New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-04-29

~ tA' hN''''''''.'' NUM- ~
ERIE EEORGANIZATlON.
REPORT OF ,r-ssEs. MILLER ANo FLEMING TO TIE
ENGLISH NEUTRALITY-SUSPICIOUS. AID PROS
Poets or Tns ROAD.
Tie report Of McssrS Milicr and Fleming,
who visited THIS country natives OF Tie rh
p,h Committee oi Erie Boad-ol lc.s 10 invests ate tne
question ~ r-or- the Er hallway Company, h's
bc. ,,,a., public u England They rive the amount of
tnc floating dcbI Gn.uiaG D., paya'l loans, So sup
ply bills unpaid, AMI wages unpaid a. SiiJs,'G'. o.
deduct NJ January supplies and WAGES properly a'ao!c
rnc following uputh. a net noatn, debt u F2,-oo"0o
The total amount 81 Use mort-a-o debt IS stated az
SJiaglIOO 90 which Tie annual interest 81 arsr - cal.
csl.t,d ~l1CG-.7 on tIs debt there are arrears o
interest 81 over JD0,CC0, maturing since june l''"
npu,ld The receiver holds stocks aud bonds
pom.p9Iy valued at S2oOJOOc0 Of which
about a3.oIu.uDO estimated as deryaoie
for the general purIoses of tbs tomi"r5'
The rcppri says .lat tine mos, Important items oi h"
biuies other titl funded AMI hoaIIs ecbt are uFre
ID balance 81 about coocoO 0uc ON ihr coal l'u"s
usa.t los the Watson aam'nlstratcn THIS J. du'
d.,rnz the pr,.Dut year, AID i It hc not paid tho su ~
sLGruUOJ alieady paid Doe forfeited - ih' cox
OF tic i.irl4ag from Bura1 o LL.ra N..i ha about
81 2cOOG0. Ihig must zoe paid during TIE HcN Two
,rs though tie Increased revenue which % rih bIlS
.loid On part pio,ilc funds for ilc Iul"-r Cj some
s..4u1UOp ol thc bonds % tie Boston, HARTFORD OH"
Railroad. interest Eud:allft hf tl' ift'f "'
hand, oi the public. and these tu Interest has DO"
been paid since 1871, tlc Company conis.in. us la
lity fla, the same sIsud lie sup CUur. confirm '
decision ol TIE lowcr court, AID validate tI' guarantee,
this matter must Dee s-t.l"h
The cash yu, Of tie claims against Gould, vanderbilt
Eischo- lei,u McI,nr,, and tnc London lahns Asp
cati,u ara H.. estimated. The annual toscH1r b. tatc.
"a. oilows For payment OF lease. rents and mortgage
Interest the r.rniu-a show net dcErito Sl3,o0o'.
or including interest The coupons 80 "l''f nc'IiS
81 $50 900: ga Other words, TIE earnings for tie past
year were sElcient 10 provide Tor the iu interest on ~
mt consolidated aud nearly 1870 r cent Oh
:Lc ,rtona ,AcaciHE l't -'- COM 'I, 80" 'u''
irttec arc cf ic opinion at tlc conditions %. fucce III
reorganization are: % Eh.cuye c'tit OF inr mar
m.nt uy tIr real oNucfo, TIE b"u"i'"r.N. ~ = 10
toraiiou OF equilibrium between tAe com i.'.' .i-
trrcst charge on inr ni.Ii*1E 81 .' lI 90. '
net earnings oi thc company. l'j y l!''''.h i'i "'
rG.,--aG-iI, tine li.c.
Al... repeated conferences with tae Erie Directors
Committee. Tao c,n-..7.'h was .''. 't'. ID -
thc ut rev cuu- tie prop ty fora snihc'hl t'"0'
,a,,n a. inc tirs, could wiih O., boz. management.
he no eir-nu as the ability Of tie property ir earn
s, ,os . foreclosure and assessment on iic shares
z \. q results cuJ!d be- s..stIuttIj aocOM .eI-i b} Il
me- 1r. e no. ii - years t..c March coupon being
d In. CASIO and of all tie coupons tine bonds cured
by tr second consolidated mortgage Tor ne eis-1H
Under .indug hcing Had that should n. oi The work
remain uni0nc unpaid for - oi near i.e rI OF w.,
period Cboat 3ls years from this incl tie funds ior II
shoaid ID. proyldoj. hy ~ ISSUE o: income bonds
tnal IL is ic soundcst plan Ieorgan!ltriun and wo'id
doubtless bc preferred y those tLarcn".dts who real!
car f1r the welfare 81 their property. MI JF"rt mas
rr,,t.d eNur, s~rd tie opinion That foreclosure VIII
IN tie end ID. nrytCblc, aud uuGuestonaby te amount
%, tue dent having foreclosure powers i"r mos it %
danger po!uI. tyyu under the best management. Nl.'
certain notifications o. NOT very imp rant cai meier
the Committee reason 10 uoub thdt hrf hcHtut
OF rcorglnzitjou b.; foreclosure may ir sderc .hiE
carried ont. and rc at IN placing the o ~ "a 'hoi ns"ij
sound hu lu"ial position
Ia a letter dated New-York March 3D. Receiver
Jewcit says:
ncssr. Mn,r & Fleming viii also bear With ten promo
Ju or alrcIuebt the iuuHg 'Di"nh AMI iu' rove
mon. III he pT0p,ry s adopted ~ ,,h AID q, lii.ce oi
BOARD have hitou2 Lufta lili, uD 7
INC proposed aiT4ls ucnt, te popTty De- p DOB cIi'
unnecessary any lrrtHer s'tii &c o &C.
nae usrf y would b- titerl iur
audla Woud consent 10 lGnE i"r on' ~ Two yta
let rroni-. however, af tNc upnitbi tic NNi n
ula t.c fu.d proceeded g. SATISFACTORY tud, OF lh
inc- oil TIE company would justify IT, tHr mltt, hA"l '
mo v D. .IeI without ara 10 t.t NlLc iof "ilc iie
/ iuHLiIg ~ .ni+d
MIN tAr amount 0,tltr, tO1t,uIiattd 81 TIE alIe mont
above reieriu TO- s aCt1fs result q tEc NtHdti cult
inutput lhtlt tutll To bt
ir ci money te htfitd laIot tiutHta 90 tlf ii
81 ale coupons a5 lIi} iHatfe
other obligations ~ ttt company nti"ad
. tiuk u Wli De- stic o ASSUME @t-uuJ'1
4. lAe inIu. iIi'n average Net t4irllE-. .
dud,r-uod tuut i0r closure Itut' hihtH VIII ht
be.m n.a met inc bio Company some Ot ,-s VA t,
buudloicrs. Wa. u. E't1s having D'eh retained IA
f...f interest.