyette County. Pa. man
ii'ed button covered with rsast and of cF'iirss
he size. Thinking thai he bad turned TO tis
elie q Revolutionary days. be placed oars.
ssoa IN zeids. and when the rust had
is1en away l. Was fslnsi that il was in me
4 relie. and be has placed Price Of 's'a'A
on hEs find The button Is abou, an asa :