New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-09-03
ENGLISH VIEWS OF THE ERIE RAILWAY.

REoRGANIZArIoN To BE EFFECTED.
Sir Edward Watilin and Sir Joseph Heron,
members OF tire English Committee appointed to inspect
and report upon the condition OF the Erie Railway pre-
paraTory taking steps toward its reorganization
turned 10 this city Wednesday evening by the way OF
Montreal after completing their tour of Inspection Of the
road. its local property and its rOilng-stock
meeting OF the Erie Board Directors held
yesterday the general Offices this city, and in the
absence of Mr. Jewet the Hon Lucus Robinson OF Ell
mira, Y called to the chair Mcssrs. Barlow and
stebbins appointed committee TO wait upon Sir
Edward Watkn, Sir Joseph Heron. and john Norris the
representatives OF the English bond aid Stockholders
in Erie and TO invite them TO personal acquaintance
and conference with Board. In the OF her
remarks the English gentlemen expressed themselves
well pleased with the physical condition OF the road
Sir Edward watkin spoke of the manner in which the
tour OF inspection had been made, and said
that what he had thus far led him
confidently to think that with harmonious ana
energetic action. the property might be made to pay
GOOD dividends the Investment He expressed me
hope that road might DE restored TO regular manage
ment without the intervention of a foreclosure. The
subject reorganization not discussed Late IN the
afternoon the following was telegraph d to
London: - g.. .
Wat;in and Norris to the Erie Committee General
principles Of Arrangement have been settled with MI
Jewett and the Erie Board.
evening Sir Edward said in explanation of the dispatch
that Mr. Jewet and the Board of Directors had agreed
to set hereafter with due regard for the advice Of Lon
don Committee of Consultation which shOd reprcs' nj
the views and wishes OF the English bond and stock
holders This arrangement, he sail a1 amount
ed little more than an informal a&.Pensen'
which was legally binding upon nobody
~ all Englishmcn interested, 40 long ne me course
marked ont followed IN good faith The Committee
have in consultation with M Jewett Tor two DAYS
past. Edward said that he ana MS colleagues Wei.
satisfied that Mr. J-wett was an honorable and honest
gentleman and by this agreement nad secured
the confidence and cooperation OF tHe Ehghsh rep
rcsentaton, which would support him as long ,.
London Committee Of Consultation. wnch would ne gov
in it, requests H. reasonable CONSIDERATION OF an
holders. he ssid were finally IN position 10 cAertis
some authority the property Their interests had
want of interest. The change that nal come over
them amounted e. IN uprising OF the peopic,
to use political phrase Eny rn,id hnrepfay
vote as % single voice. They had regretted eNcecuhty
the appOnfm Mt OF receiver but now Thought tndt me
way was clear to speedy and thorough reorgaz tt'oh
without serious damage 10 the property and Interests OF
the road. AS reorganization was Effected thcy
should strive economical and active management
and thought English interests had the power command
IT, said while certain portions or the ROAD Were III
moor condition. in the main thought Erie would com
pare fayoraby with any American railroad ne had
passed over the first hundred miles OF the hudson
River road excepted The " New hrr W. VIII g'ae t nT
ons schemes which have proved 50 disastrous III the
past and would no satisfied in ebcct'lalv contr0lh9
what strictly its own property, ana leave raroa"
wars to be waged by Others.
The Committee viii be engaged about ten days in com
pleing their work Of Inspection and viii look INTO the
financial condition Of the Company and carefully exam
inc all contracts made with shippers and other railway
corpOrations but Will not make an official report uI
about weeks after their return 70 London the inor
nation they have obtained here serving az uata or
forming a mature Judgment III Is Altogether prODape
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