New-York tribune., 1871-03-23
THE ERIE DIRECTORS CLASSIFICATION ACT
ARGUMENT FOR THE DIRECTORS.

ARGUMENT FOR THE DIRECTORS.
ALBANY, March 22.-At meeting OF the
Railroad Committee OF the Assembly this afternoon. to
hear further argument on the bill to repeal the Erie
Directors Classification act, Aaron j. Vanderpoel ap
peared for the Erie Directors He had been amused that
the opposing counsel, instead or discussing the
main questions, abused the Erie Managers He
had discovered no reason why this Committee
should reverse the action OF the Legislature CT
1862 as there was then full opportunity for discussion
thew had not then bOught the stock at low prices The
Railroad Committee recommended Its passage ana more
one Senator voted against it, Counsel need not refer TO
the Of the Governor on that subject In tnae
b he called attention TO the TACT that no ODeeIohs
although ample opportunity had been allowed for OBJ
lection, and he had not received any circumstances.
Acr the directors had been commanded by the stock
holders 10 classify. they made the elasslncatlon
accordingly This action took place at the annual meet
ing, when there ample opportunity for discussion
ample notice has been given Counsel was not aware
that there single dissenting voice whether there
not it was passed by the majority IL was the
road Company assembled together tnc annual meet
ay time this is the proper time On April ~ stock
holders were perfectly satisfied with this arrangement
selves since that time the road has improved greatly
every want Of the public has been satisfied. Now II
time had any cause Of complaint the complaints shouId
have 9gen % % Sa 3hy vi Should
Tho e@isatUre with the complaints which should have
presented then No reason can be suggested why
tbis 6ilI should be repealed, except which
uersoual as against the Board or Directors. Inc mo-
iueut the Committee allow reasons or that KIND
to influence their action, controversies will arise
i'm threequarters Of the corporations OF the state
YOu are not to into the question OF the control
OF the road but defend the interests of the public and
examine into the relations OF the road 70 the public
Has this given the public better accommo-
datiOn, is it censurable for misnanagementi The
Legislature VIII not encourage this RaupIhe IN tho
stock market which these men desire 10 engage IN, Dy
the influence they are endeaYOrng 70 OBTAIN over Elle
stock -, ,,...o, A., ,,i,
fee The question discussion, said he, Is very sim
pe one It simply whether the control or properly
1t has been urged that there was delay suhclent iOr
the most consideration, or for the lnerpOsl0n
OF objection between the time OF the VI Io
bill and its adoption There was not une iOr tue LII
oish to take action, and no notification or
the action was given them When the Governor says
that the reason that he induced TO sign the Dl vas
that these stockholders had not demonstrated,
These TS s'' stockholders do not ask control Of
property and franchise proportion to the property
fbey have represente d. II is wrong assertion aS has
been asserted that only the EnSsn st9eho@eIs @ are IN
this petition. Several millions or dollars here repre-
sented are in the hands of Americans They SIMPLY ask
10 vote When the dresent managers OF the Ere road
first took possession OF the road It's capital stock was
900 AT present it T. 900; here Is s590000O
unaccounted for. The stock has gone down from 10 10
25 per cent The casualties were never SO frequent as at
prese as the records will show This corporation has
corrupted the Sudcay, destroyed the purity OF the par
and brought reprOach upon tho name OF American secu
rites. - - Al. A.,
Erie managers have corrupted the Courtsl
Mr. Tremain replied at some length and With much
feeling He meant that they mad by shrewdness ana ny
The use OF every means accomplished their ends.
Mr. Nelson-Do you mean 10 refer 10 MI. Field when
you speak OF their corruptng tie BARI
Mr. Tremain-I mentioned no names; L am not here TO
arraign Mr.. Field.
Tie Committee then went into Executive