New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-01-01
THE ERIE BATTLE.

VIEWS OF AMERICAN STOCKHOLDERS on TIE
LETTER OF a WESTERN SHIPPER"
A TRIBUNE reporter cOnversed on Saturday
with several prominent American holders OF Erie STOCK
on the letter from Western shipper" in THE TRIBUNE
OF that date. Their opinions in brief are as follows; |
The writer makes an error confounding the various
combinations against the present management OF TIE
Erie Road and in apparently supposng that AL such
combinations are in the interest OF the Atlantic ana
Great Western Company desire TO obtain control OF
the Erie simply for tho benefit OF the A. & IT, W. 1HE
TRIBUNE has Igycn full histories or the dHereht COM
binotions only one OF which, and that the last in the
field s under the leadership Of Atlantic and Great
Western stockholders. In fact the other combinations
engaged in the fight against the Ere Ring have been SO
suspicious of the McHenry movement that 1t IS only very
recently If at all, they have recognized them as allies III
the work Of ErieErefom.
the opinion OF the antiErie Ring brokers that "A
Western IGhpper is DESTROYS or serving the present
managers IN negotiating their new consolidated mort
gage when he crtcises recent communication IN HE
TRIBUNE on the subject Of this mortgage It's doubtless
true that mortgages other roads drawn In similar
but the effect OF the proposed mortgage the
Erie Road is to be considered; For instance 9y the
present mortgages on the road tho interest @ que az
different periods and road is thus better able 10
meet the outlay; but the new consolidated mortgage
brings all the interest due at one time ana Is tnus uCn
more likely 10 cripple the road. The argument relative
to the trustees and the excellent Character OF the D
tors t the Farners Loan and Trust Company Is OF no
moment rs by the terms OF the mortgage any trustee
can be- compeed TO forecose paid when
due AZ their being depreciation OF stock II ne
trustees should seize the road this is matter OF
conjecture. 1t would hardly strengthen puQlc conn,
dence In the road 10 know that the trustees VINO WOuIu
acceptable In every way to the present man
ayers. The stockholders. TO whom the road belongs
might not desire IL In such hands. AS 10 the bona nae
stockholders" 10 is morally certain that they could
obtain fair chance TO vote they would testify their dis
approval OF the present management But they have
never had an opportunity TO express their opinions 6y
fair VOTE they afraid to attempt to transfer their
stock TO their own Names lest those who have the ROAD
in their power should seize IT. as they dld
tho 5000 English shares Another qmbble OF
the western shipper" is his pretended CON
demnaon OF stock gambngi He says For years Erie
stock has been a football the street" For that
matter has every stock on the market but IL Is n9e
stocks which most unCer ain that Oner the greah
temptation 10 spcCuaiIoia ~ jh 10 rr1,t -
pa Grd the aiSdends 2f when are
the fault with the managers Of the road not with The
The present directors OF tho Erie Road have always
been fond II rumpetng their praises as great public
benefactors. Oven If tie Indebtedness was constantly
the present and future interests OF the road
we're neglected for the private gains Of itdi-
yiduals,s the claim has always been made Ilat
and everybody ought 20 be satisfied The same claim s
made by inference the letter OF "A Western shipper
TO this IL might be said that tho public DO not expect
roads to be built and furnished for them gratutou3y
that the public are rot gamers by roads not paying
dividends and that the public ought 20 know that the
safest and cheapest roads those that pay regular DIV
tdends In addition to this IL might De shown very con-
cnsyely that the Erie Road is not managed for tho
good OF the public This could be proved by the small
number reported and by the fact recorded
have been instituted against the road account OF over
charges for freight But II is hardly necessary 10 DrX
| forward proof of fact 80 generally admitted. .
In word, tho opinion OF all With whom IHF TRIBUAE
reporter cOnversed that the article In question wi
spccous attempt to bolster up the present Erie man
ager-.