The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1888-02-15

which amounts to S;d0o,ts0. Ten millions
+ Of gold bonds, fifty years. a; o per cent.
which Will be issued, are already provided
ssr, the Nantlerbilss agreeing to take so0p.-
90. Il : nnderttood that Andrew Carnegie
will take ssel 9e9 and Or David Hostester
and Ralph Basaley the balance New York
bankers say these bonds can be placed above
par, as they are secnrsd by 81. 100000 of
properly IN which there is no water The
thirteen millioss guaranteed viii bc suffi-
Glen; to complete and equip the road The
Nandertiits own S5.eooeoo Of the capital
stock of SIS. 600 90 Andrew Carnegie. 81
ooo ooo: Bagaley and Hosietier - 10000
+ All these gentlemen have signed the new
! agreement and the smaller stockholders, al
most without exception, aocep, its prosis-
ions. Andrew caraegie's Edgar Thompson
steel works viii furnish the rails for the en-
I tire road insiessl of only third, as origin
ally arranged.
PEACE DnL4BED.
The internal dissensioas created by the at
tempted transfer Of the Vanderbilt interests
to ihc-Pennsylsania railroad hase been set
tied Bagalcy has Withdrawn his suit.
against the yantierbilis. and the latter have
filed an answer to the Pennsylvania Railroad
Companys bin in equity 10 compel the
transfsr Of their South Pennsylvania inter
esis denying tie allegations and refusing
70 deliver. Work viii be commenced at
once, decision favorable to them being con-
ficntly expected About s6,0oo0o,, repre-
seuted by an assessment Of IS per cent. upon
the original stock subscriptions, was ex-
pended upon the road before the project be-
came involved IN litigation. II is calculated
that the sl30a0 0o9 now to be raised, to-
ge5her with the s. oo.ltso already expended,
viii put tie new road inexcellent condition
The road, as projected, extending from Har-
risbarg TO Pittsburgh disianceof 225 miles,
is intended As a direri outlet to the west for
the Reading. and to open up new route TO
the seaboara, forming system in direct
competition with the Pennsylvania railroad
The trafsic agreements With the Reaiing
and Jersey Central roads are still in force.
and 50 are those sith the Lake Erie and
Pccmicky. The South Pennsylvania viii
enter Pittsburgh ever the latter line
How II NAs pozK.
Ralph naglley- one OF The prominent mem
beFs Of the syndicate. in al interview We'd
Resiay. said x Aeompromise. reorganization
agreement was prsfared several months ago
andsisned by twe-ihirsis OF the syndicate bat
the other members headed by .ndrew Car
negie decliped to 20 in. The Yanderhilis
then said TO Carnegie that Il the agFeement
was not satisfactory to him and bis friends
he should prepare one himself Carnegie
lid -, and il is this agreement that the
Vandcrbilis are reported to have accepted
A pGmber Of Us. including Carnegie, thought
that the Yanderbilts should buy the bonds,
guarantee them, or place them. inasmgeh
A. The credit Of the enterprise had been
shaken by the axis Of their father. They
tacitly admitted this in signing the agFee-
nlent II is worthy of note that the neg
committee, which viii have full change OF
the construction Of the road, viii be con-
,roile,I by prominent and trusted Pittsburgh.
ers. It consists Of Andrew Carnegie, B. F.
Jones and David Hosieiter Of Pittsburgh
George r Baer, Of Reading, attorney Of the
Reading Railroad Company and Francis l.
stefsan, of NeK York. attorney FOR the YAM
slerbilis TIE Ehols tl.il.g meals the early
completion Of the road and splendid de-
velopment Of or iron, glass, coal and coke
interests
Why WORK MUsT BEsTs At o7gE.
Il c4nHot ansSer your question as 10
when work viii progRhly he commenced On
The line. There arr. however, certain Elost
important legal limitations on this point
that Il would be well for all parties to keep
ia view. Ny resaallectiaR lie thai tLe road,
under the Iax, must be completed before De-
cember. IssG OF its charter is lost and cannot
be renewed. inasnluch as other charters have
already been taken aus on R;auy portiens of
It's lire, ghiGh charters will become operative
If the South Penn legal limit as tatime is ex-
ceeded Even with the greatest promptness
on the committees part, barely twenty
months are nov len in which to finish the
line entire TO save its charter right, and as
Chief Engineer skunk estimates that By the
GREATEST diligence and by working the largest
months will be consumed in completing the
line il viii he apparent 10 al CONSERVATIVE
people that the fx0 limits are already dam
serously close together. cannot, of course,
teE you anything regarding the rail contract. !
presume, however, this viii be in the hands |
Of the company, and. as three sach prnmi-
merit Pit;sbarghers are in the company, it is
only fair to suppose that they viii eudeayor
to bring as much business 70 their own town
a. possible
The above story Is confirmed BY the fol- !
lowing Telegram sent from Philadelphia on
the same day The South renn rad Is go
ing TO be built. None Of the officials will
talk for publication. Particulars were OBJ
tanned from one of the most prominent
members af the syndicate He said that
pans were now perfected by which sufficient
money viii be raisei to complete the road (
This discrimination Is the outsroRfh of an /
agreement Just enterai into with the Wander
bits, OF Ne~ YORK, who ate subscribers 20
- 5.eso 0e0 Of the afigisE.f stsck ard Andrew
caraeeie. of fiiisbnrg. also heavy stock /
holder These gentlemen are supported in
their undertaking By Franklin b. Gowen,
representing Si0o.e00; Edward c. knight, /
representing $4,000: George r Baer, of
Reading Henry Fhipfs. of Pittsburgh, and |
other heavy stncklioi,iers n Is arranged, (
ihat che vandersniss ~iai take sseeo,su of |
the bonds and Nessrs Hnssser risf sirne-
eie wili ,ake II .so.ua All internal siisses-
sioits ooselsioned by the attempted transfer /
Of the Vanderbilt interest to the Rennsylya- |
MIA Tailrcad have been settled, and the orig
iial stockhnider- generally will now come !
forward aud subscribe To the bonds and pre- /
ferred stock About y, s,0s9 90, represented I
by an assessment Of 3s per cent upon the /
the original stock Subscriptions, WAS expen- |
siesl upon the road before the project became
involved in litigation Il Is calculated that
the SI3 eoo.eao now 10 be raised. together
viii s5.pce.ooo already expended, will put
the new road in eyeellest eanei.ion. steel !
rails are now IS TO q per ton cheaper fllan
whes. the undertaking was cosnmehcei'
A New York dispatch Of "Wednesday i
says . The bears in Wall street used with |
effect to-day the Pittsburgh .,.slasenes an
nopneing ihss tbe Vanderbilt Hosseser-ear-
negie Interests in ihe South Penn Railroad I
had practically agreed upon plan BY which I