The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-13

"au autnority over his fellow mas assumed
during six centuries.
The pewaf.l Of tho Erie Rins-The Dssg
OF tho Legislature and Of the Now
Board Of Directors. --.r-ra@ -,
The destruction st!rr"c..Ou OF the once powerful Erie
Ring was Completed yesterday by the resisps-
ton Of Jay Gould as President of tho road,
and the new Board of Directors, with General
John A. Dix at its head, is now in peaceable
possession of the property Of the corporation.
and exercising uncontested authority over
its affairs. 1t is reported that Gould
made attempts during the early part Of
the day to obtain an injunction against
the Dix party, restraining them from
doing any official act as directors and ordering
bis own re-establishment In authority, and did
not decide upon an unconditional surrender
until he found himself deserted by the courts.
However this may be, his retirement from
office was as disgraceful as his conduct n
Office. During the night gang of rufians
had remained inside and outside the Grand
Opera House, evidently ready for any lawless
act they might have been required to per-
form, and were only relieved from duty
by Gould's personal order after 1t became
evident that violence could not be successfully
resorted to against the new directors. When
finally the word of command was given these
last adherents Of the Erie Ring were informed
by their leader, In brief but emphatic ad-
dress, that the Zig" was sup" and then the
desperadoes marched off to divide the money
they had earned by their attendance.
Some anxiety Is now expressed as to the
results that are to follow this revolution in the
legislation to be stopped? Are foreigners to
take supreme control of the road? Is the
Atlantic and Great Western concern to DO
bolstered up at the expense Of the Erie stock
holders, In order that foreign capitalists who
were victimized by the former speculation
may recover back the money they have lost 2
These questions are eagerly asked, and the
apprehensions expressed In some quar-
tiers no doubt take their origin from tho
manner In which the overthrow of tho
Ring was secured. There is natural dispo-
sition to suspect the motives of the men but
recently most closely associated with Gould In
his INSCRIPTIONS administration, and who were
the leaders Of the rebellion against him. But
the character of the new Board is a sufficient
guarantee against any action adverse to the
rights of the stockholders and the interests Of
the people. The directors have already re-
called the power previously given to the
President to issue new stock, and
declared in favor of the bill to
repeal the Classification act and to
provide for an election by the stock
holders of the road. The victory over cor
ruption may not be complete while Gould and
those who are known to have been his instru-
ments in the recent management remain inside
the company's Offices; but 1t Is certain that
while General Dix is President of the road,
and while Mcclellan, Lansing, Barlow, Ira
vers, Day and Diven sit at the directors table.
no jobs will be possible and the affairs Of tho
road will be managed with honesty and
fidelity.
The recent events should not prevent the
immediate passage by the Legislature of the
bill which comes up to-day as special order
in the Senate. It contains many desirable
provisions, and the new directors Of Erie, al
we have said, desire that 1t should become q
law. They regard themselves only as tho
temporary custodians of the road, and
acknowledge the right of the stockholders to
elect their own officers. Jay Gould and others
cannot be removed until the classification
act shall be repealed, and justice requires
that they shall 60. Besides, II the
principle Of classification be good Ct all, The
act passed in 1869 is open to serious objec1
ton. 1t prevents absolutely the removal Of .
director, while the English Classification law
leaves the stockholders free to rem owe direc-
tors by vote at any ordinary meeting. Sena-
tor OBrien's bill, In addition to the repeal Of
classification, prohibits the company from
adopting or enforcing any bylaw or rule to for
| bid the transfer of stock upon any lawful
trust or agency or to restrict the traDsss
fer to cases of change In the beneficial
ownership, and prohibits persons from voting
| at an election when they have parted with
their interest in the stock and are not In pos
session and control of the certificates. These
provisions are proper under any circumS
stances, and the passage of the law Is quite az
desirable, If not entirely as indispensable, now
as before the overthrow of Gould and bis asso-
ciates. Indeed, the recent revolution and the
manner In which it has been received by tho
! people should convince the Legislature of the
necessity Of ths lay, Ind should imparl sn Inn
petus to It's passage. -,
Meanwhile the new directors should
remember that they have duty to perform
that must not be neglected. They are now
in possession of the books and papers Of the