New-York tribune., 1872-03-29
THE DECLINE IN ERIE.
ABSENCE OF ExCITEMENT-DREw's TRANS
ACTIONS.

Only two of Jay Gould's friends now remain
in the Directory and there is good for be.
evng that they will conclude TO resign very soon The
Executive Committee being suspicious OF the contracts
made by the late management Notwithstanding the
plausible explanations OF Messrs Gould and shearman
have obtained authority 70 employ experienced rail-
road contractor to investigate the subject and ascertain
just what each contract means.
The transactions in Erie stock yesterday were very
tame. and the day characterized by further de-
cline price ranging from 5sI to 81. The most notice
able feature the entire absence Of all excitement
Erie stock commanded, athe opening OF the Frst Board,
57s then fell the sale Of 300 shares to 57i; but
rallied again to 5 at which price OO shares taken
about D. m. The price fell slightly again with the
opening OF the Second Board, but rose 10 6! at
which 200 shares sold; then followed 100 at $50
$500 at 5sa 5s and LOO at 5i The bidding price
gradually settled to 5 where 1t remained at the close Of
the Exchange.
The sale late Wednesday afternoon of $4,000 shares
Erie sellers option for the rest of the year. at 55 fiat
made by Daniel Drew 10 Messrs. Duncan, sherman &
Co caused general stagnaon in the Erie market. The
operaon was the universal theme OF conversation II
has known that Tuesday last when Erie closed
at g. Daniel Drew proposed This sale to the New-York
agent of Bischofsheim Goldschmdt London and that
the agent at tecgraphed TO his principals At4 p.
H. on Wednesday cable dispatch was received
i'm answer directing the acceptance OF the PROPOSE
tion and naming Duncan Sherman Co. as the bankers
to make the contract deposit OF 81 900 margin was
made yesterday in the United States Trust Company,
each putting up 100000 to- secure the contract against
fluctuations in the market report current on the
street TO the effect Daniel Drew had been offered
s25oO0 for his contract but had declined the bid
Meanwhile the price Of Erie is gradually falling and the
smaller spectators trying to avoid loss from fur
ther decline by selling short.
JAMES M'HENRY CLAIMS TIE CREDIT OF THE
GOULD OVERTHROW.
Ff,t.. tho nf thn aff fncIy
the Could ring James McIIenry issued the following cir
cular in London:
TO the Shareholders Of ne Erie Raiteay Company:
GENTLEMEN: On the 18th December last issued
ty from the scandaous position in which it had been
allowed to remain 30 long as to become national dis
prises Unnchingy supported by Messrs Bischofsheim
and GOdschmidt, and acting under the legal advice OF
tbroneh ihe extraordinary energy ana intelligence OF
my NewYOrk friends, succeeded In placing the nne IN
and financial position inclose circular from the Lon
committee which has been formed for the serious
this committee the revenue of the Erie railway will he
fotered and faithfully distributed and its enormous re-
eyentl connection with Erie affairs fully satisfied that
hereafter the Atlantic and Great Western Railway will
plete Independence from tho Erie Company. am,
always. your faithful servant, JAMES McHEsRY.
London March IL, 1872
The London Times OF March 10 devotes n long editorial
TO the overthrow of the Ere Ring in which it "a
great deal will be borne in New York, hut for time
past evident that the end was at hand. As
only concerned with the delyerance OF the rail-
from WS e sSa Ts Rh DoSns to ana say Pu to
any difference Of opinion with respect to the
the Ring or with respect to the future management Of
the enterprise. The chief point Is that by resoue and
have been forced to resign and that their successo
together with the eterdisposed OF the old list are en-
and carrying on enterprise honestly This incident
has almost national Importance for there can be no
injured the credit OF all American securities. The
influence which has produced the change lin the AS
seby) at Albany will be equally effective In restraining
the abuse of legal proceedings and we may hope that II
James Fisk IT, finds Siosragner It WIN Ss related
judge to Iegalize his malpractices
The London Neus says that the overthrow OF Mr..
process through which public life in NewYork has been
passing 1t is another victory for honesty in city
tory thus disheartens the dishonest combinations
aud gives encouragement TO honest men: NewYork 10
giving evidence OF ahealthy public life which Is capable
of the supreme effort noedfu 10 threw of these diseased
humors Of the body polite The struggle ID severe but
the patient will live"
The London Times (cy artice), March 10. says: Tho
news regarding the adopted by the NewYork
Legislature the Erie question is satisfactory in It's
intrinsic bearing the interests OF that ne as we'll as
those of the Atlantic and Great Western Itevidenty
insres the complete overthrow of Gould and his coned
for the moment. The prohibition against any director
OF the Atlantic and Great Western line being director
of tho Erie apparently needless provision since II Is
understood that according to the existing laws of New
York no indiS idual DC director Of more than one
railway State; but the Atlantic and Great West
en extends also Pennsy and Ohio repetition Of
Injunction the whole line probably
considered necessary In any case the law must be re
garded merely illustration or the way In which
legislators still cling To the illusion that they can by per
soIal restrictions protect tho management OF large en-
terprises, whereas these restrictions can always be
evaded and merely TO enrap the public by false
show Of security. Tho further clause adopted by the
Legislature. requiring that every director OF the Erie
Railway shall be American resident, brenthes stil
narrow spirit. To the foreign shareholders the
nationality OF the directors will be matter or indfer-
long honest selected; but N IL DIS
c0uraing symptom the progress Of liberal ideas 30
find aliens prohibited from taking any part Ia tho mal