The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-03-24
THE ERIE WAR IN ALBANY.
GOULD, BURT, AND RAMSEY BEFORE
THE SENATE COMMITTEES.

| schemers -Rsmsey's Philippe Against
| Fisk and Gould.
ALBANY, March as.-M 4 o'clock this sf,cr-
noon the chamber OF the Rsilroad Committee was
again thronged by persons interested in the desti.
MES OF the Erie Railroad. The President Of tho
road, Mr. Jay Gould, occupied seat apart from the
| other gentlemen. Hc was dressed In deop black,
and with his chin reclining on q massive god-headed
cane was evidently buried In deep thought. BY the
table 10 tho middle OF the room sat MIR. Chas Burt,
the agon, Of the English Erie stockholders. lie was
rummagine over O bundle OF papers. Tho Senate
Railroad Committee were all In their places. The
ruling spirits Of the Committee, Mcssrs. A. d. Bar.
| bor, Geo. o. Jones, Abraham Van vecbten,
and Hamilton Harris were Of course in the room.
| President Ramsey, Of the susouehanna Railroad,
was too nervous and wruthy 70 occupy the chair
kindly rendered him by the sergeantat-Arms He
| stood by the window, nnd throughout the proceed
ings kept looking dsRccrs at MIR, Gould, anu familiar
iy winking ct Burt The Erie President paid not the
| slightest heed to Ramsey.
| Senator Genet having announced that the Com
lite were ready to hear any body 10 opposition to
the bill repeating the Riie Directors law OF Last year
Mr. Gould cooly laid his cane on the floor, and re-
! tanning his seat, addressed the Committee In con
| versational tone OF voice.
GESTLIxEs: In replying TO the charges made
against the present management OF the Erie Railway
| BY one who claims to rorresent large majority OF
siockholdcrs resident In England, shall state only
deem this course the best for the cause OF truth aod
| Justice. and calculated to carry conviction to the
minds OF all who hear me OF the utter groundless.
| ness OF the accusations against me and my asso.
| ciaies so boldly made before this Committee.
!. claim that the real clients OF Mr.. Burt two
| JEWISH BANkERs,
| Geath and Raphaep; that the money to carry on
the proceeding WIS obtained by coercion ami fraud
aud that Mr. Burt represents only small minorit,
Of bona .ade owners OF Eie stocks: VIZ, Robert a.
N IAaNh
| Total s6,iOOOOO. Letters from London
| the proceedings OF the Committee. ! and anothcr
| gentleman own two millions OF Erie stock, which
resolution OF the London stock Exchange, to have
,mped' and pay shilling per ,hare TO Mr. Bart's
pose to ro a step further and compel me il ex.
rect TO carry my stock in London. OF haze II mcr.
chantable n tho London stock Excange, to register
that stock In the name OF Heath a Raphacl BY
resolution of he London Stock Exchange MAI no
certificate OF Erie stock shall be good delivery ex.
cept 1t l. registered In the rame OF these gentlemen.
Comprehend for moment the result Of lli. prone.
-ition. You condense IN the hands OF two gentle
men
fHf ENTIRE VOTING POWER oy TnE kRIn RAILWAY
STOCK.
wh.ls 1t b. sc,ualy owue by Two thousand direron,
Lndyidu d-. of this stock Messrs Heath and
Raulsel need moi ON ne dollar. Bona Hde owners
are 10 hnve no voice. ant the Board OF Directors 10
manage tha arairs and admirste to the wants OF
- great corporation Is % be made up in the ding,
ONCE ~ Jes banking house In Loudon. II seems
TO that such a condition o. thlrr. IL TIE most
conclusive argument Of the w--dom OF The law Nv
tLi- judicious enactment control Of the road l.
prevented from passing into the ha.fs OF inei.
perenced and rre~ponio ioo parties, and IL q efec
tually secured from being sold out to the Ptc-sNl
vania Central or the New York Central CompsnIes
ci,ner OF which could well afford TO paw two or
n,ncS ;;-'on- TO shut up or locallze the Erie so
, '"' 'he origin and object OF the London move
. With regard to tho statements made by Mr..
Burt he ore your Committee, | cGn only say that
they conflict with exuIcssions used 10th In conver.
satiOn with mysef and In the hearing
When II became known that Mr.. Burt had arrived
In New York took immediate steps 10 afford him
eyory facility for an examination Of the Companys
Ghairs. | obtained the services OF an influential
gentleman. who called on Mr. Burt in nv inierest
aud made to him at my request the most friendly
and coneiaiory advances. Offering to take him over
tue line, and sho" him the
ACTUAL CONDITION or TnE cosrlSY's PROPERTY
and the working of the different Departments Mr.
Burt, however refused to hold any Intercourse with
Erie Directors until the demands OF Messr-
Raph,el 4 Co were 6olly satisfied / rS,rroiiy ~
hurt nj such rude and uncOur'cous treatment, unI
determined 10 let matters take tLcir course without
uiIher interference. shortly hiterward, Mr.. Burt
apparently asnaned OF tho position he had ut rrs
taken, sent mo--ue To me requesting 4 Icrsopal
Interview, and asking TO cal upon him
u seemed to Inc tist this little more than ne
dcserNvd, considering he spirit in which he mad re-.
eeiNed my advances; but feeling anxious to hsr.
mouize any diGcTCnc,s between US and wiliinR TO
do all In my power to assist in arriving at settle
ncnt OF the questions at issue In the coniroy,rs,
complied WIN ~ rsquest and our interview took
plaee uccordlnriy To relate all thlt occurred he
tween us on that occasion would tax ny memory
ana ana your nau"nSe more than wouli oe either
missions OF Mr., Burts may, however be repeated |
here. lie approved the
PRINCIPLE or CLASSIFICATION
as embodied IN Tie Drrctor.' bli, ana remarked
that similar provision was IN force in many Eng.
lev r9il os,; le poke IN very hatteiing terms
the ablest railroad mnnagers In this country, and |
stating bis wish that W. should remain the Board
represented that he should have The noniratinn
and selection Of 1? out OF the II Directors and
n hln,ti a. his own appointment as Treasurer, ! |
asked him To name The parties whom he wished |
To include IN the list Directors, and 1 |
would use my iahncnce to have them sub. |
stitnted tor An equnl number now in tho Board |
also onrrtd to resign M place ~ Treasurer say
ing should be glad - have some good responsible
man 10 carry on The finances OF the road. had |
heen DOING hr't however roiuburs sing the amounts
had advanced To tie Company during my term Of |
ONCE. To these propositions. however / could gct /
no Ineligible reOy. and soon aiterward thr inter
view was closed II renal for Mr.. Burt to recon
those uttered before your Committee
W Is 10 IN, llas-ncAtion bi, the repeal of which
Mr., Btrt so loudly demands would -ay the, Il is,
accordug 70 hl- own ADMISSION, BY ~ means uu-
known In England. The principe NJ FL, sifyin.
fnroIdidrectots M 50 tba, only small proportion u |
the whole number Mould reinQgi h ufice trl year
wns hrst Introduced In the United STATE. on he MI
nolI Centr.! Railroad. Il has been pradu.llJ c4
Inc reasons for such . Law are obvious IL, ton.
neney being to furnish an experienced ant cnmpc
ten management beyond the control or -prtuItiyc
ilhurhee. The only objection made TO tie aw va. |
i nil did nol 10 the first Instance allow the ,ocA
Previous tn the last annual election however the
OLD bOad oI Directors voted to invite IN expression
oplnlon Dy the stockholders Hs to the eKpedicncy
OF adopting the classification A meeting WAS ac-
eordngb held ofal or largo majority of the stock
noldtls, ahd resolution adopted directing the new
noiu 10 cla-sly lts meniJers in accordance with the
provisions OF the Directors bill In this way, sub
mt, ths Only objection ever made to this enartmont
ny the press, either Oi this country or Of England
mas been removed. MIR. Burt doe not represent n
sme'e snare of stock that hHs approved o. thi,
ON when tho law was passed, onN a small min
orly OF lhe stock of the kriS Rawa Company |
was held IN England. Mcs,Ts II phael & Co. pui- |
chhs"d th'H stick since tire passage Of the law |
with iu knoNltdge of - existence and approval OF
ls provisions, IT, Sir Burt says, he
itpre-"nls pluoriiy OF the stock by An ownership
acquired 10 lew months, held by lorcigucr~ having
no HSmplhy Win the growth or development Ul this
country Mhn-o manufactures and great iron int |
t-t- are IN dlIrrt antNgOni-ni to ours md whose |
money ~ Freely subscribed aud laNishy spent In |
men national LEGISLATURE TO cripple and destroy the
mhhuhclur's OF this country, What more cburluM |
mtllOd would they employ Ihan to send over |
batch o Eugll-hmen Ia run the Etic road under im.
porttTa restrictions that would crush out ever |
manulactory on the line of the roadr In this wuv
blow could he struck which would do irreparable In
jury before the misc llc could be- remodica
L. WIN regard tu msmarJg cement amt eX tTaNAgaucc |
on the Eric Railway, Now, gentlemen Mr.. Burt |