Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-11-15
TOM SCOTT.
How the King Rules UndeFstrap.
pers with His Iron Heel.

HOW tine King hules Onuerhtrhps
pers with His Iron Heel.
Philadelphia Correspondence Of the Cincin-
natl Commercial.
tom sCoTT's SUSPENSION.
The great railroad giant OF the
century, the IMAM of iron nerve and
adamantine will" has ignominiously
gone to the wall, as was abundantantly
prophesied by the wiseacres several
days back, when it was known that he
had returned from Europe without effect
ing loan for the Texas and Pacific
Construction Company, OF which be is
the President and leading spirit, and
prominently identified with which are
j. Edgar Thompson, President of the
Pennsylvania Central, Colonel John W.
Forney, of the Philadelphia Press and
Washington Chronicle. John McManus
and Matthew Baird. Yesterday morn
ing the notes of Scott, McMauus and
Baird for 100000 went to protest, aDd
to-day Scott formally rendered his resg.
nation as Vice President of the Penn
sylvania Central railroad, which is virtu
ally equal to an ackno owledgment Of
failure. 1t is not surmised, however,
that the Pennsylvania railroad will ac-
cept his resignation, as he is really the
manager of that vast corporation. On
the heels of this comes a most impor-
tant and significant action of the Phila-
delphia and Erie railroad stockholders,
which will be of general interest to
stockholders all over the country. At
meeting held yesterday, it was deter
mined that the stockholders would sub
NIT no longer to the extortions practiced
upon them by the managers or lessees
of the road, of whom Tom Scott is the
moving spirit.
1t was shown from report of the City
Councils committee, appointed to in
quire into the non-payment of dividends
by the Philadelphia and Erie Railroad
Company, that there was due the stock
holders from the managers of the com
paDy, in excess of charges and gross re-
ceipts, $ll 100000. The report goes ou
TO show by a comparison with the ac-
counts of the Philadelphia and Reading
railroad, how the whole thing was ma
nipulated, and most astonishing results
are reached, such as, for instance, that
" from 1865 to 1879 inclusive, The excess
charged the Philadelphia and Erie com
pany for repairs to locomotives alone,
was from 100000 to $4,000 per an
annum or, in other words, the Phila-
'~hia and Erie company have been
ae.s aeod own, 100000 more for repairs
tnGrSeT to 1nScomotives O than here is reason, to
believe was really paid, or, III 0'HS4
words, the cost of repairs to fifty -eigus I
Philadelphia and Erie cars in 1877, Tor
instance, was almost as much as that
for two hundred and thirty.6ve Reading
cars in the same year" The report
from which these facts we're taken was
prepared by William Howard, Esq, Who
was employed by the Councils commit.
tee to investigate the management OF
the company.
He stated that he called on Colonel
Scott in relation TO the matter, and that
the Colonel informed him, on looking
over the report, that there was moth
ing in it of any consequence, and con-
cluded by charaeterizing it, with an eI-
preston more forcible than elegant |
Plucky of the Colonel, anyhow, especial |
ly as Howard is a heavy weight lie
then went on to inform Howard that the
report made Thompson and the Direc-
tors of the two roads (the Philadelphia |
and Erie and Pennsylvania CentraD to |
be 80 many thieves and robbers. Pos
sibly Mr.. Howard was not far from mean
ing Just exactly that, but he wisely held |
his tengue.) Colonel Scott then ex-
pressed his confidence in his ability to
"smash the report all to pieces, but |
warmly insisted that "the d-n thing |
should not be made public. He fur
ther objected to an examination of the |
books of the company, and preferred |
that Howard should take his word for 1t
ss to the worthlessness of the report,
which, of course, Howard declined to do
with thanks.
Failing to work upon Howard, Scott |
then manipulated the Councils commit
tee, and forced them las acknowledged |
by themselves) to enter a room at the |
railroad Office, and there,
doors locked, take solemn oath OF Sc
crecy and (they do not acknowledge thisl |
fealty to King Thomas /, which, accord !
ing to Howard's assertion. had the effect /
Of sending them away pale as ghosts, /
aud all but shaken out Of their boots.
Howard, who had been appointed TO act
with the Committee Of Councils, vas thus /
suddenly shut of, and Scott triumphed
.as he generally does, at games Of
euehre. Howard, however, has one
trump card, which he played in calling
the stockholders together to-day, and |
getting them 70 resolve that a committee /
be appointed, to take any steps they |
may deem best to secure the interest Of
the stockholders Of the Philadelphia and |
Enc railroad. either by forcing the les
sees to give up the lease. or to see II any /
can be made to the mutual
Of the lessess and lessons. or |
to resort 10 legal action II they deem /
best This course is likely 70 bring Scott /
and bis confreres to terms, and nothing /
less determined and definite viii In /
Of SCOTS failure, Pennsyl- |