New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-02-11
THE ERIE RAILWAY FRAUD.

PETITION BY FOREIGN STOCKHOLDERS TO THE
STATE LEGISLATURE-REPEAL OF THE ERIE
DIRECTORS BILL ASKED-AN ARRANGEMENT
OF THE PRESENT MANAGERS OF TIE ERIE
COMPANY.
John Swami OF London, representing the in
eress of large number of the English and other foreign
shareholders In the Erie Railway Company proposes
submit to the Legislature of this State during the pres
ent session. petition asking for the repeal OF section
OF the bill popularity known the Eric Directors bill,
which authorizes the classification OF the directors so
that only one nth shall out Of office each year The
petition, which has been numerously signed is as
follows:
uuergned who respectively shareholders Of Bne Railway
S%S ,' & . S pp' sSmss S-aS ;'
Of 5 Nav 20 @ G beng tGap m y ,n me M
OF The Laws Of 1893 entitled al act relation the Enc NevYot
vide that at the annual election in October Of this the
terms Of Office Of all the present directors Of the Enc Rail
way Company shall expire, and entire Board be elected
The circumstance, under which this Psi and the evil results
Deem 1ees. STATE S1e5ity he following
measure T Of justice clearly due to the stool loaes
m bs act obtaining control on Of f "s ss %
executive heads with Board Of Drco selected substantially by
them practically the whole power and unchecked
Of the classification scheme give peim,necy position Of these
parties Assuming the great msort' Of the shareholders to b. Geroas
be impossible for them even uTde Che most aorat conditions ae
and practically y would be almost II not quite. mpohs
effect the change satisfactorily even time of the mpos
81 INDUCING s men OF 1s efaq s4 aa % s'sP
vcod place them IN small and poStTs' minority n hostile Board
bic position Of apparent responsibility for the continuance Of aud
II il !. and vsys be- general policy and almost
on A. ee nuus election an oproa for changing the %srsre
men by one e9trel' board Of D1cOc hey desire
Of classacaticu Of long ohce the pre-
PAM b COMBINATIONS secretly purpose and operating
sqr anon great proportion Of the n who content
norsnee Of any intended hs1st or sIPS contest, 1t }a .a =.
sharply defined between The en- mRsse Of TIE 1G"Psg ana
the real whether far opportunity for trying that H'ue sls
H. The present leading managers Of M Railroad Company from
tine when they into power m t hat had unchecked control
attained have BEEN her roi and 70 them Attributable whatever
% or liam 10 due .9ef e 70 o ,s s.s tss'Eel r '
these ssk attention TO the following very b, ,u@a oi
pore ma he slsie Lngheer and sawyer.
TIE stock abOi. ..........,... s@ ?so@o
TIeITed r. e. about ,9:eVSso
A, d.te Of lss, pu6h.led ANNA report in 1859 1870.
Preferred zoe. about , 5000
Tr., .Gese mararsrs 10 less than yesn made more
than s.ooco@ Q, r%ese 70 The share e.. '1T,s et ,S
do not ps ha 900 expended 10 ermaHu.
n %TisasS O. RS s TO- s e ' Of p n reports
' s IS e he f one .' ye COO G and the other ear
I~ than in the year epng sepneer se and a, eGn1ee ,e
chance getting dividend The stock under e
The shareholder ind nothing Of substance to show of The my ol
capital and natural result the common totA ht
fallen from price and cent which bore when
managers power less than = cent The preferred
the bonds
general the mangementha fallen
og par $4,000 ncrease OfaJial above
there has been subsequent increase oseyeS millions
submit Of the ressis which these managers have nc
oomphhe mneny # that the shareholders should hae an oppo
of conduct or
lively their choice whether 10
present Of this Company mae goh
change IN they may desire.
ask for such legislation shall soeh oppoHuht
tru appeal The power Of the Stale Of Nc"lok
for this measure Of Justice will not be in