New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-06-15
THE CORRESPONDENCE.

THE CORRESPONDENCE.
LETTER FROM Mr.. SHARP TO 8. L. M. BARLOW.
S. l.. NJ. BARLOW, csQ.-DEAR SIR: You
doubtless will have forgotten the great OUTLAWS, sac
rces and expenses incurred by the parties promoting
the rescue Of Erie Company from Mr. Jay Gould and
his confederates and that payment was d.
rected by resolution Of the stockholders. At that
time it was deemed convenient, In order 70
husband the cash resources Of the Company that Q
portion Of such Ouays should be rccouped by means OF
commission Of 29 cent to be paid for the CONVEX
s OF underlying bonds Of the Company into Its First
Consolidated Mortgage Bonds 1t being then considered
that such conversion should be speedy and SO the OUTLAWS
would be rapidly recouped. ,.., ,..r,.a
the conversion having been partial and hence eonsd
cradle amount Of the above outsys asa h
they incurred. Under these circumstances nave
% propose arrangement be come TO whereby
the balance the outlays represented by such per
cent commission may be paid either III cash or III secu
ties obligations of the Company as may Do deoineo
Az regards the counter signature Of the frs. mortgage
arrange with %essrs BischofsHeim Goldschmidt for
their to Be sxed az e 6 bonds se
deposited May ask yon to bring the subject th 70
See Tork. june % 1874. H. p. SHARP.
col. sCoTr's SUPPORT OF MR.. JEwETT.
To the Hon. Col T. A. SCOTT, Phiiaeeiphid-Mr
DEAR SIR: 1 take the liberty OF inclosing memo
randa with reference the several subjects which Mr.
MoTIenry brought to your notice being those under
stood to be essential and to be carried out in the event.
a. then contemplated OF your succeeding MI Watson "a
President OF the Erie Company.
Your inability to accept the Office is matter OF pro
found regret to and my friends We have, however,
every hope and confidence In Mr. Jewett, whom you 90
strongly recommend, and we doubt not but that under
the wise and vigorous policy which he will inaugurate
tie railroads OF this great and prosperous country Per
haps You win be so good as to hand the
you may deem convenient. Believe me, with much re-
spect, yours very truly, d.f. SHARP
Hev-Iork, June %, 1874.
LETTER TO MR.. JEwETT.
To the Hon. - JEwETT-DEAR SIR: have addressed
letter to Col Scott upon the subject OF some matters
understood between him and Mr. McHcnry pertaining to
the Railway, In regard to which shall be glad you
will speak TO him. am, dear Biz, yours fathuliy,
Ne4c- York June %, 1874. Ii. +. SHARP.
THE MEMORANDA.
In rescung the road from Mr. Jay Gould and his con-
ederaes very considerable liabilities were incurred and
although their payment confirmed by the stockhold
srs. yet balance remains unsatisfed What has been
paid in cash. and to the Company the immediate
payment Of the balance in like manner 1t was thought
desirable that it should be satisfied by and
sut OF commission Of 2la OF 1 per cent
reserved by the contract for the issue OF
the First Consolidation Mortgage bonds in june 1921
received in respect OF the conversion OF the under
lying bonds Of the Erie Company into the bonds OF that
loan The conversion however, was suspended by the
Of the Erie money long overdue has been de
ayed. II is proposed that 22 per cent commission sha
Seyery at their market value Of a competent number Of
the Second Consolidated Mortgage bonds OF the Erie COM
mbject was mentioned TO Col Of the condi-
lions under which he was to assume Office.
YORK under The name Of the United States Rolling Stock
Company with the Object as We a as Sber ra
compa lies in the United States rolling stock Inc
entire capita subscribed in England The rolling
took u
pany was partly Of the wide and partly Of the narrow
Eo% on the Atlantic and Erie CONSTRUCTED
On the narrow gauge mas been si rTns. 70
WAITING awe the narrow Ssagng Of the Atlantic
roads On the hand is considered that tine terms
p e' the ruling stock are too high while the
The Rolling Stock Company conoeiyes that the moae OF
that he snonld sb be 5s
acquired BY and should become HSs the ard pPop
cry Sf t alter h ls rate OF
the Rolling Stock Company, which 1t is~beheved would
s 90 "a
the Board Of the Rolling Stock Company are negotiating,
To snotner Company, Who have offered
the entire stock 10 Se t ST
the Atlantic Company with the option on the part Q, inc
sel stock Vr 9
narrow gauge II TIE arrangement Just nd' G an Os
Atlantic Companies Of the means Of carrying their traffic
and cripple them greatly.
was part OF scheme OF reorganization OF the Erie
Ss tGaic Of the western states the
Erie Railway and TO e6eotuate this plan the conro OF
the Cleveland, Columbus, Cincinnati and Indianapolis
Road absolutely Indispensable. With this object II
was arranged that sufficient amount OF the com
stock should be purchased as would by means o.
lease be made TO the Atlantic and Great western Com
seqs S%RSey
troll Of the Cleveland Columbus Cincinnati and lndlan
spos Road Accordingly. with the express SANCTION OF
land, Columbus, Cincinnati. aud Indianapolis shares
required and the contemplated lease was actually
prepared. meetings Of the Cleveland. Columbus,
The Legislature Of Ohio however, interviewed at the
last moments and passed an enactment LAYING the
proposed and ALTHOUGH to-day practically the Erie con-
trolls by the majority Of the shares paid for and owned
by Others the Cleveland Columbus Cincinnati and In
dansp9s Company yet the eAse cannos as present Dc
The holders Of the shares however acquired for the
beneft and Of the Erie Company, naturally call for
project and provision has been made In part for the re-
Inducements Of the amount 80 due; yet very consider
compsny sas Seea pereced 90 that no
now exists The holders Of the Cleveland,
Columbus Cincinnati and Indianapolis shares require to
Dc paid the ons cost 81 aae s I'm the pur
chase, together With commission OF per cent on ne
nominal OF tho shAres equivalent I'm part OF the
risk expense and trouble incurred payment " pe male
pany may be agreed This y an absolute condition
and reasonable that s realization hsS been contem-
and was one Of tho points UNDERWOOD with Col Scott
II va In contemplation that the Enc Company snouao
either build or acquire tho absolute control over roads
Sss%sd Sa III in ousy Of capt should
avoided permanent, free, and uninterrupted use and
sntoynsnt sIistng road. can b Proearsd Va We