The New York herald., 1869-04-04
STREET QUOTATIONS.
Five O'Clock II. M.
TIE ERIE PREFERRED STOCK.
OFFICE OF THE ERIE RAILWAY COMPANY,
NEW YORK ADril g. 1869

NEW YORK, April 3, 1869. I
To B. F. WHEELwRIGHT, I. N. PHELPS, H. 7. Nor
GAN, G. p. LEvERIcH ana others purportng to rep
resent a Committee of the Holders OF Preferred
Stock OF Erie Railway Company
GENTLEMES--I have observed in the New York
Times Of this date aud have carefully read circu-
lar addressed by you to the holders OF the preferred
stock OF this company and beg leave to express the
opinion that you have taken step in the right direc
ton, but alas too late, for the real authors OF our
troubles are beyond your reach.
Having been called upon some months since to
devote the greater portion Of my time and thoughts
to the service of the Erie Railway Company you
can readily believe that the severe comments en-
bodied in your circular are keenly felt by myself
and those who are associated with the manage.
ment OF the road, and 1t would be hardly fair that
you should convey to the public that the present
managers OF the company are the authors OF your
great grievance and losses, and on that base we
should not allow you to append your names to an
article ana go forth to the public unless you had
facts and truth which you have either entirely
neglected to state or else you have no desire to give
the present managers the ghost Of chance. your
long scythe OF censure comes down upon our poor
heads and the public are led to believe that we are
the base men in the play. You appear to forget at
what time the three or four referred to In your
circular, who you say have brought all this misery
TO your DOORS assumed control Of the afairs OF the
that time. Now let us see If we cannot counteract
the impression sought to be conveyed IN your state.
ments by o few plain facts. The parties TO whom
you refer so dsparaglngly took possession, II might
be said on oDabout the LIST day OF August from the
so-caled Drew and Eaton party. Il say Eaton"
for much OF your misery, as you will perceive by the
annexed figures, arises from following the totally
unprinciped advice given to the company by this
same Eaton who was the counsel employed by the
company and was acting In that capacity when
moved by the parties before mentioned
It was surely by the advice OF Mr.. D. H. Eaton
SA nnUI
were perpetrated and the great wrong done TO
you all.
By reference to our auditors department II was
found that the business done by the company from
the st of January 1868, until the 3st OF July follow
ing resulted In loss OF sl64.5Tl with seven Of the
best months OF the year gones We at once set about
remedying tins state OF things 10 the best OF our
ability aud not without success, for during the re-
mainder OF the year 1868 we made profit of f65 OOO
from which II will readily uppcar that under the con.
dtons on which the preferred stock IA held no divi.
dcnd could be declared for that yeara fact we de-
pore as deeply as you do. TINS wil not, however,
from prcsenI appearances, occur again.
You are now, as stockholders OF this company,
making preparations to precpitate yourselves INTO
litigation, which, you must be aware Will scarcely
and, from all appearances, you have selected your
advocate the very man to whom, IN my opinion, all
your troubles are manly attributable. That the
doings OF the counsel YOU have chosen may not
copy OF a communication addressed by me to the
editors OF the New York COmUefCidi Advertiser and
published In that paper December 10. 1867
TO TnE EpITons or TuF ConMrnofsL ApvsRrIsNR:
card from Mr.. D. H. Eaton, which he complains that
"somehing' Ia charged against him by Mr. Gould In his
clares that he whole chargs made nsinussd" against
him "is without foundation In truth" ,...
his letter parsed FOR my benefit for scholar enough
understand M construction aud am even IN doubt whethsr