New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-05-27
ERIE'S RECEIVER.
PRESIDENT JEwETT APPOINTED BY JUDGE
DONOHUE.


DONOHUE
xHx APPLICATION MADE BY THs ATTORNEY
GENERALS LAW PARTNER AND BY ATTORNEYS
FOR 1HB CoMFAEY-THR RECEIVERS BONDS
FuKD-oPERATIoN OF THE ROAD NOT CHECKED
HOW THE APPOINTMENT WAS RECEIVED IN
wALI-sr.
III accordance with the plan determined upon by
Tire managers Of Erie and described in THE TRIBUNE
yesterday the Acknowledgements law partner
at the request of the officers of the Com
pany, and acting with two attorneys for the
Company-early yesterday morning applied to Judge
Donohue of the Supreme Court for the appointment
of a receiver 1t was stated at the same time that
Hugh J. Jewett, the President, would be the
most desirable person for the place Presi-
dent Jewett was thereupon appointed re-
ceiver, his bonds being placed at 100000. Later
In the day ex-Gov. Z. D. Morgan, S. l.. n.
Barlow and Homer Ramsdell became his bondsmen.
Immediately upon filing bis bonds President Jewett
entered upon his duties as receiver The proceed
ings caused interruption to the regular course of
business at the Office on the road all the trains
running regularly as usual.
On Wall-st. the appointment of receiver has
been expected for several days indeed since it
was known that the Company would have to bor-
row money with which TO pay the juno interest.
But notwithstanding that there was no great sur
prise on the street. there q vast amount OF in
erest excited, and discussion throughout the day
burned the event. The stock operators seemed TO
thnk that while the action taken dismal enough,
Il would place Erie affairs in a somewhat better po
nion. il concentrated everything in the hands of
HE receiver. The road having defaulted was now
like bankrupt individual whose insolvency has
been prorulga and all the anxiety before left for
him has been transferred to his creditors. Erie it
vas sald was now under no obligations to meet its
interests and the receiver only compelled to
arn enough to pay the operating expenses.
Some people argued that he held
HE balance of power and might compel
the other trunk lines to cease the bitter war into
which they Had entered These persons claimed
hat Receiver Jewett, striving only to pay Eries
operating expenses could so cut under the rates az
10 prevent the other trunk lines from meeting their
interest and dividend obligations, and might thus
impair the credit they are so anxious to MAINTAIN.
Official expressions from the Ere Directors were
difficult to obtain yesterday William Butler Dun
San sailed for Europe early in the day, and number
Of other directors out of town. Mr. Barlow
was engaged, and the other directors did not feel
much like talking. One or two however, gave brief
utterance TO their views The future plans of those
Interested difficult to obtain, owing TO the fact
that they prOfessed TO have formed none yet The
general desire to know how any proposed scheme
of reorganization would affect the stockholders of
Erie and whether or not it the intention Of the
managers to provide for representation of the stock
in the event of foreclosure of the mortgage and the
formation of a new corporation.
Erie stock opened at IS the Exchange yester-
day morning, sold down to 1Gl4, and closed at
l74Ql73s