New-York tribune., 1868-04-02
TIE GREAr TRIE RATrLE.

HE tkIAl IIll BAL LIE.
ACTON IN THE ECIsLtrUEE-TiJOETN ANn
MINORITY EErOEIs OF TIE RAILROAD COM
WTTEE-NR. DREW ACCUSED on SPECrLAT-
nc WITH THE CONPhNI's BONp>-THE ~
IRA ISSUE OF STOCK PRONOUNCED VALID
THE MINORITY Commend THE DIRECTORS
ACuoN-EBIEEIU AND CORRUPTION Al
LEGED AGAINST MI1IHER> OF THL ASSEM-
BLN-AN INVESTIGATION TO EE MADE.
I'm the state Senate. yesterday, Mr.. Pierce,
from the majority Of the Committee appointed 10 nycs.
tgae the affairs Of the Erie Railroad Company, presented
o report. The conclusions Of the majority are That the
evidence in their possession satisfy any farmiLded
that the issue Of the ten million dollar, worth Of
bonds subsequently converted into stock, procured
by Mr. Drew be used by himself Tor purposes of pri-
yate speculation and that The issue made utterly
-ardess of the Interests OF those whom be bound to
respect II bc.ey cd that Edrd-e The President, and
Fske and Could Directors. were concerned. and prohI-
hlv inter, >tcd with Drew these alleged corrupt pro-
OF Courts, whose mandate. they have violated.
! have sought shelter m Ncw-Jcracy. Your Com
/ mittec. says the report caused these men TO De
personally notified for examination hut they refused to
Your Committee informed that they have applied 10
! the Legislature of NcWJeIscy Tor protection; bo thty
cannot believe that the authorities OF that state viii u-
terfere with the chartered powers q. corporation ere,
ated by this state or attempt 20 shield officers from the
merited responsibilities ot their conduct There are oh,
transactions involving the dealing of the Directors with
| the Company OF highly rcprchousibc character inc
particulars Of which VIII nc found lu tho evidence sub
/ mttcd. Tie Company has guaranteed large amount
OF coupons Of the bonds Of contemplated railroad from
Boston 20 the Hudson RIVER 81 "hch company the sd
Eldr.dgc is PRESIDENT 7ld has also entered uto obga-
tons TO bu'ld rulr9ad rom AKRON 10 I"ird"' ono
Ihese dcts nave bce u"ht Niihoit t'A'9-lih u' sh
holders. and without authority OF law. Ionr Committee
infer from the evidence thar tho persons named have
very htile any, interest lh ' STOCK ol Nttult5 o ih'
Company; and quite satisfied That they have taken
! advantage OF their position ana influence iof
The Committee believe that within the principle, c-tab-
-hcd by the CONT 81 Appeals IA thc -huN Ter case the
stock improperly created ana lGdduthi5 ph, I1 o4i,u
laOn i, nevertheless valid ana binding against the com
pauy I'm thc hands o bona fde HOLDER, but as between
/ those who have bcn injured bl ihe a9"temchuonrd
wrongful acts and the persons who committed lhru. thr
adopted in the prcmI-c7. Although tuo franchises and
rnpt purpose yet il nn-t rciurmbercd that th. ha,
been done 63 uninnn, 'iii7 , . ,ld no, p' Si,,y%i
moved. but a hc courts hay" ample power over them.
4 Inc Committee have not deemed % necessary {" miro
E5,d Tat tle ,l1a. t r ae,eo9 l 'e u e.,,lt.oa 90
ari Er- Railroad Cau, demand 49,. ar r,ua-. fr ra.. Of
i,l,e- sh,i 0e ePo..- . u, & ,- II & a M , & M ~
tol be-. sad thsy IersJl s1 ..oo'r ''rrI"H n making 30 a
! jaw, T. PIERCE Jou> !. BE,DLI1.
AC Muroo,.
/ M CHAPMAN submitted minority r,Iort.
The minority report coiun' nd, 'he action g. the lre
Directors l regard 10 Tho rtmcus ".th lur Eu-fO.
Hartford and Erie, and with the Michigan southern and
| Northern Indiana Railroad Compauie. lhC lre j. q
competing line with the NcV-NOrk Central which has
and without, the connection, sought 10 DE made would
become nero tributary 10 is great central rival
z
existence Of the Erie Railway leading corporal on
depends upon Is having broad gauge connection with
of Tic Bu1aio Bradford and Pittsburgh Railroad, while
DO Is pos -b!c injustice may have been done the -nc
H. M ' I. Ian ,f U,ncI D,ey, to fbc apo,'ui "i
NisoOO thc undersigned clear reasons in the con
tracts. u Tie evidence bearing 0u inc same for charg
M ne Director, with Injustice OF u .ruce that as u
the resolution of the Directors, passed Feb O. authorizing
the ls-ur OF NUOO)UnVf CUuNrrtbc bonds, the under
signed ,s that they hoyc the uncouirdcted evidence ot
f-. Board
40 plss uch resolution not dOuhtcd questioned
either me Executive E0ard or hoard of bimCtors.
Thai thc act had been previously done repeatedly, and
nad been referred 20 the ,tockhoderr and reported 10 the
{ Legislature without comment HUd without challenge
We have tnc statement O b1vi, Hnd the tc tn0nN
of Owen that the power liza been exercised by tlc con
tal Hudson River dnd othcr railroads IN the state A
q Eoar o Directors therefore they aic not charpcsble
in passing that resolution. with Elnl violation &" the
EW and tIr uudeIsicEcd believe mat id 1t not been
Z that outs 1r ysftio, were interested i'm ObtaniT 4
control sad Esc lroad 20 question would ever have
been made H> {" the rlAi 10 pass s'h ol r7u'
The ert Die bonds n 1cc"iuaHcr Wcrt"i. ~ ~
whether certain per'on-, actir2 ~ thrr individual
capacity not officially a~ directors nave pFU"tr'd =
wrong OtEer persons or whether ihey nave ln1de iih
proper use of ihe knowledge ih'} tah'u tNt-lfef rs
such Director Al hlec,h iue ,4't Oh ,,o'h M ,.'
whether the stock alter nenG iuoctnty signed ~ me
market bF ndycna- a'- Ioi 100 NOR OH, al caid'A
or yct her they IUoNdug, fuaCr an unpfouci u-r oi
thc money tlu' Dhtan'l on "Arih,l i9' .u"n'ii"l'-
! UaEc been Improperly N-"HI't 't H"IN"u'.-' "' "H
dorlnca 90 40, Si"p 40 consider bccaG,t 'h',. g.c
/ ION, 's-1I4ii 's,I,ii ,o ,t .r,rd he Used
sf1ue Inc >oJlO0D of ,jock ANA " cpntracI, with
Hartford ard itf 90, 'iitl 1lll4t Il 'i'
Northern tlJauu Companies pruh'btua director uT
officer uf .ls Ir.c Coiuu1Ty from being director in th'
,sutr4l Harlem, Iht-0u EI'J OinpauiC-, It Vice
yeyla- prc35ii irg Iuy 1iturr contract tending cou-o
datIoa ictsneu thc CcniI Harlem. and Huds"u River
Raltoaus aud mahMg:ut sac ar contract to ~c "a lll0
state ary stock uf ANY railroad 4uiurc day 1881 and
void une.. ssld stock lll ~ I'm" ~ suc sic "f hc
! latc OF such contract. Jc aud rnti.Ic ruu the 'HN
specified. u said contract hlr 100 possession q, inc
! party 20 selling o. cDutrr'.H- o" sell.
a. t. tGAiNts-
W. d. iii sIurL,.
In the Assembly Nr GLENN SID that an attrinpi lad
bo'u made t1 buS hs thr bIe I.ai@HJ Gues on
{ lit presented tne following paper
f.-sgrff tu,zEEf. tf..iI. 49,
TIttf 88 Sbethsr rfht .f..Htft J. ~ D. T..lr
s ili. Bg-sr lti from s' ol-' .o r' 'iHsf:
flrf lt.sg ttti DO rs,'ft t. ffr 4~f AU DO. -
Be c,N5e 'ia portion o Pc OIL. tr. n ''H.
! tr SID ispo.', Wts h1r-Hf.
mot c.r- nt mra,poi ,n, Hee,. t,.er'. 70 l4
iirf rstpf acut.Ts
Fyn tesage aatl goa,r of t- ,reo. uc Ila..r 'IH. t
! was lou7tt
F6. rsarse fs oi Ore Committee OF m Io,. G.r.s ~
pcrE
@A darse roarI"or deep lad ans aasif, po..u Of
I tl.s H0He
1 ask me adoption of The following:
lIgfI fIt NtfgNt f.u.rf a