New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-01-17
ERIE RAILWAY REORGANIZATION.

DETAILS OF THE MEETISG or TIE BOND AND STOCK
HOLDERS IN ENGLAND on JAN. 5-sPEHCH or
sIR EDWARD MANIFESTATIONS PAYMENTS
TIE TRANSACTIONS WITH JAMES MHENRY.
A meeting of the holders of bonds and stock
OF the Erie Railway Company held Jan. s. at the
Cannon Street Hotel. London, England. Sir Edward
WAIKIKI who had been sent to the United States to inves
gate the condition and administration OF the Erie prop
erty, acted as Chairman and made long statement OF
the results OF his Investigations After expressing his
regrets Mt the Encouraging results, be said:
When look at what has been done during the past
six on seven years really has appeared to as peo
pie both sides OF the Atlantic had been consprn3
with dshonorable ambition 10 zee which could most
ruhessy wreck and ruin the property OF the STOCK and
boudhodIs. In the Erie and the Atlantic ana Great
most within tie truth, ten million soveregnS OF bilsn
sterling, the savings of ON ieOWcOuhiiy heh nave
been absolutely thrown away and wasted 30 lar az you
are concerned II Mr. Jewet the Receiver, Is right you
have claims against three or four individuals anu nIs
In London for nearly slOOOOOO L9oking al thS accoun
sent by the Preside and Receiver of the Erie Rnwhyhu
signed by Tie accountant, Mr. Little. find under daiet I
R20OO want to ask the Chairman of the stock tx;
change for what services what lawful services rendered
the 18th OF Jamnary, 1874 Another question H. WHAT
THIS item can mean SUSTAINING tle l,aahG'' fiiap
lis Id" There is gentleman whose name Is inr
10 although have MOI the honor OF ms acquaintance,
s E aSs r 9' him for for What a G@' service
OF $1,000 was paid TO him under head OF
Thrn ee%TcmrU want to ask Sr H. p sharp the
lcitor to MI Bschoshrim, ana Mr. Melcnry, Tor what
1874, the sum OF s775 paid him for legal
EXPENSES in New-York in 1874 want to ask Mr.
sum of goo "a voice. CITY editor OF wh1trl !
oniy give II as have got u here IA resPesI
81 ID" aud. gentle en- these only sal samples Oi
lot your attention 10 loan Transaction
slated 10 have been made behalf Of the Lrc u ~
stated that on The Both Of August 1S7 loan Oi 100000
negotiated for the Ere it is stated thai was upon
the security GOODOUO OF the ordinary stock or tue
Atlnc aud Great Wc-tcn Railway, aud the account Is
pf
instead of cash, O,ObJ L. BIZ commission on the loan
s alansed' S5oQgo deicnfo 't~gen' aco c"o
iniason. and the proceed, OF tue above securities,
sggiG I5s "a" THIS appears in Mr.. Mclicnrys account
is that upon loan Of 100000 lena ton companyat
~ many ilos tint on loan Of $40 600 made TO such
paris. the cost OF tie lVau was aj9,Ji6 los al
Dwelling upon The necessity FOR reorganization which
should be- honest SIR Edward Watkin recommended tho
establishment OF u court OF arbitration 10 which tho
several incrcss could appeal for tho settlement OF dis
uiod questions AMI thai Gov 1dcn be solicited to act
as the arbitrator. After giving the basis Of the
proposed scheme Of reorganization, witch has
hat the scheme be- adopted subject TO such modhc.-
tons In details ~ the COmmitceua} from tim To ulnc
fud necessary cNpcdcni alter consultation wiln tue
President ard Receiver and with the bond and stock
holder, i'm tie United states" anl that GOV. Tlden be
requested REFER, t1 decide al questions WGlch
may arise In carrying ont the scheme. After some de
bate the resolutions wero adopted, and lho meeting
James McIIcnry ha. issued circular in which he
takes exceptions To- sir Edward watkins statements.
tie says: The loans which Edward Wat.in calls tho
B-rnonSheiU- Mcfrnry loans ucttcd tn the company
81 per c,ut currency proceeds. of course. beng
placed Tie absolute" d-I-~t uf tho Company IN Ntw-
York The only Utirr pnbr loan made by Gle Eue wa,
the issue 1f second Consolidated Mortgage Bonds, for
to whole ~ which I negotiated an u1'r 0t -
per cont. lees per ctnt commission, which mo
President Oh,iiuatcy refused TIE loan. as finally
arranged with tho London Banking AuUcrt-
tlun. Was controlled absolutely by the Pgcsi-
dent then in London who att ndrd before the Commit
81 tio stock y scnausc To support the settlement
which o!p.s.d by Mss'rs. - schph' heiin ~ Gold
schmidt Mta iI. details AMI mana cncni "i me ioan
in,e to to than sir Edward Ntfam huiN'f.
Nh Gruy. director OF tIo Erie Company subsequently
came over with lll powcro tie iuaid 10 arrange an
unfinished uu.nc,-. and DC was authorized 10y Mr..
JrYtt Go sell The WnVir'i balance 81 the loan, about
s2UOO.UOj. at 30 per cont Ia reply to the
siirr made to al that price, was fech-
less enough TO say thd wOdd not hc -
party to- such .ncrhco % Erie Interests but II he was
determined o. sell the bonds ! would give him 80
PEI cent Ter uur-'alf fif amount With cal oi The oirr
half over several mbutus nuay, In anticipation 81 my
night =. call the earn 20 request or IT, ilc Tom
pguv toDi 90, bilanc" go per cent Mos Of these
H. a ,miin the hti- al ny friends, ana DO was Tor
f rikr- iII undertook tnr lthois duu rtrju-blI-
up- OBJ creating Lon ION COMMITTEES. should nave
proved hIH -ir Edward WukiW that Ties" accounts,
which ct be- hcd ~ h, hands wei" not rendered
y lEr. and hr detailed d. him have MT been pdd
hy the IlIc Company, ana tut air Saicn ~ ga nc
count, would SHOW fh, .' leo d. largely IN 40 dcOt.