, 1869-02-11

gers o, the New Yo;k and Erie Railroad IN the
late fight with Vanderbilt, has bccn before a
committee Of tlt New York Legislature. to
give his testimony. Of it a correspondent
o1 the Srw York Ti,,sS says:
Jay tipuld ,na,i,. ais appenrlucc hefore th:
lsulIr,,al E''lnHistee nj .tc scsate. at their
inectinH yesterday altrrnnuI, according to
promise. as everybody expected, he plt iu
ihc same claim Tor the Erie Railroad
Company lo ,he ,n' naa'ter nt lneFtas. , rs,
It,id. on River anA Central Knuds, VIZ TINT
IL WAS done in pursuance Of INV. 1hr Eric
Ind uclel under that src' lon OF tivueral
kaiIsoad Inv which authorizes the Directors
OF rnllron1 companies 10 Issue c,'rlvrrtlhlc
iontl- IL RAISE muncy to coup and Enn the
Toat!s under ,llclr infringement. idr. Gould
testified that every rclt OF the money s.,
raised hy the Erie Company had becu mp.
piled according to the strict letter Of the law
Ttis explanation seemed TO cover ail mat
tiers into which the resolution dircetfn. the
committee lound Mr.. Gould very coznmuni~
calivc individual, and quite intelligent With
| ut. NJ i tu they proceeded TO question him on
! a variety Of Other 1naltcrs. They asked him
| what lie thought oi that section Of the Gem
| cral Railroad Law which authorized tho issue
Of convertible bonds, and permitted that use
i or abuse oi its privileges which the Eric aud
other roads had practised. lie replied that
| he thought very Well OF it, aud considered
It most useful law f.; it was the only thing
that bad snsrd the Erie Railroad; had 1t not
| been tor that law tbe road would lang ayo
bayc s.one into the hands Of Vanderbilt, and
then the State would lase saddled upon it
the ereatest nlon"ruly The world ever saw-
| Once you put the Central and Erie ucdef the
same control, lie bald, aud their connections
| would extc: d 10 the Puclic Ocean, and4they
could control the prices Of all Western
| ,,tNu In, hu nnl Snrl market fhfV
could make flour IS barrel one day and
| $40 the next. The three great outlets to
| the tcanoard for the rapidly Increasing pro.
ducts Of the Wcsf, he said, were The New
York Central, tnr Erie, and the Psnnsy1va-
| MIA Crnt1al. The Pennsylvania Central wa:
managed exclusively III the interest Of Ph'!a
! delphia lis Directors had openly avo8ed
their iutention to do all In their power te
build up Philadelphia and break down ScN
York, and iu this intention tney hat
| Lec,s'atrrs ot PENNSYLVANIA. which wa
ever ready to enact any law which the rail
road required 10 carry ont the. object
Thry lad already diverted the bulk Of th'
sugar rct ing business to that city. The,
we're rquallY ANXIOUS With the New forE
sH!cty OF tile public lsy in Keeping thrse thrt
great parallel lines separate, and prcve:t
ing 4 cans oiit.atinn. The Chairman, Mr.
Campbell, asked Ar. Gontd whether tlcr
was not also dagger 10 the public interest
in lhr practice HOW prevailing with thos
: sorhing, connecting aud branch road:
which the rrc>eut law, permitting them +
increase their stock dd Hbitan', cnatle
tl,ctn IL du. lie SAID he thoneht not, 50 lou
as lie three great liues kept separate. au
not aslo"et! TO come under one control. tn
rivalry aid competition between them.
thought, would he ample protection to tt
public
, These views Of Mr. Gauld seemed to s1rik
the members Of the committee aud thu spe
tutors with considerable force, and llayc a
i | ready hud the ctttcz TO n,u.tIty somewhat Il
i, prevailing sentiment IN iavor Of rrpeal
the Law, which, according to him, had alot
C prevented The E,ie Road from passing iut
I The LANDS Of Il gigantic and dangerous Ill
{ 1opoly.
In answer to an inquiry as to how Tar We
the Erie Company had perfected thcir 60
! ucctiuus, he said that when he went into II
Il board, tie Ere vas merely u local road. vii
4 DO connections whatever, hut that their CD
!, rcclions no" EXTENDED - St. Louis. Tht
y bad hoped before this to have taken In Ct
n cneo, hCt had never Jet succeeded.
;. Mr.. Guulu also gave, l.. answer to fnql
:, ries, his views Of the ultimate elect OF t
mote m improvements III railroad transport
a tion upon tue caral Interest. He heliev
y o very few years. " dry up" all i
= canals in the country. frcl:ht v
!e tasi leaving the eauals; nearly all the rolf
If freight now went l,y rn.lroads, and, we're
!, road provided win the necessary equ'
l. ments, liz would like NJ tptter fun than
of run competition With the Erie Caual;
a grain In bulk. ',he great difficulty with I
:. Erie and uihrr rua1s WAS to increase th
- rolling stock fast enough to keep up vi
=, tie rapid development OF the Western cor
of try. There ought TO be At least hund,
=. new locomotives and two thousand cars adj
u to The Erlc Rai1road every year.
IT. answer to an inquiry as to the press
CAPITAL Of the Erie Klilfo3d Company,
IS figured up in .he way If capital stock
~ "prcieFrcd stock bonds. mortgages le
y. ot brunch roads, &C., a sun equal to abl
81 S1JDtik},O0o.
in MIR. G.ula expressed himself quite free
,,r sometimes in answer to ipterrngatosies,
sometimes On his own motion, and left
IT. imprtssiun hat lie is man vi inayuiiic
r. views on the subject Of railroads. as w:1t
-, reference 10 tht lr duties aud drstinies o.
=" The Unlimited increase Of their capital sto