New-York tribune., 1878-04-27
THE ERIE R4ILWAYS FUTURE.
MORE STEPS TOWARD RECONSTRUCTION

-
MEETING or THE RECONSTRUCTION COMMITTEE
YEsrERDAY-rHE NAME or HE ROAD CHANGED
MR.. JRwErr PROBABLY TO BE PRESIDENT
An important meeting of the Reconstruction
Committee and OF others interested In the Erie Railway,
held, yesterday in toe oicc Of cx Governor Nor
gan. Among those present were L. d. Morgan, }.
Lowber Welcb. and David A. Wells Purchasing Com
mt;cc Hugh j. Jewett, re liver; S. L. NJ Barlow W
w MacFarand ex-Judge Comstock, Herbert Il. Turner,
and Others
The meeting was private. a gentleman who was pres
cnt said last night "1he meeting a very saisfac-
tory one The attorneys instructed to prepare ar
tccs Incorporation and file them at once IN the Sec
retary of States Office. II decided to name the new
corporation The New-Nork, Lake Erie qua western
Railway Company The Purchasing Committee i'll
formed us that It had received instructions
to complete the terms OF purchase at once
and TO secure a deed of sale from Referee Curtis. who
w understand has deed ready for delivery. The
entire purchase money will be paid over ana the decd
will probably be filed Saturday or Monday. As soon
the articles OF incorporation have been approved ana
recorded the details Of the reconstruction scheme VIII
be fully carried out, our friends Ill Lngfna
10 well as in America having promised to advance the
necessary funds The sale Of the Erie Railway under
the foreclosure proceedings does not affect the road in
its corporate capacity, and only works change IN its
name. When the Purchasing Committee transfers the
property the corporation which will be done in
few dayR the reconstruction trustees ana the present
receiver will assume its management"
1.-THE reconstruction scheme" continued this gentle
man, "cOntemplacs also the laying OF third ra the
entire length of the road. The present broaig uage
rOllngstOck and other material Will be used over the
present rails until they are worn cut; ana,
as necessity may require, they will be replaced
by narrow -guage stock until the road Is en-
tircly equipped THIS viii save us the present
expense and Inconvenience Of transferring our trains to
guagc trucks at connecting points with OtEer
condition The vexatious lawsuits to which the Erie
road has been subjected IN the past year or two nave
for a continuance OF suits we believe that the
The Erie Road mas suits against Mcienry,
the london Banking Association, and others, represent
several millions dollars, and these suits To stop the
sale and break w the reconstruction scheme were got
mp break the force Of those suits aud to punder
the Erie Road When The trial comes on, we expect to
show not only this, bu, the exact proportion that each
member Of the band was TO receive IN ease thcy sue
W w. MacFarand of the counsel FOR the Ere
Railway Company. said last evening " Much
progress was made to-day toward carrying out
lle reconstruction scheme ihe court mas na9
ycymg the road 10 the purchasing commhig", ri'
terms of sale will be complied with by the purchasing
committee soon rs possible. Al meeting
to-ay of tie purchasing committee representatives
Of tie bondholdcrs Receiver Jewct and counsel for
the Erie Railway Company, the articles Of Incorporation
for the new company agreed upOu These articles
of incorroraton will be filed at Albany rs soon
possible. The namc chosen for the ne" com
pauy il THE Ncw-YoTk, Lake Eric and West
crn Railway Company The meeting to-day was
a most harmonious one. There was only one opinion
EXPRESSED regarding tHs~new management Of the road
and that was that Mr. Jewet Is to be the president o
the rev company
Mr. MacFdrJud also said that the directors OF the new
company had been agreed upCn but lac unable 10
VC the He said however, tnat the list OF drec
tors would contain the names Of many directors ~ the
present company and very few changes would re
suit ;iom the change Of name.
Tie counsel of the road met yesterday afternoon III
the Office OF Mr.. MacFuland, and perfected the articles
Of incorporation; and II /, understood that = l. VI. Bar
low started Albany last evening 10 file them with the
Secretary OF state.
The reconstruction trustees, who VIII have control OF
the organization, are Sir =. W. Watkins. chairman
Henry RaWsOn 4. MCLOgaD, CcC;l Bcadun, j. VI. Doug
las. |. X. Cross. W. LccmIng T. WhtwOrth, W Weir, j.
Wcstlakc g. Smith, j. G. COnybearc, \. III. honcur,
Philip Rose, o. G.. Miller, Robert Fleming. Lawrence
HeywOrth and +. w. Powell They viii he aided by the
Erie Railway directors.
j. ID. AyTcs, secretary or the rcconstructl0n commit
tee sad last evening that 100000 Of outstanding bonds
surrendered yesterday bY persons who approved o
the reconstruction scheme ana desired to take advantage
Oi its provisions. such prompt acon on Tie part of te
b1udhOldcrs he said. showed that the scheme was Ia
meet with general favor. Mr. Ayers said that the wish
OF the English bOndholdcrs to have Mr. Jewctt
made president OF tie new company.
A motion was 10 have been heard yesterday before
Judge Potter. In Supreme Court Chambers To rcsctte
the order entered Thursday his Wednesdays de
ci,iOn, denying Of the rulc Of III" Erie Railway
Company's property. The attorneys for john H. Brown
aud James MCIIcuTy claim that the order goes iuIthcr
than IA mere denial Of stay. They appcaIed III force
yesterday. while the Farmers loan ana Trust Company
was represented only b. John H. Hc"shaw. Under the
circumstances Mr. Hcushaw asked time 20 gather tbc
opposing force, aud gwen untl Monday. The mo-
ton in the suit by Brown was "a ljOuTed tO Tuesday.
Judge DonOur granted an order staying the proceed
ncs In the DE Betz Of the sut until tie appeal
from Judge Daniess order, giving Inn aud Es associ-
ates to call on Hugh j. Jcwet the receiver could
be heard Oh appeal.