New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-18
THE ERIE WAR IN ALBANY.
THE STOCKHOLDERS WISH 10 ChoooL
THEIR OWN DIRECTORS.

uN.ns SUPPORT OF THE kEfE AZ VI
ACT KNOWN AS THE DIRECTORS BILL
.n.xx March 17-Mr. Charles Burt, coun-
,ho r,ie Stockholders Protection Committee had
hearing before Senate Committee on Rairoa yes
terday afternoon. Mr.. Burt said -.
NJ nsoiynan aud Gentlemen ofhe COMMITTEE ought
art 20 express my regret that Mr. Evarts, VINO was "
have heep my counsel TO address you To-Day was ""
denly called Washington. and Is therefore un"oe "
coma regret this the more because OF the i'npo'"
,o,arssts that represent and because ms
would have been so much better "o'e ."en
am 20 put che case before you 40 that might u' "n
the weight 70 which venture TO think IL Is ehe 10"
,ohaby will have seen by the newspapers that have
os,gned my Office as agent TO the Erie shareholders
Projection Committee in London but this only IN Tue
,.gnat,on OF the reporters. have not resigned and
av sey that do not intend to resign until something
more effective has been done In the interests OF my con-
rnuens than have YET oeen aE,S 10 ae'o Yery largo
interest in the Enc Railway cor, Coinp coIS.
The total share e SPrT s 81 .s or or that capital
claim 10 speak behalf OF $50 100000 that Ia threes
nd %CIS Ss 81 Of those Shares have been communicated
vh but there are great many otner hxe not
been asked whether they will or viii not JON MIN Us
tho effort which we are now maans, anu h Which are
not now represented now by me there must os ~,
Srrhoders whom have seen. both England and In
New-York have expressed TO me tnelT s'hcolo .t
that what are now seeking to do may DO shrewsbury
TSe Object Of my coming before You today Is to ask
yn 10 pass bill whichAas been already brought INTO
bS senate by the Chairman OF this Committee TO repeal
act which was passed last year ASK r ro PpH%sy
Company because 1 do not represent In any way
any other Company. There are three other Soi n
which shall address to you WILL think be applicable
to those Companies well as to the Erie company put
az starting think ought TO say that have no interest
ana my clients have no interest whatever IN any o. p
Companies mentioned In that act except the Erie kai
way Company We have no interest IN the caPltsl vi
the other Companies, in their directorate, In ther
manaSementor in their political relations f m snaT
holders the Erie Railway Company and II you shena
think 1T to repeal oGt 70 re a ch 90 compahe should
have no objection to offer.
A"cHAPrER or ERIE"
lido NOT propose 10 weary you with any history OF the
Enc Railway Company, apprehend that you are much
better acquainted with that than am, and do not ask
10 take you back further than TO the year 1863 Since
have been in this country have read q chapter OF
Ere" which have found extremely interesting, not to
say instructive and perhaps at some future DAY MS
tosS % ~ pe at hso To viii now ask Your attention
the act in relation to this Company passed IN SoS
act provides that 1t shah lie lawful for the Erie Railway
Company to certain moneys realized from oonyerble
bonds do not propose to make any observations In
regard to those bonds except to say IN passing that
understand learned Judge in this state has referred to
but whether it be or properly described by that
e VIII not undertake to say on TINS f GSGaSe9 Inc
No .iobOlder eot or SseT n 'os W.
Railroad COMPANY s, director or oassr Of The sns Railway
Compsny Sd no eetboer director o. on1er o. me ssd Com
sssiss a. v.,. p.,... c.,.,.,, :. ..,.
. any part thereof Or 70 ods rs sss "a I
" R%,r or Harlem Railroad Companies; any made
" .oS Se Es Rsssy Company the above
s":5 A ssc e ssea Of 4. Hudson River Harlem
2 Ss ,i s c So% % f Of b. ' THs R
The 0I s i hS s osG gent % ser
person authorized making eonssDb to such shall es
cf
punished e ds mPsonm. OF both the discretion o. the Court
prevent any possible consolidation of interests between
Tho Tre Company and what understand are known as
any alteration in legislation We will assume for the
sake of this discussion that it was wise aud polite to
such legislation, and there wCnd be no alteration
in the in that respect even If what am now asking
E G Beore the annual election Of directors
the Erie Railway Company which took place ~ october
i NSSe p cay the managers of I that RalTSy
Mr. GcuI4 was the President and Treasurer -, Mr.
two gentlemen with Mr. Lane the majority Of the
Executive Committee, which in effect manages or did at
that time manage the whole Of the affairs OF the line.
Before election in 1868 the tTanserbooks OF the com
pany e9See T 80 GSys H oroye that no
fer shall be made for Ten days next previous 70 the
ace the bylaws of that Company. and cannot say
whether any alteration has been made In those Ar,
that the practice of companies is to close their trans
Textbooks for only so days before the election OF D
rcotOrs whle on this occasion the books OF the
Erie Railway Company were closed for 60 days aud
Il by OF the former Directors of that
Company that stock certificate for $2000O0O0 pre-
pared sgned ready be issued in case the proxies
obauod by the Directors were thought to be insufficient
20 carry the election. However that be- the present
Board elected IN 1865 and they were elected for ono
year: and they would have gone ont OF once On the
the Company would then have had an opportunity OF
ss Eth sT weh the line n EH'
aged during the previous year; but IN March, 1862
one Of the Direetors Of the Erie Railway Company,
brought in blu which ultimately on the Goth OF May
boosme law.
rag HISTORY or THE DIRECTORS BILL
can find no report In the newspapers Of any dis
oussion which took place upon that bill, but do
mud that passed your chamber with only dissentent
vote Dir Folgcrs The bill was sent 10 the Assembly,
aud there il passed the 4th OF May by seven votes
moro than the legal majority required by the Constitu
ton Among the reasons which the Governor gives for
signing the bill, he states that there was practically
opposition 20 IL either House and that no stockholders
OF tho Company raised any o3eG2hs elIner IN tne legs
sture 70 the Executive. Well suppose that Ia May
a. In England we find the members OF Parliament
are at the end of their session. and suppose that
,aVen 20 NJ, ana that as no one objected, members
thought It be harmless. and suppoSedhat nasmuch as
both the Vanderbilt and the Gould sides were repre-
scented the BILL II would be right and Just Tor both
des should think that by that time every In TINS
onutry mus, have been pretty well tired OF hearing OF
the affairs Of the Erie Railway Company, Tor what win
the suits that have been Instituted, me lguhc
newspapers time after time, on TINS SUBJECT am sure
everybody must have been weary Of the name OF the
Enc Railway Company ana suppose that for these
the members Of the legislature dd not give the
III that consideration which they would have gwen IL
Ind they known what would be ts practical operation.
However. do not come here TO fluid fault with the
Legislature that passed the bill with the Governor who
signed find II passed, and fake IL as II is and come
here respectfully ask TO listen 10 the CON
revealed think shall he able TO show that, II not
rpeaIod Il operates and VIII operate injurously 10
fe stockholders of the Company. aud that 1t lie bill
Nhoh for considerations Of public interest ought not TO
b4ve been passed at all; aud II do show you this,
Although the reasons assign would Of course have
with more effect II they had been urged before the blu
lecaue law have confidence IN the judgment and
e usice OF this Legislature 10 believe that will not
refuse TO repeal act which ought never TO have been
passed
THE LEGAL WAY TO MANAGE THR coNP,NT
11a ORIGINAL charter OF the Erie Railway Company,