New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-18

give give some KIND Ono subsequent scoon pro
for orr The he. SSy Of and the nay
act 10 say that the directors who had been
for to SS s1G Keep
years it would have ATTRACTED much more Rut
Ssn Sd r II G IN Ss r IN p wnO the
already contained in the act Of 1861 ana % ct Of 1869
you still keep alive the provisions OF the act os than
against directors OF these companies bs
against amalgamation or community OF n'0io'
the Vanderbilt lines and the Ere a ne question on personal
grounds feel that have no right crsl grounds
hat but ask SSt You 10 to S has the directors Com
pany we're elected only ana ina, os them
selves in Office for two three four and hys years s1e
the controlling members s,e o, '1 io power for |
in i've f 2Ssr. Placed that as stands a. present
the %G o SnG s are sPa aG guiding spirits
the Erie Board. nxed in once upu oc.op % CIV
nany except the directors themselves were to unite IN
an endeavor to dispaee them represent mere va ne
eye as have said many Of the other stockholders
sympathizo with the effort making. and would
JON o RS win suppose every one Of them were
today with us. asking you to repeal tins tins
n nS t tSst with GD all their efforts they would
be utterly unable to displace Messrs Gonld FISK Tweed
it is very strong that tho act OF 1869 ought TO
be repealed Under any "a Se sockhode OF
railway company. and could only be lustihed ny s11
danger with which the company
the time when the act was passed There are cases
where surgeon would be justified In cutting on tne ese
psny was In such peril from us enemies anpo,n tn
it was right that the power OF aPpoin'o1ik
Soders BSt # cannot be alleged that the Erie Railway
Company was in any such peru IN 1862 AZ t nat h so
sorbed by Vanderbilt had been previously DONE and 1
say therefore there was no ground upon WHOM SnSh
shareholders the power OF appointing the managers Oh
their own property
TUE DIRECTORS Bull NOT ASKED FOR Br TR ERie sroCA
HOLDERS
Then, Sir It should DO remembered that this act was
not passed at the request Of the shareholders but at the
request Of the directors themselves. the very men who
were derive the advantage Of It, There ia no provision
IN the that the shareholders should be consulted on
the subject There u no i as Sy soa cG S
knowledge OF the great majority OF them Most people
know that the bulk OF the stock OF the Erie Railway
Company Is held abroad and IL was literally Impossible
that the foreign shareholders could know passing
IN tue Legislature here at Albany at the time when
the newspapers with some care to discover what was
doing the Legislature at Albany and have read the
NewYork papers with good deal OF attention Tor mat
purpose. but confess have found 1t very dhleut to
lar bin or what the nature OF the bill was unless it hap
pened to be bill Of special mporanSe and therefore,
RsS HTd in England, in Germany. and in
Holland could not have known what, was
i'm regard to the English shareholders 1t not uutl
the present year that accurate knowledge was OBJ
found II impossible 70 obtain in London copy OF the
act itself and although half million Of shares Of tho
the precise terms Of the act passed here in 1862 and
ascertained by my sending home . copy of the act
The shares held by my clients were bought upon the
pane in America were governed by Boards OF Directors
elected every year. Until last year believe there was
Of a railroad company here had been provided 1t was
therefore great deprivation OF their powers ana rights
chartered right TO elect the whole Board OF Directors
thnf gentlemen also that You Will see on consider
that this act Is opposed to the ,E OF true
a PeS Ss there ns' s Issn 5 SS a the
ment OF railway companies. and that IT should not be
Them Cor few weeks long enough to turn out the exist
ing Board OF Directors and substitute another
BSSo FO' of the shareGciders, but for
their own advantage but you must not forget that the
e road and the people who hold the stock Both
these classes are parts Of the public whose gs ana IN
ths moment that the greater Part or the stoekhoidng
public in the E other %aR Sa Sas
reasonable for any company whether ITS shares are sd
| for the Erie Railway Company.
NO ADVANTAGE LONG TERMS OF OFFICE.
Now the management OF o company is bad, how can
1t advantageous that there should DO Dermanence in
management. There is guarantee that because
Board OF Directors elected for five years tho manage
ment OF the road will be better than il the Board is
elected for year. and venture to say that II the
directors responsible their shareholders every year
AT an election they much likely to perform their
duties with and diligence than if they not called
TO account for period OF four or hye years. |
apprehend too, that the management OF a |
railway company. and the advantage of It's |
permsnence may be seen by the way in which the bust
ness conducted. II the road s kept in good condition,
if the cars weltted and properly regulated. the
rates reasonable and the trains sufficient 10 number not
only will the travelling public be satisfied but the road
will be spaying one ana the WIZ DO satisfied
not men who really represent the interests OF the stock
holders If they are persons who have got into power by
most out OF the railway for the benefit OF the stock
holders all the time schemng and pecuatng for their
affairs OF the line and seeing how the traffic be in
creased and dividend secured, they arc attending 70
time is taken up by looking after interminable law
suits which necessarily brought upon them by their
course the road will fan into discredt It's receipts will
not increase as receipts on railroads should increase and
get will be far less than upon well regulated and eco
aSSS C % % sse1 hs tas
lar directors, are wise and )udIeious men
and COCO 's but on Ss oheE
hand say that the Legislature ought not to take
for themselves aud Of enforcing their opinion by relnoy
Incompetent or unfatGfu to the interests Of the stock
holders; and when one speaks OF the Erie directors
newspapers and all the suits which have from time
with that road that their rights would be protected by
the e subject sHa not g D aeG aDd % TO
whom many and such grave charges had been made
wish TO say here that do not desire to be understood
that all the II gentlemen who form the Board Of Drec
tors of the Erie Railway Company are included in the
observations which have made am Informed, and
am glad to be able to say, that there members OF
Board who gentlemen Of integrity and position
and as to whom objection can be made. Isay this
eHcs upon the Board that the whole
gone bankruptcy and that It's present position. bad
as IL IT, would have been very much worse those gen
teinen had not acted as its preservers.
TIE EXCUSES FOR THE DIRECTORS BILL.
Ibeeve 1t is said that the ground for passing that bill
Of 1860 was to protect the shareholders from doing
injury to themselves. lest they should DO In.
duced by sudden temptation TO part With their stock at