The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-05-27

The Erie RsesiversniP.
Once again The Erie Railway Company has
come around to an event frequently repeated
in its history, and its property is in the hands
OF receiver. Commonly an occurrence OF
this nature is not regarded with complacency
by the owners and administrators OF such
property, and is more than pleasure to its
enemies; but tho position of Erie is alto
gether exceptional, and the Interpretation OF
facts that relate to il must be different from
ordinary in,erpre,ation-on the same princi-
ple on which il has been believed that prayers
% tho internal powers should be said back
wards Recoiverships may be calamities
whore We expect prosperity and success
hui there may be cases where they are rela-
lively victories. where they appear, when the
whole story "a summed up, much like well
conducted retreats that saved armies from
imminent annihilation and appearances
favor the conviction that this receivership
l. one Of that character II this IS the true
state Of the case then the appointment of
receiver simply gives the administration of
The road . respite. one more chance to pre-
vent the enormous plumber practsed in q
former administration from going TO lis dis
asirons extreme in the confscation Of the
property by foreclosure.
Hostility OF the most relentless sort, that
never tires and il never inactive, that is fruit
fu In resources, almost diabolical in its
watehfnlness and ingenuity, inspires all the
attempts T. cripple the administration Of the
road; and sll this hostility connects itself
with one sufficiently familiar name. AT the
time n the capture a. the road, some years
since, from the men who had almost APP
propriated i a. their personal property, this
Ingenious enemy was put out, only to be found
more troublesome 10 deal with as declared
foe than a. an unfaith.ul servant; and from
that time tin this hs has exer;ed his imngina-
tion mainly, u would SEEM in the continuance
of pitfalls, in some one Of which he has al
ways hoped 70 recapture this splendid game.
From the lime Of the Danan disclosures on
ward ~ has been the malgn influence 70 de
tect every weak point and 70 magnify il, until
through tots course the credit AZ the COM
pany-naturally not high-has been made
such IS 70 completely cripple II for ordinary
transactions; and this condition, joined TO
the disastrous consequences Of railroad war
and time a. general financial stagnation,
has precipinted a crisis out OF which there
WIS ~ fair issue hut an appeal 70 the courts.
II i, ofcoursc, well known thas the immediate
cause 81 the present crisis was the failure Of
the company 70 borrow half q million dollars,
upon the receipt Of which IL seems to have
counted with or without good reason. Per-
haps the organizations that were relied upon
10 lend this money were not satisfied with
the preferred security, and no one Is under
Obligation % give reasons for holding on to
lis own fuads; neither do We know that Il is
necessarily % BE- implied that this m;shap i
also 70 be traced 70 the activity Of Jay Gould.
But The operation 81 the receivership
clearly is to save the property for the time
from the abyss into which i was hoped 20
cast it. II is urged that Jay Gould's desire
was 70 put the road into the hands Of . re-
ceiyer; bu', II - Il was with a view 20 en-
forcing an early or immediate declaration Of
its bankruptcy, while the present receiver
ship, II we understand il correctly, Is Rc-
cepted by the friends ns a measure contrived
10 lltNMtA - ARaAtAt ANNeANfAoAtN @A1 " XIV =
new opportunity 70 redeem the property. II
cannot, We believe, be for . moment conicm-
plated that Dir. Jeweit Is in any sense q crca-
ture Of Could's As q receiver Mr. Jewctt
stands on somewhat frmer ground than
was possible Tor him ~ president; and II,
meantime, the shareholders real owners
Of the property-can he brought 90 agree on
some common policy for tho reorganization of
the finances, and ii, especially they will CON
sent 70 an assessment OF their shares in such
sums as may he necessary TO raise fund for
the discharge % the floating debt then the
company win be restored 20 It's legitimate po-
sition and viii 90 on. But, IN The scarcely
supposable contingency that such an operation
cannot bc carried ont, the company will fan
into bankruptcy. This Is the true character,
We believe, Of the receivership; not a victory
Of thu enemies II the Eric Company, bui The
salvation 81 tho property from their clutches
for the time
A PERTINENT QUESTION II General Smith.
the new Police Commissioner, succeeds In
o..eo-.;v,, bto saona that thevo .h0rfI -