New-York tribune., 1871-12-30

bared vhat Mr. Robb wrote 20 tersy In his letter of re-
senaton In 1854, &C.. Of tho anomalous relations ~o
occupy TO our natural ally the Erie Railway ana whch
arc not to be overcome, unless Its policy can DO con-
troed by means OF ascendency in Its Board OF Drec
tors favorable 10 our interests Mcssrs Bschohsheimer
4 Goldscmidt were quite willing to retire from inc o"
Erie Protection Committee, and lend q hand ior INC
protection" of this new fOundline In whose 'rea'" "
many fathers had taken part The lawyers too WHO ia"
not received any OF the contributions from tn'
Heath Raphael combination, found themselves o.
fcred Inducements which prevailed upon them a""
TO accept the responsibilities OF the new
Committee: and 40 all hands connected with the recent
watering OF the Atlantic and Great Western Railway
Couunpy have become cOnservatOrs OF public morality
and are willing ~ especial favor to the sockhoiderS
OF the Erie. that Its policy should bc controed D!
mean, OF an ascenaancy IN s Board VI Drrctors a'or
able to their interests The proposed new bonded ueot
Of the Atlantic and Great Western Railway Company
and its various Of stock Will amount 10 very
nearly tloo tOo0 or very nearly the amount which
repr,.ent. the Erie with all Its magnificent equipment
s it, property in NcwJcrsry. and It's shops sta
tions and appurc Sooner or later this whole
scheme must explode, unless It's organization can
secure A lease to the Erie Company guaranteeing
the interest on tho mnIense bonded deDt' OF
(what they would prefer an actual consolidation OF
stocks of the two roads under aud In accordance with
statutes already existing Is it not time. therefore, tha'
the Erie stockholders should understand, and be male
TO comprehend thoroughly, who constitute these Erie
Protection Committees, and what objects tney nave
in view They may find, when 1t Is too late that with the
mistaken zeal OF the Attorney General anu with the
assistance recently returned United States Minister
and with the connvace Of certnn parties whom have
been offered Inducements which prevailed upon them
to accept the Responsibilities" 10 use homey but very
EXPIRE ssive plIase) they cut OF the fryngpan into
the fire.
Is there no remedy them for the evils. II any there
are, III tho management Of the affairs Of the Com
panyl Most as-uredly. # the bona fde share
holders choose to act with prudence as shareholders
and not ~ stock gamblers. The difficulty Is that for
many years the Erie stock has been football in the
street not only under the present administration but un-
der every other even when such Messrs Marsh,
anier Brdcll and others. were In the Boardof Drec'
tiOn 1t and almost an impossbiify to determine
from day day who the representatives OF ma
joy of the stock and the assertion Is vcntred with
OF contradiction that never has an election OF
Erie Directors held at which bona fde holders and
owners of a majority OF the stock have ap-
pcared either in person or by proxy Let
the Attorney mend his energies to change the
Statutes In reference TO voting Tor DircctOrs OF
"moneycd" corporations 40 that they shall apply to
railroad corporations also. We shall then hnd our
railroads managed and conducted by the legitimate
owners Of the proprietary interest in them. and the
boards of directors will he composed Of men who Will AT
all times ready to study up the great future Of the
enterprises. instead Of a mere momcntary and only
apparent success in the shape OF a declaration OF
dividend. Let this same test be applied also. to the
eocaed Classification " act. and most certainly II
majority Of the bona de stockholders Of the Erie Rail
way Company are satisfied with the present management
or any other management $50 long as 1t shall uhll is
public duties in the accommodation OF travel ana
transportation, the Attorney General will not interfere
to crafty the spleen or malice OF any STOCK
gamblers the cupidity of any foreign capitalists
For 1t must be remembered that railroad Ia public
highway for the public benefit and when the right OF
eminent domain granted to such corporation 1t be-
comes public corporation, and the work has to do
public duty 1t for the Attorney General therefore.
solely to uauire whether the corporation Is promoting
the safety convenience and comfort Of the public, and
whether performing those public duties ana func-
tons the performance OF which constituted the sole in
ducement for creating corporation and besowng on
it franchises SO long these public duties are per
formed let the public officer leave the shareholders To
settle their disputes among themselves without his IN
reference or his advocating side or the other.
Ner- York, Dec q. 1871. WESTERN SHIPPER.