New-York tribune., 1877-11-24
THE ERIE WRECKERS.

|
RVS COUNSEL SHOWN TO BIZ INCORRBcT-oyER
THREp-FoURrHs or THE BoNDHoLDERs AND
| NEARLY ALL OF THE STOCKHOLDERS FAVOR THg
| RECONSTRUCTION scHENE-A STATEMENT BY
| THE LONDON ATTORNEY OF TIE RECONsTRUC-
TON TRUSTEES.
Much excitement was created in Wall-st and
in business rees generally. by the announcements I'D yes
teIdays TRIBUNE, that the Attorney yGenera had gwen
notice to the receiver the Erie Railway, Hugh j.
Jewett OF hs intention to inquire into certain ransac-
tions which, II was alleged preliminary 10 the ap-
pointment OF receiver. and were Of corrupt nature
The assertion OF such a declaration the part of Mr.
Farchnd was attributed 20 General Daniel L. sickles
who is known be the attorney in this country or
James McHenry, OF London. In the same issue
OF The TRIBUNE II announced that Mr. JeWett
denied that ony such notice had been receive by the
Erie Receiver or any Of his officers Further inyestga
tion yesterday established the fact that the Attorney
General had given no notice whatever, and that the
report simply grew OF the fact that the associate
counsel OF General sckles had declared that he had evil
dence in HIS possession which to base Application 10
the Attorney General for such action. There
ia good reason for saying that neither the
Receiver nor .ny other officer Of the Erie Company has
becu informed OF such purpose on the part Of &r.
Fairchld IA that reported Mr.. Jewett expressly dis
claims any knowledge Of any payment OF $1,000 to VII
her f. Brown OF Syracuse, alleged TO have been part
ner OF the former AttorneyG General Daniel Pratt on
whose notion IN the suit OF tie people against the Efe
Coupauv the appointment OF 4ir Jewett as Receiver
was secured No proceedings have taken place ID the
if Of the peope against the Erie Railway Instituted
ny General Pratt since the initial proceedings
and no rights In the matter attach 20 Attorney
Fairchld except such ne may establish by ms own
action
II was also asserted in yesterdays TRIBUNE, on the
authority Of General sicsles, that majority oi tNe
stockholders of the Erie Company in this country ana III
Eagapd had not assened 10 the proposed IecOhs1ruc-
ton me proposed time a0o by sirLd"dI" "l
KIN The contrary examination, turns out 10 DC 'uc
fact At the last report on August H. the assent ol
holders o, bonds Of the aggregate value OF F32oOooO
in total issue OF Sil,OU0OOO had been re-
ceived-in other words over three-fourths-a ana
Mr. Jevctt Yesterday stated that ~ the others
who had not assen'ed, few or none 0'9eclen 70
the scheme except tlat theydd not wish 70 be called
rpop to nay their assessments until the success q the
scheme was assured. Vrcdaly all The stockholders oi
-le are favorable 10 the scheme; only those persons
like McHcnry and B.schofsncim who are being sued to
,yer te money legy procured by them an Ter tie
watson Administrations arc active III opposition % IT,
construction.
Mr. Jewett in conversation with a TRIBUNE reporter
yesterday gave h following detailed statement o. 'He
virtual success ~ the reconstruction scheme;
The total number of shares upon which asscns lave
bern fled and assessments paid mp % Aufi.t IN.
was 3T2.47j, or over oue-aGt o nc "ho' il. ' .'
thi. has material increased Slco tlt H'' s'ei
Of stock held those a-,-ll.h- ~ iic }
recuns trllctOn scheme on tne dates named;
Total ,sue. Total assn Da-e2 |
lat Cousold mortgage 81 l5jjoO0 81 3 OOt Noy ~ g.,
"a ;d G%n5;4 s55 s o 55as i6da55oSoo S4o59 Aas L. i
T,t,r. ............... s silOJ6OoO 3l.g3s.OoO
l. was very strongly asserted yesterday b7 those Il
loar with the operations Of General sckie7 an" also
by those engaged the management OF tle ro'"' tA'
the main purpose " NcEeIys counsel N tLls country
WAS To create the impression abroad that tne American
III fD
.ruction aui thus cause dissatisfaction among tlo7e
whose assent to the scheme necessary 20 IT. success
The English bondnoders hold the first len rlon me |
road and can, by foreclosure, oI.ef It's '"io |
40 any ume thus reimDurslng them'e'eS III
l,rg, measure Tucy have, rule consented 10 Vie
rcoutructou scheme. the belief that the road can Oe
ua.lcto pay II properly managed. To make tAeD Gs- /
etcrt AZ this time is 10 eudaug.r the success OF TIE
rc.rr.ction scheme and II Is with ths purpose inat
General sicklc In thc McIleury Bischohshrim interest,"
has eau end ay0rins TO create an agitation I'D hl7 COM
try. ,.,
Tho following Is the substance of an address which mas
ocu a.lv ,re.cutcd TO the bond and shareholders OF
fac o,u,papy by T. W. Powell, the London attorney OF
t ri reconstruction trustees who. short time "-o.
,sit,l I'm. country Mr. Powell is very emphatic n MS
language. Much oi the address i5 argument not ~
General interest to the public, and only the statements o.
fac. contained in j, are herewith presented:
Ills widely known that, while wa in NeH-for, on /
,l i-to.. ~ i. l,1. reconstruction. General ~caes b
ed fli.rc ON mission from SIR. hcilcutY, am t.t
l. and has assistants have since pen "cllFeY e--td
nm opposition TO the receiver and tne rrcon-taeti,n
trrsccs These parties shryud their true dt'-hs ih 4
Inv.cry-thcy nave G0 recognized con' uehtS ID" iIst
mo- tnrsu.ly; but itl C.ear th tuct enc eager 10
turi, ouf the receiver and upset the ii0,orS lhrt
most birtcr aud urccasug atia, AS are astu't lt-
racrx.r Swreung genu.al c.iarga "a dishonesty ana
iprolpc tcucy ar. relieved bY but very rev 7'chc
rargs aud 20 make these LOOK ~ che least piau-ioe.
tr,t . l.rzs. .d ana facts and figures are shau eluly
distorted. Every channel amongst de"I"ru ~ ''J''
,u disappointed ta-huuiers has been ran t'Aed io nc
cusatlOAs ana caIuiih.' anu "ao, WI ''C '. l -
dr,.rc was forthcoming from tue p'itcs hicfio-
.,ica. it his been suggested 10 t'tm aa "'at t1ey
,r ie~ red 20 say. There has been o'stles5 c amor
mat the Hua was and j. D.ins Sd a ,,Ga 10 4trtiI
hy vampires eNcryWheie. Aitr tWee m"hiHN OF thcSe
c:,rl. on their pait, venture 10 'dy mat these
u.n have confess To- themselves ihat tley nFe taet
In their attempts . get tie 'sncAgT tut5 Nt Il'
tnelr acci, IONS have 40 proof Sul - MOI ulEey
desperate attempt may ,ooh pe iit, ~ hetf t''ely
of rcilrraton 10 gaia beilcr 40 hnsahG ana "sh %
mt ou ON your guard, assuring you al tae outset thit
Mr. Jcyet while adm tiI thit III, my uYe ule ms
takes Df ind -meut, ChtIelse9 tIc l1,, s'uil 40 ="
he integrity mas man"Gchent ana susge S 10 }ol'
that rto months o. malicious hunting iJr hostile c'i-
drnce uy uc nlan as General rleh4ss "i'ou SUecc1s'
is IN itself % tes' mopial Of .ood conduct
General sic,,s employer Is deichd-h IN ainomehOns
h inlportant st- instituted by thc Erie Company IN
iuaiud, all Nhicu suits lac woud HNc 10 quash ii by
ronfro even brief control, Of Lie management u he {
could gam the virtual position O peihE Pahui III lHe
actions against himself ana MS iitHd' ~ -S btrh re-
Gently stated Mr. ievctt hls maze oVrrtirs % cOm-
PROMISE one more Oi TIE SUITS lhls Is simply untrue
80 man bg ngiauOn wlcH dd not ori-uai" wih /
Mr. JcWett, Dut which, Wnen submitted TO MN, ne wa> !
willing ns would al Any tinc be lo eo'lrt ''"lh"y'
II may Doe repeated to }ou th't ihc cost Ot N'Iaus /
tbr Trie u, Is pIopoitionaly higher than tlat o .lo
New York Central. IucIe are many "'l h"o" i''aol'
,,utriiuti ~ ts So which any cOnprttn ah iilr critic
would acanovieig- break ol sHh-r lrngutN Of sn<le
track glc and crFc~. want OF steel ftli- smahtt pop
., and fybf.r pa- a-s.lger tr.Ir. deficiency uI ru-
si. she t., absurd hummer o var, yes oi tl-l'' anu
not least, tnc Hequcnt REVOLUTIONS anu changes I
OF government, rendering ,tue llIulo "a .a,t- /
en- ln consequence. Mr. Jewctt toani' on assuming /
,Nc Al mHitmae amount OF dNdlddtt' d!SNleo 'qi!f-