The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-09-26
THE ERIE RAILROAD.
Letter from tho President Of tho Eric
Railroad Company.
ERIE RAILWAY OFFICE,


Railroad Company.
ERIE RAILWAY OFFICE, |
NEW YORK, Sept %, 1871
TO THE EDITOR OF THE HERALD:-
So many misstatements have recently appeared
in Of the city papers as to the present condi-
ton of the Erie Railway that have TO ask the inser
ton of the following corrections Of some Of the
more prominent errors that have been brought to
my notice -
Erie Railway Company from March to July, 1872,
were 600 less than the earnings for the same
for that period-vIz: April, May and Jupe-in
1871, were 81, 800 and for the same period IN
1872 "a, 789, 772, or $500, 952 increase In 1872
lSecond-It is alleged that the interests of this
company have been sacrificed in favor OF the Allan
tic and Great Western Railway. In fact, no ar
any account, made with that company, save that
we pro-rate on business with It, as we do with all
Tnird-it is stated that the present oficers ofthe
Erie Company have consented to the revival OF
large sS the cs
are these Judge Hitchcock Of Ohio Receiver Of
the Atlantic and Great Western Railway Company,
makes q claim against Erie growing out OF the
lease OF 1870 Of the Atlantic to Erie. This claim Is
not admitted, and Is now being honestly and ear
counsel In Ohio and in this city have been en-
poyed by the Erie Company, at the instance OF Mr..
had previously been engaged for the Atlantic Com
pany.
F0u,1h-it Is alleged that the Erie company has
paid large sums-etated at over $3.50, 00O-t0 the
parties who secured the removal OF the Gould man.
agement in March last. In TRUTH less than $4,000
counsel and agents in New York and elsewhere for
the service which the stockholders have recognized
e. 81 pa q the arm In
of Barlow, Laroque mcfarland, and NO other
osr that Or q 81
company on this account, nor have any detailed
accounts or vouchers been presented, SO that
tvx1rv ho n hath
be Just and proper that the actual disbursements
incurred by those who so successfully interviewed
Fiah--ft is stated that a bonus Of 5000 900 has
been paid to Messrs. Bischonshelm d Godschmidt,
Of This ~ Is BY
value by the Old management, and which had been
firm are to be paid an ordinary bankers and
brokers' commission They have sold about
inety seven per cent Of their par value and have
earned two and half per cent commission on this
ian. M, no more has been paid
was ss,4essSs, and is now Is,27s,l4o. After ap-
Bisch0nsheim to the discharge OF large Items Of
actual debt incurred by the old management
and asc 70 the paymens OF arss 81
for real estate and for the completion OF the
Newark and Hudson Railroad and other purposes
OF construction, the n0atng debt to-day does not
exceed $500 600 and therefore, has been reduced
nearly $3,OOO,0OO since March Ia. To meet this
noatlng debt the company holds available securi-
ties OF the par value OF over $5,o0Q,ooo worth at
least $4,000,000.
Without attempting to answer oil the absurd and
reckless statements Affecting the Erie Railway
Company, enough has been said to show that those
statements have been inspired by no desire to
make known the TRUTH but rather by the hostility
OF those who have ceased to control the AFFAIRS OF
that company and by those who wantonly assail 1t
for purposes Of speculation. Yours truly
p. II. WATSON
President Erie Railway Company.