The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-28
COLLAPSE OF THE ERIE RING.
Prompt Action of the English
Shareholders.
JAMES M'HENRY'S CIRCULARS.
Financial SwinderS Sharing the Disaster Of
Their Political Allies.
OPINIONS OF THE LONDON PRESS.

The steamship City OF London, which arrived at
this port yesterday, brings us flies OF the London
papers IN which the first announcement Of The col
lapse OF the Erie Ring given to the English public
AS might nave been expected the sensation created
by the news was as great as 1t unexpected. The
following is from the money article OF the London
Times, OF the 18th, announcing the news of the VIC
tory over the ''ring:r-
The final news OF the rescue of the Erie Railway
property In which European investors are inter-
ested to the nominal extent OF ten or twelve mil
lions sterrng-frOm the hanas OF one OF the most
audacious criminals in financial history, has the
sole topic to-day IN the Stock Exchange. The trans
actions III the shares have been OF great extent
and, Notwithstanding numerous reallzations on the
part OF recent speculative operators to secure prof
IT'S; further rise OF 81 per share has been estab
llshed. 1t Is now only ninety days since Mr..
McHenry and Messrs. Biscnoilsheim and Gold
schmidt announced their proposal to wrest the line
Dack 10 It's proper owners, and the victory appears
to have been complete In the face not only OF over
wheming means OF corruption on the other slde
but also OF covert hostility even IN London on the
part OF persons who unwIttlnoly nave acted allies
OF Mr.. Gould. AT Q board meeting IN New YORK
veloped by the resignation OF majority OF
the directors nine out OF seven,een the removal Of
Gould, ana the Installation or ten men OF high stand
log to ILL the vacancies These are General John A.
DIX. late United States Minister at Paris, VINO Will
LAM Colonel IL G. stebbins, chairman OF the Central
Park, and late chairman of the COMMITTEE OF sew
broken up; Watts Sherman Of the banking firm Of
Duncan, Sherman Co.; william b. Travers, q
wealthy banker survivor IN the late nr% Of
legal a. hrm OF Barlow Larocque a McFar.
Vice VINO ,se re go
Charles Day; another, whose name in the telegram
Is not clear, and, finally, 1t is said, John Jacob
Astor Mr. Watts sherman IS to be the Treasurer In
New York. and Messrs. B.schofsheIm and Gold
schmidt have been appointed London agents OF the
company. simultaneously with this movement o
Dommitee OF five has been appointed here to act
as direct representatives Of the English sharehold-
ers-namey. Mr. Ii. l.. BlschOffshem, Mr.. h. Ii.
Green, OF the London ana san Francisco Bank,
and late Of the firm or Russell. sturgis &
Imperial Ottoman Bank; MIR. Olson Homan,
Vice President Of the Great Western OF Canada Rail-
way: and Mr.. A. de LaskI: the whole being persons
Of unquesuonaoe influence and position in the best
city circles. Mr.. u. =. Sharp OF Gresham House,
who In London has acted as legal adviser through
out the whole proceedings viii continue his SER
vices in that capacity IL appears that TO complete
the New York police necessary, ana II Is be.
heved That criminal proceedings are TO be instituted
Meanwhile the annexed document has been issued
by the old Erie Protection Committee. BODY winch
has expended between twenty and thirty thousand
pounds subscribed by the shareholders. ana which,
after having failed to prevent the issue OF 10000
shares created by Fisk and Gould, TO replace the
Same number OF stolen shares lately announced
that they entertained hopes OF being able TO do
eomething in the spring" and who IN waiting for
have given Gould three months further power
to squander all The resources OF the line. TheY now
Express their ''regret az the triumph which has
the great increase In The value OF the prop
erty OF the shareholders, and seem to indicate that
ment TO prevent them from reapng any advantage
from II. Looking, however, at the aggregate force
OF their efforts during the past three years It would
hot be wise in mr.. Gould TO rely upon their being Of
much aid TO him IN any attempts ne may yet make
10 recover from his fall
ERIE sHA RKHoLpERs' PROTECTION COMMITTEE,
TExADSE.Dks STREET ,,1 E. C. March r. ds7
Ing telegram from their agent at New York;
Erie director: Repeal Of clas.acason act expected"
that this would attempted by
parties interested in the Atlantic and Great Western Rail-
Into effect They trust however thai the bin now before the
% 20
decide for themselves whom the OF the line
". A. MICHAEL, Secretary.
With regard to the telegram quoted In this note 1t
Is necessary TO state That, so far from the "subs
iutes beng mainly Atlantic and Great WESTERN
nominees 1t is believed that only three out OF the
ten persons named are III any wav connected with
that undertaking. In any case, whatever line or
lines tney may be connected with, their known
standing Is such as they might expect would pro-
tect them from lnsnuations that, order 10 serve
one interest they would be dishonest to another.
OF the committee appointed here, with the cXcep-
ton of Mr.. Bschofishelm, not a single member has
ever been mixed up with the affairs Of the Atanuc
In consequence OF the kilograms received to-day
the following circular has been addressed to the
been the service rendered by MIN and another gen.
tlelnan 10 the English shareholders, they have rem
dered stu more service TO their own country by re-
ueemlng IL from the most disgraceiul stain that
ever threatened 10 iasten Itself upon commercial
na,iOn:-
TO SHAREHOLDERS OF THE ERIE RAILWAY Con-.
GENTLENEson the 18th OF December last issued cir.
asking support recung property from
the position IN which had been allowed to
credit OF ali American enterprises und,nchngy sup.
ported BY mss he m and aetna
within three months through the extraordinary energy and
the Of q
from oom%e %Rs
has been formed Tor the serious 81 your inter-
Rsw sPs ige
from NV br pu eSsn w Erie %
FUZZY saiaed Western
its complete indepen fence from the Erie Company
LoSDoS, March p, isiS ''' JAMES MoHENRY
FOUNDERS Court, LoTHDuRY, LoSp9S, E. ca
TO TnE SHAREHOLDERS IN THE Eaif RAILWAY Coa
The undersignsd have request many large holders
OF Erie Hallway STOCK uneertaken to act as committee
ultimately to Join the Board Of Directors In order to
sh' sn seDS Sa.s Of me upon
sraDe TO place 10 tue hands o. The committee the
Which will be exchange fn course neoesssy
he 81 'a sss
81 have OF h Ssn from
have DseS following snS o
Ess
ao l. san Barrow 'S5si s sSS
s. e: S.. % sssis
and cS
BiscboGshem and Goldschmidt, agents In London ia,
Gould has been removed and r. A. Lane and majority oil
their associates have resigned. The London commits
will be elected directors further vacancies occur Tn
Committee earnestly that the share certificates shou
Immediately be deposited with kessrs. Bschonsheim
the shareholders tor registration, In the names
pf the committee will their certificates In ex
ehange practicable apply for their quotation
Upon the Stock Exchange should shareholder preic
lle inscribed In his name the committee VII
have the transfer made free OF 70 the proprietor
4Justing 80 receive his support py proxy.
Your obedent servants
H. L. BIsCHUFFsHEIM, ALEX. DE LASH,
II. n. GREEN JOHN STEWART.
gibson hOMAN,
Opinions Of the London Press the Collapse
OF the Erie Ring.