New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-25
ERIE AGAIN,

The report in yesterdays papers of Mr..
JAY Gould's statement to the Railroad
Committee at Albany is now explained to be
n copy of paper handed to the reporter 10y
Mr.. Gould's lawyer at a late hour Oh Wednes-
day night. 1t differs in many important par
ticuars from the speech actually delivered, and
it does not contain Mr. Burts indignant
denials (made to the Committee at the time, and
expressed in toerably strong language0 of
Gould's account of what took place at his
interview with Mr.. Burt. 1t is only fair
that the English agents denials should be
made as public as the statement. Our readers
will probably have no difficulty in making up
their minds as to which of the parties is right
Mr.. Gould says:
"Mr. Burt approved Of the principle OF classified
ton as embodied in the Directors BILL and
remarked that similar provision was in force
on many English railroads. lie spoke In very fatterlng
terms OF myself and Mr. Fisk gong so far as to pro-
nounce us the abest railroad managers In this country
aud stating his wish that should remain in the Board
Of Directors lie demanded behalf Of those he repre-
sented that should have the nomination and selection
Of - out of Directors and limited at his own ap
pontmcnt as Treasurer"
In fact, says Mr.. Burt, 81 told Mr. Gould
"that the principle of classification of Boards
"of Directors was adopted in England, but
"was accompanied by power to the share
"holders to call special meetings to remove
obnoxious Directors, and to examine the
Registers of Stockholders, appoint Inspectors,
CSC, and that if such protective clauses
could be applied to the Eric Company the
principle of the Directors bill might be al
flowed to remain but that One-half or
"one-third Gnstead of One-fftlD of the
Board should go out of Office yearly"
Mr.. Burt repudates the flattery alleged
to have been offered to Gould and Fisk
as the "ablest railway managers in the
country" and declares there is rot shadow
of foundation for Mr.. Goulds statement in this
respect, or that he expressed a wish that they
should remain in the Board. Mr.. Burt de-
cares that he will very soon satisfy the highly
respected President and Controller of his real
feelings on these points "in due form OF law"
The crowning joke of the whole, which we
suspect was suggested by the immortal Fisk,
jr., to his eminent chief, is that Burt wanted
the appointment of Treasurer for himself.I
Mr. Burt says he should as soon have thought
of applying for the post of Admiral of Fisk's
fleet, or manager of his opera-housc. 1t looks
as if Mr.. Gould did not believe his
own story as to the small number of shares
represented by the English agent, or he would
not have been SO anxious to sec him
on his arrival, or so ready to promise
his influence to get the English nominees
elected on tho Board. The substance
of Mr.. Burts rejoindcr to Mr.. Gould's
argument as to the excellence of the
present management is that iii 1867 the net
earnings of the Road were 100000;
in 1868, when the Fisk regime was es-
tablished the net earnings were $3,250000,
and in 1869 were $3,OOOOOO, although in these
three years the share capital had been
increased by s5OOOO,OOO of new stock, and only
one half-year's dividend had been paid on the
Preferred Stock, and nothing on the Common
Stock. We confess that after this, if we were
stockholders. we should want good deal more
explanation than has yet been offered before
pronouncing Gould and Fisk the (" ablcst rail-
road managers in this country" We are as
sured that the Senate Committee will report
in favor of the bill now before them, and we
trust that the Legislature will do the stock
holders both English and American, the sim
pie justice they ask-lcavc to choose their own
Directors and manage their own affairs as they
think best. " IA.