New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-18
ru,u voux DAuy TRIBUNE, FRIDAY. MNKCu 49, Io'o'

panes and tho siootion OF p1. consdered in both
branches tho state egsaMEre Sna was SssSer was
scsrSe nn By the sn existing Directors Of
this Company and they had tight TO take "a, t
tacMboIders themselves TO whether they would ao
cept the law not Az the annual eiecioh ne orcs
ent Hoard Was elected by $4,000 votes In my iadg
ment this Is Wise aw ana AND w intelligent
and he the OF preventing IN he future lne
changes IN Che policy OF tnis & reatrc Of Wast
spectators. ,
AND INTELLIGENT
,yu ,nnose there NAV fairly be differences Of opln
ION IA 20 whether Mr. Gould aud Mr. Fisk are response
bic experienced and intelligent" managers OF ran
wav There probably are very great differences VI
opinion on that subject But want TO can your a''oN
ton to the statement made hero by MT COULD 81
The argument have been urging upon y9uE,nat ,uo
shareholders ignorant OF Wnaa was OOH ~
september 1869 Messrs Gould. Fisk and Lsne-i believe
those we're the Directors who were the aetYe az
aging %s ao drrS Ss ts Ss Of the
ont the consent OF the stockhcders-lssued $1,000 W
yery stock under cover OF clause In the genera hm
antborJSjns directors Of railroad company TO Issue
bonds for debts incurred or 10 RAISE sbpres
~ The opton Of the holder The mode Of proceeding IN ms
case was to mako friend party IN te
@ oe No sooner were those bonds sealed and signed
than they handed to the pretended ienIet sma
@ bsrH t millions of dollars Of new stock which IL had
been previously arranged should be gwen ~ rse
firms chiefly Smith, Gould. Martin Co.. ana rlski DI
den Co.. those Arms being stockeroRefs, am WI r~
member Of che second. The stock as issued
was registered In The name OF these nr h anu
ket passed from hand to hand. not requiring 70 pe
transferred at each sale but passing MIN an open anu
time bring It in and have It registered =, IN ms
d,haN op tinan
holders would take the trouble or expense or FISK 81
sending their shares TO TINS y those Shares stood
registered not in the names OF the owners put IN ,ne
names OF Smith Gould Martin 60 ana ris ,h
appearing in the registry books OF the Company as mold
e1s Of and therefore all the shares .ha1
voted on BY them x asaC sEient ih hst
ss actually done In October 1869 able to say
not having had the privilege Of inspecting the COMPANY
books (which however hope soon 10 sen Gat w saS
unquestiOnable know that out OF the zVvoy 600 20
belonging to parties in London there are Oyer lama
Martin 4 CO. This will account In some measure h nor
the great number OF votes said 10 m ntH in
OCTOBER 1869 Then you will remember that inc h1aers
Of those shares. being many Thousand Ss ~ 1iven
except perhaps in NewYork papers Few dayS pc
fore The OF tSses Of
In perfect Ignorance Of what Was being done uusi
the books were closed that they had sufficient number
Of votes to carry any resolution that they pleased
at the meeting october thought T. desirable
knowing full well that whether inc, tney o nnduS
tie the the result would
cept indeed that by making the elasSihcaoh % cn
therefore think am justified IN saying that no I'M
poranco is to attached to the fact that In oetoe9r
eCcton in favor of Messrs Gould and Fisk. aud their
colleagues If the stockholders had knST9 %na' was
There another paragraph in this report 10 wn'On
wish call your attention MT Could ssys e. trust by
the .,p pnss oics and vii Ard CONSIDER ,:
sur s minority until express their Pe
sure for change by tie choice Of smother board
THE STOCKHOLDERS WISH TO CHANGE DiREcfoEs'
ycIl gentlemen the time has come when not u small
minority but very large majority OF the stockholders
OF this Company express their desire that there should
be a change In the Board OF Directors, and should not
be here to trouble you today but for the act OF the Legs
lature last year. which prevents this large majority OF
and vigorous in which they would certainly eA
press il at the next election but for that act II thS re-
port speaks truly the Directors OF the Company VIII NOT
oppose the bill which you, Mr. Chairman, have miro
duced and shall be not little pleased TO ma that MI
Gould acts upon his promise in this respect.
With regard to the responsible experience, ana IN
tegent" manasement to which Mr G9na toie ,hssa
important facts In 1863 the stock OF this Company was
worth a per share IN s or sa sSnG Womb SO st
the public at all events. have not great iah IN Tue re-
men who have charge Of this railroad As have already
stated those gentlemen issued sl9OOoOOO OF
stock they have not reduced the funded debt they have
materially increased the length OF the road aud they
have paid dividend, even on the preferred stock
this country believe vary from per OF the
receipts but greye TO say that the pr0hs OF tho
Erie Road are something under 20 per cent We think
therefore, have weighy and conclusive reasons
for desiring change in the management OF the road
ground that we are entitled to 1t matter of simple
justice and that it is for the interests OF the pubcboth
the travelling aud the stockholding pubic-that this
should be done.
the repeal of this law except to secure efficient faithful
and economical management OF tins line: We have no
interest in Mr. vanderbilt or in Mr. Handerbilts roads
with his that he should have any voice or interest IN
the zen OF s We are
upon that subject shall remain undsturbed do not
tInctly than it has said: You shall not GLOW Mr.
Vanderbilt to have any interest In this road We desire
TO have control of the property which belongs to u.s.
WHO TIE STOCKHOLDERS WOULD ELECT
You may DO inclined TO ask who propose to appoint
as the Directors Of this Company you pass the bill now
before you. 1t is scarcely question that should weigh
with yon IN determining whether the bill ought to be
passed not but am perfectly FREQ to answer It, We
could have the opportunity tomorrow of appointing
point men who live IN London, or men who would look
simply to the interests of the shareholders In England
but should endeavor to nnd, and when the occasion
arises we viii find the abes and best men In this country
interested In the line itself and In the region IL
TO direct the managemento OF this very import railway
VIII say, too, that we have no political interests or
III confess nyreu utterly at
with regard TO parties and politics In this country, but
am able to say very distinctly that there is no political
object significance whatever In the action
taking and that only desire to get control OF our
property and have well managed that the pub
lie who travel on the road shall be satisfied and the
stockholders shall have q dividend.
1t was feared by the shareholders In England
that there danger OF this Company being utterly
lost to Its stockholders, and since have been here have
things which have led TO the conclusion that that
is by impossible have seen bill introduced
into this Legislature providing for the reorganization OF
railroad companies that have become bankrupt, and
told that that bill has been introduced by gentle
representing the Erie Railway Company. Now that
Is very alarming What has been done in the past Is
very bad; but II any such thing 70 in eontem EN-,
pation as would TO be implied by that bill.
the case would DO far worse than anything
that has happened hitherto because would then be In
the power Of those having control OF this Compsnys
Of m rhn HAY nile