The New York herald., 1872-07-09
TIE EYRE OF ERIE.
Facts and Figures for Voting
Stockholders.
p. Fl. Watson to be the Prssi-
dent of Erie.
Statistical Comparisons of tho Condition Of tho
Erie and Atlantic and Great Western
Roads, with Comments on the Present
Situation and To-Day's Election.

The feeling in Wall street yesterday In regard to
the expected changes in the management OF the
Erie Railroad, and the lookcd-fOr consolidation or
the latter with the Atlantic and Great Western,
was apathetio. Daniel Drew was to have put In an
appearance on the street and confer with Jay
Gould's CONFIDENTIAL partner at two O'Clock, and it
was understood that McHonry, the foreign manipu-
lator OF State railroad stocks, would hover about
the scene OF the conference. Neither of these rail-
road nOtables however, showed themselves aud
those who expected revelations In Erie were
greatly disappointed. There was considerable
talk, though, but no excitement, con-
cernfng the probable action OF the
Erie stockholders to-day. 1t seemed to so.-
rally understood that any positive declarations of
opinion touching the action Of the agents OF the
warning Erie factions would be premature; the
condition OF affairs being considered in tangle
that the most astute man OF the street could not
safely undertake to unrayel. The clearest eXposi-
ton OF the existing financial imbroglio was uni
versally conceded to he contained In the HERALD's
article OF yesterday, our reporter having probed
the matter TO the bottom as it then presented IL.
self TO him. The list OF
POSSIBLE AND PROBABLE DIRECTORS or THE ROAD,
to supersede those in power, i3 substantially
rect; but no one knows what to-day may bring
lorth. There are those who believe AFFECT 10 be-
leve, that the persons attempting to create ex-
element over tho proposed change In the manage
ment OF Erie have pecuniary object In view, and
that certain articles In the partisan papers were
dictated by active and unscrupulous agents Of tho
English clique, OF which BischoiTscheim and Gold
schmidt the nominal heads. The cry about Van
derbilts interference is regarded by these people
moonshine, the law passed by the Legislature last
session being an effective estoppal on the ambition
OF the King OF the Rails Eriewards. Mr.. Mciengy
himself declares that the list OF directors does not
an Al Hnn half hon.
the Vanderbilt or the Atlantic and Great western
interest. 1t is also stated on the best authority
that
MIR. 7. H. WATSON
Assistant Secretary OF War under the admintstra-
tlon OF Air. Lincoln, and more recently connected
be President of the Erie Railway. II was at first
proposed by large proportion OF the English share
holders that General Mcclellan should be placed at
the head OF Erie, but as he Is already President
of the Atlantic and Great Western, and moreover
trustee for the reorganization OF the latter railroad
IL was finally determined that he should remain In
his present position, which he would nave had to
resign to be eligible for the presidency OF Erie.
But there are still parties who express hopes
or fears as different interests may regard 1t, that
some agent of Vanderbilt will be elected President
OF the road; that thereafter Erie Will be run with
the Atlantic ana Great Western and that after the
next Legislature meets the present law forbiddlng
under a charter issued by thfs State from being
elected director OF any other railroad In the State
Will be repealed, and that then
VANDERBILT WILL BE ELECTED PRESIDENT
OF Erie and so control the entire traffic between
the West and New York. With this probability IN
view, It will not be amIss TO present for the con
sideration OF the STOCKHOLDERS who will vote
to-day the facts and figures given below.
AS a measure OF policy expediency,
arrangement may be erected whereby Erie
must henceiorth carry the heavy weight of the
In favor OF that policy the HERALD oncrs anew vau
able Information to guide them in their action.
In April last If we remember rightly, application
the securities OF the Atlantic and Great Western
road placed upon the regular list. The matter was
referred to tho "COnn1ttee on Additions to tie
Stock LIST and after thorough Investigation the
committee refused to place the securities on the
call. It that the report OF the committee was
but partially printed and was held over, and that
subsequently the report was referred back for re-
consideration Tho figures IN the report first pre-
particularly at this time. They are given without
comment.
THE STATUS OF THE ATLANTIC AND GREAT WESTERN.
Length Of main line from Salamanca, N. Y, to Day.
Franklin branch 80
Leases"ceveland and Mahonng. g
Total number of miles ..:.................. 507
in the lease Of the Cincinnati Hamilton and Dayton Rail
First mortgage seven per cent bonds dated
December 10, 1871; mature January |, 1902;
principal aud interest payable in gold In
J%iy l. in London ssOcGOOO
peseMbsr 10 s mature S.Sls MarGn n d 1914
Eoadon;. iaicrest payable March ana Sep. ,o,,,,,
rhia hiia0SS @ssdSs = naS seven per cent bonds dated
December 10, 1871; mature May !, 1902; prn
cilal AMI interest payable in gold in Loidon
interest payable wnen earned May and
SGyc%nr l. in l94a abao but at no es to 6s SS
nddaons to tie road NEUTRALITY-SUSPICIOUS.. z0ooOr
Total issue Of bonds. s59oOoOG
Issued 10 creditors OF the old company SO0oOOo
Total capital WeOol
Receipts October, 1871 $9!g3 =
Receipts November isl................ 29L376 70
Receipts for December, lsI @1lO! 81
company 70 redeem outstanding first mortgage londs
the 0hS GyS ana ~ Il @ oiS IL 81 sS ae rso
company, leaving SaOOo TO the creditors OF the
are issued 10 creditors Of Tie old Company and the re-
mainder are in the treasury
THE ERIE RAILROADS PRESENT CONDITION.
The following is a statement OF the financial con-
dtion OF the Erie Railroad Company on the 10th Of
March, 1871
Capital stock-Common, s7s,ooo,oOo; preferred,
Funded debt not including guaranteed Boston,
Hartford and Erie bonds. 264bSsu
Total. .....,....;.,.....;.Y..,sI sI29O5,nO
sold. ..........,.,.,......... ssss0D
Total. ACKNOWLEDGEMENTS sll6 S8i,7lo
Floating debt Cbis payable chiefly for o,.o,
supplies spr and labor 10 March /, and in
terest on bonds due April l........... 1,5SO,0oC
Rents from leased roads, income from which Is
seenr,es 'an n "'na easdry osacd worth
$6,H,lW Ioe,f0
The company also own the following bonds and
stocks, the market value Of which Is not ascer
tained:--
Glenwood Coal Company's bonds. .......... $4,000
Towanda Coal Companys bonds s.............. 2D-t0J
Tcwanda Coal Compunys stock 1900
Eric and Atlantic Sleeping Coach Company. 1880
Union Dry Dock Company ny...................... bOn
Total OF securities held IS 0j0V
THE PRESIDENCY OFFERED TO GENERAL DIX.
The following correspondence IL, In tins connec-
tIon Of some significance, and still more INTEREST,"
NEw YORK. 81 July, ls72.
General JoHN A. Dix President Erie Railway: =:
DEAR sIRRepresenting large majority of the stock
holders of the Lre Railway and on their behalf have
great satisfaction In thanking you most earnestly for
your prompt efficient aud most valuable uid IN escung
their great property who had long misrna
aged * and peryerted is revenues. The movement In
which you took prominent part has already added
twenty millions of dollars 10 the market value