New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-24

close their transfer books for only 30 days before
the election OF Directors while on this occasion
closed for On days Tho bylaws OF which Mr. Burt pre-
tends to have no knowledge provided that no transfers
IT may I've stated that aud the article OF
citation were framed for the express purpose Of prevent
Company whenever may be found necessary. to close
the books Tor longer time. There has been uniform
election, aud At the period referred
TO close the books co days account Of the enormous
amount OF transfers, so that the books might be written
respect.
elected IN 1868 and they elected for year and
they would have gone out Of Office the second Tues
have had an opportunity OF expressing their opinion 10
answer to this is simply necessary to state that the
out and that the Shareholders who in that contingency
would have had opportunity did have opportunity
or expressing their opnien and m:de the best possible
use OF 1t by eiecng the present Board The next obec-
ton is serious one and crcises the charter OF the
Erie Railway Company The English lawyer objects that
the power given 10 the Directors by the Legislature
are far greater than ever given In such cases IN En-
gland and 1t that the only protection which the
Erie shareholders have in respect to e conduct OF their
directors s the annual election They have no right TO
call any extraordinary special meeting In the course OF
the year; they have no means pf examining the al
trs accounts Of the Company and they are solely at
the mercy and discretion OF the directors for the wnOe
year II is only therefore, once year. at the general
election that they have an opportunity OF expressing
directors; and that being so need not say
that is the most important and valuable right which
Gentlemen, should you make up your minds to &C
knowledge the superior wisdom Of English esa5G.'
to the large powers granted to American directors, &c,
OF Erie have never s
sonally and but to small extent By PIP, proS5y,
eide Whether may not be- justly Considering s
their apathy heretofore, that the law IN
question was framed IN the interest Of these
chase and OF the proxies OF their speculative com
M ala (Dmm lee ia
other in which any other mode OF managing the
affairs of railroad company had been adopted than the
Had lie taken the trouble make any inquiry this
head, lie would have found number OF pecedents for
eral other American companies in different States have
taken advantage of law IN every respect similar TO the
have found 1t for the interest OF their roads,
that. TO Mr.. Burt's language. there
companies and that it should not BIO possible for specu
ators to get hold Of shares and hold them for few
Directors and substitute another Board not for the ad
vantage Of the public or Of the but for their
own advantage.
In conclusion. it is evident from MI. Burts own show
Ing that nothing Is likely 10 defeat the above desirable
clamors behalf of his clients-the repeal Of the
classification bill; should this wise and beneficial
law be annulled the trials and troubles OF Erie will
anew the voting power Of the majority would
be vested In the hands OF the three unscrupul0us spec
such management would be formed 10y President Ra
phael Comptroller Heath, and their Engsh associates
with their legal agent Treasurer could only result IN
the utter ruin of the vast and magnificent property they
are SO utterly Incapable OF controlling. l..
As English stakeholder, therefore, for myself and IN
behalf of such of the foreign stockholders Mr. Burt
does not represent would respectfully ask that this
would POSTPONE tneir dee Ecu ana h4u n. ~
the shareholders the other side who protest against
me- to be saved from such friends Raphael * Co., have
had an opportunity OF submitting their views.
The Committee then went irto secret session. .
The opinion prevails here tonight that MI. Burts
clients stand very poor chance OF success