The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-07-15
THE ERIE RAILWAY.
Retirement Of President Watson-Elec-
ton OF New Board of Directors.

Retirement of President Watson-Elec.
ton OF New Board of Directors.
The animal election of directors OF the Erie
Railway was held yesterday at the Offices of
the company, in the Grand opera House,
corner Twenty third street and Eighth avenue
At the opening OF the meeting there were
present about thirty individual stockholders
The meeting was organized by the calling of Mr..
Giles HOtchkiss to the chair. Mr.. Charles F. Peck
was elected President After considerable discus.
sion, resolutions were adopted thanking the re-.
firing oicers for their fidelity to the trust reposed
in them indorsing and ratifying the action Of the
late directory in creating the second consolidated
mortgage to secure the amount of the $40. COO 900
OF bonds, $40, 900 being reserved to cover the
existing convertible bonds and in issu-
ing portion OF said bonds for the
general use and purposes OF the company.
1t was also subject OF resolution by the stock
holders that such issue was necessary and proper
and that the proceeds should be used and disposed
of in paying the Indebtedness and liabilities OF the
Company and for such other purposes as IN the
opinion Of the Board might be deemed proper and
expedlent. The lease between Erie and the At
well as the purchase by the directors OF the stock
OF the Buffalo, New York and Erie Railroad, as well
coal COMPANIES organized under the laws OF the
State Of PENNSYLVANIA. These resolutions were
adopted unanimously nu,n A. the directors meet
announced his resignation on account OF III
health. The Board appointed Messrs. Cortlandt
Palmer and Lucius Robinson a committee 10
draft suitable resolutions. The committee
retired and reported series OF resolutions
expressive OF the regret OF the directors
laudatory OF his management o. the affairs OF the
company since his connection with IL. In reply to
a communication from President Watson the gen.
era manager Mr.. James q. Clark. reported that
the loss to the company by the disastrous fire at
not exceed si75, 600 and that their operation in the
oil trafflc was not materially interfered with. The
polls We're open from ten A. M. until two p. NJ, at
which time the teller announced that upwards or
$751; 800, 600 worth of stock had been voted upon,
which was majority of both the common and pre-
1erred stocks, and that the following ticket was
unanimously elected Hugh j. Jewett, Thomas A.
Scott, John King Jr. John Taylor Johnston, NJ o.
Roberts, Frederick Schuchardt, W. Butler Duncan,
Edwin ID. Morgan Ii. Baltzer, $. L. NJ Barlow, L..
II. Meyer, Henry G. Stebbins, r. Suydam Grant,
Lucius Robinson, John A. c. Gray, Cortlandt
Parker, Homer Ramsdell.
A meeting was subsequently organized ana MI
Hugh l.. Jewett was elected President and Mr.. A.
r. Maedonough secretary. II Is not yet known
departments. No report OF the English account
ants was received and IT is understood that the re-
suit OF their !abOrs VIII not be made public until 1t
has first been presented to the English stOckbold-
ers by whom they were employed. MIR. Barlow
voted proxies to the amount Of nearly s55, $50 600
OF stock, the balance being made up by resident
stockholders who were present.
The New Direction.
The condition ana prospects OF the Erie Railway
may De gAJEcrcu IOIn Tile IOllOWl0R interview naQ
last evening by HERALD representative with one
OF the new directors OF the company
HERALD REPRESENTATIVE have called to ask
you to give me a statement to the public OF your
views with regard to the Erie Railway, its pros.
poets and the intentions OF the new Board.
DIRECToR-We, the direction, who. by the way,
were very harmonously elected, mean to do their
very best in the interest OF the stockholders here
and abroad and OF the public generally. The new
President is an excellent man personally and as O
business manager. He Will start at an early date
on tour OF inspection to note everything that oc-
ours along the entire line. Another OF the direc-
tors has been for the past few days, and is now,
most diligently studying the position and evoiv-
ing order ont OF chaos, or preparing the way for it,
NOBODY state precisely how the road Is inst at
this minute. There Is doubt it has been badly
handled and great deal of Udum attaches to lt.
HERALD REPREsENTATIvE-That's Wall street. |
presume. sirY What do you gentlemen propose to
do about 1t?
DIREcroa-This specializing has got to be stopped.
believe the road IS good property and that 1t
could be made very valuable. We mean to estab-
lish IL on strong basis ana make it valuable. We
shall all try to redeem its reputation. The people
on the other side have been treated badly. We
mean to treat them well and ourselves too. We
must and shall get the road out OF Wall street.
Several OF US have sacrificed considerable time to
that end. AS TO myself, did not want to be y
director, and do not want it now, but was talked
over, and on the representation that 1t was abso-
lutely necessary for long pull and a strong pull
we joined the direction.
HERALD REPREsENTATIvE-Do You think the
names now on the Board Will command conf
denceg
DIRECTOR do and we shall deserve 1t. The
property, as SAID before, may be, Ia my opinion,
made valuable; sun we may FAIL IL may have de.
clined too TAR However, we shall see.
Acknowledging the directors ready kindness in
gramme of the good resolutions OF the new
Board, the HERALD representative Withdrew.