The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-20

Erie to the Arm. pointing out that thc
acquisition Of the the c.. II. & Il. was cs
sential to the Fries welfare and asking
the Arm to assist in the purchase.
The things that have been done IT
the Interest OF Erie have been done by
j. y. Morgan & Co.." wrote Mr. Under.
wood. and IL is to them that I feel We
must look for such assistance as we or,
TO nave. | have written earnestly be-
cause ! have deep conviction that tn.
proposed move Is the move to make tn,
error Is that IL was not done before
1T seems to me that the matter will
go by default II you do not take a strone
hand, and earnestly hope that you car
zee your way clear to make the pur.
chase"
Mr.. Underwood said the statement.
az TO the traffic to be developed through
the acquisition were the result OF fou!
years study.
II was less than month after the ac-
QUESTION OF the control OF the G.. II. A u
by the Erie. ut the cost of $1,000, 900
said Mr.. Stevens. when 1t became known
for the first time to the officers Of the
Erie that the financial condition OF the
G., VI. * II. was very bad.
Mr. Morgan Immediately appeared be-
fore the board OF the Erie and offered
TO take back the stock without cost to
the Erie. The offer was accepted, and
this resolution adopted by the directors
RcSolred. That the unanimous SEN
timent OF the board OF directors OF
the Erie Railroad Company Is that
the thanks of the company are due
and hereby they are rendered 20 y
pierpont Morgan, ESQ. for his extraor-
binary assistance and service to
the company. first in his quick and
efficient compliance with the direct
personal appeal of the company
through It's president to obtain for II
large majority OF the common stock
OF the Cincinnati, Hamilton and Day
ton Railroad Company, and nnally
after the development OF doubt In
this board as 20 the continuing ability
eff the Erie company satisfactorily
to maintain and extend that system
In view OF the demands OF it's own
railroad. In his magnificent, un-
paralielcd and absolutely voluntary
offer himself to assume the entire pm
chase aud 20 relieve the Erie con-
pany from all contracts and cost In
connection Herewith.
\ letter from the late T.. II. Harr man.
who was tho chief factor in oppos,t on TO
the purchase after IT was made 10 Mr.
Morgan, was presented for the first time
\ copy follows:
DEAR Mir. MORGAN / want YOU "a
know that ! appreciate your acton 'u
taking over the purchase of the C, H. & u
from the Erie. II wds too great an ANA, =
taking for the Erie and would have re-
suited. l fear. iu disaster to IT,
81 want to "a SUI Tpu that II J can he
of service TO You IN helping TO work out
the G., II. & ID. problem I trust you will
command me. Naturally II would be in
advisable FOR me. beng a director and
member OF thu executive committee ~ the
Erie. TO occupy like positions 10 the c..
II. X Il. louis very sincerely
". IL. HARaIMAS.'
The Erie paid no Interest whatsoever
and no COMM SONS IN conucc, on with tho
c. III. q l.. Transactions said Mr.
stevens. The purchase 81 th. stock 10y
Mr. Morgan was treated as h'm matter
and It's ownership continued until the max
ing Of the contract with the B. & q.
ia 1909"
The work of nursing the G.. II. u n.
from 1905 TO 1909 was under the charge
Of George w. Perkins. then Of the Morgan
nrm The help of the Morgan firm to tine
road during this time included the extern
sion of an advance Of sJ,b0O.000 from the
hrn, of which ther, Is still unpaid 'Hd
owing to the firm 100000