The New York herald., 1875-09-10
WALL STREET NOTES.

STRANGE STORY FROM WALL STREET ABOUT
THE ERIE REORGANIZATION.
Wall street has been treated TO unusual sensation
in the large of Erie during the past two days Tho
particulars OF the fluctuations will be found recorded
elsewhere. What properly however, might be termed
COMEDY OF ERIE
took place at the company's Offices corner OF West ana
Duane streets yesterday morning, when meeting was
called consider important matters in reference
TO the road. There present Messrs. Robinson,
Johnston, Sloan, Parker Grant, Ramsdell, Guthrie.
stebbins and Batzer Mr.. Lucius Robinson presided.
II appears that the English Committee Of Investiga-
ton-at the head Of which Sir Edward Watkin-
had made request OF the company that three Of tho
old Board of Directors should resign and three gentle
be elected in their places represent English in
erests To this invitation President and Receiver Jewet
responded in the most amiable terms and recommended
the willing members to send in their The hrst
persons to submit themselves the English guilotine
Messrs $ L. NJ Barlow one of the counsel ,or the
road and an old director, and Marshall Roberts. The
vacancy occasioned by the resignation of the former
director was 6lcd by the election of Mr. j. b. Brown,
of Portland Me- and that of Mr. Roberts by Mr.. J.
Lowber Welsh, of Philadelphia The third name not
having been presented by the committee, the third dt
rector in the English interest was not chosen
John Taylor johnson offered a resolution, which waa
seconded by Homer Ramsdell and adopted, as fol
lows
Whereas Mr.. S. L. NJ Barlow has found it advisable
for professional and other reasons TO withdraw from
the Board of Directors Of this company and whereas
communication from the President has been presented
the Board expressing hs regret at this necessity ana
recognizing the long continued and efficient services OF
Mr. Barlow AS a director; 49,,
Resolved. That this Board heartily sympathzes with
the President his expressions of regret and apprcca
ton contained in his letter OF this date upon Mr. Bar
lows retirement
Though Mr.. Barlow resigns a director he will still
retain his position counsel to the company.
The following letter from Receiver Jewett read
| s. VI. L. BARLOW, Esq -
My DEAR SIR am in receipt OF your valued favor
of the Sth inst rendering your resignation as director
10 take effect of this date know has been
expressed desire from time to time since my connec-
for reasons which have explained you often as
you have introduced the subject have urged postpone
ment OF such action by you to some future timei and
when at the last election you proposed to leave your
of the list of directors did not think that in
view OF surrounding circumstances it was just to your
self or the other members OF the Board that you
should do therefore again urged postponement,
knowing however that your duties as director in con-
with those OF counsel OF the company, taxed
your time very largely and apprecating other consd
erations which you have communicated 10 me, cannot
insist upon your longer remaining in the Board Will,
therefore, although it is very unpleasant to part with
you recommend acceptance OF your resignation % Very
respectfully, H. j. JEWETT, President.
THE TIE CHANGE
in Erie according the alleged information OF bankers
and foreign dealers Erie follows, being rather
''wildn story, by the way
Commodore Vanderbilt has been in communication
with the English committee and large English holders
Erie stock for the purpose OF controlling the corpo
ration and is said to have been n large buyer OF tho
common stock when it declined below fifteen per cent
its par value By this control he could strangle all
opposition to his great monopolies 1t will thus be
seen that the whole of the $50 900 OF stock could
pc mad by the great capitalist for a little above
$l4 oo0 but it would need but little over half that
sum to control the elections. Now the Commodore, in
these desperately hard times could not continue to pay
eight per his watered Central stock with Eric
opposition, to cut down rates and with no interest
dividends to pay being in receivers hands, the
rival thus becoming formidable and dangerous.
| 1t is asserted that Vanderbilt already owns
third of the capital stock, and even q
! handsome profit such number of shares
would be equal to years. interest Erie aud
almost pay floating debt beside. However true thesa
stock stories may be, one thing is toerably certain,
Mr. Vanderbilt offered last spring the control Of
Erie by the English; but he refused to entertain any
propositions while the old Board was in power It IL
believed therefore, that the radical changes taking
place obedience to the above understanding and
that new NAV be expected from day To- day
and all the vacancies will probably be filled with names
OF the Commodores selection or course he could not
place any Central directors in Erie there special
statute in New York prohibiting director in one COM
pany holding office in another.
This big ''bull" yarn goes to say that Vanderbilt
| cares nothing for competition west of Buffalo. He
would have the lakes aud four railroads to feed Central
and Erie and is reported saying the latter company
could pay interest one hundred millions OF capital
honestly managed. This consolidation would mean,
however, in the
low rates for labor poorer cars and higher rates for
passengers and freight even If 1t presented to the
stockholders the agreeable prospect of dividends where
now they contemplate past due coupons
THE STOCK
A number of new securities admitted yesterday
to the list TO be dealt in at the Stock Exchangen the
aggregate about $5S, 000O OOO Now is the time for
''bcar' to prick the bubbles that are coming up
for popular favor Let the be:-''No corporation
can have place in public confidence which does noe
make monthly returns of its earnings and indebted
ness Here are the new candidates the confidence
af nit -
consolidated guaranteed bonds; one million Chicago,
Rock Island and Pacific sinking fund nconvertbls
skies of 1885, thrty-1ve millions OF Chicago, Mwau-
kee and st. Paul consolidated sinking fund bonds;
seven and half millions first mortgage consolidated
bonds OF the Cleveland, Columbus Cincinnati and
/ Indiana consolidated mortgage bonds.
An English failure announced late in the day
that OF Messrs Setter Sons, OF Liverpool The lia-
The gold question still continues to excite comment
on Wall street and the result OF the proceedings Of the
Eric Convention III Pennsylvania Will he looked forward
to by the spectators with considerable interest II the
republicans emporlzc on the great questions OF tns
hour or declare Tor rag money in place OF q returnto
HARD MONEY SYSTEM
it will be considered as foreshadowing the policy Of the
OF which devices makeshitt policy these days OF
honest endeavor will condemn the party before the
| people.
Nothing be more true than the following para
graph from the paper recently published by the Hon
! Elijah Ward, Congressional Representative OF the
| Eighth district of this city,
I'VE have arrived at the period when imitation
no longer initiates In the body political and financial,
rs in the human body there is point where tina
power OF stimuans and can no longer prevent
collapse. This is the law OF all serious panics and
their results There great shrinkagc in business.
and important revival can be expected until
financial system which will deserve and public
confidence is fairly begun In proportion a.
there is cry for imitation capital, proverbaly
timd, seeks Tor safety, withdraws from enterprise
and refuses to employ labor Until tho future policy OF
the government is permanently settled there will be no
real renewal OF the commercial ANA general prosperity
/ OF the country"
A TAIL wAGs THE DOG.
The export of wheat and ut the present time 10
somewhat checked by the depression IN foreign
change but this must soon regulate ITSELF There ~
one thng in connection worthy Of mention, and
that IS there is a production in the United States this
wear OF about 600 600 900 bushels OF and about
$50 600 900 bushels OF wheat, and export only
pcr cent of and fifteen per cent OF the latter
vet the exports of cereas regulate the prices