New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-03-05

REASONS WHY ERIE SHAREHOLDERS
SHOULD BE KEPT OUT OF THEIR OWN.
A public meeting was held little while ago
at Elmira to protest against the proposed leg
islation with respect to the Erie Railroad, and
the opposition to the Attorney-Generar5 bill,
at Albany, is now directed in large measure
by o Committee appointed at that meeting
The speeches of these Committeeman illus
trate so perfectly the arguments used by the
Jay Gould clique that we submit fair summary
of them. The Elmira gentlemen object to
guaranteeing the stockholders opportunity to
elect whom they choose, for the following
reasons:
I. Because if the stockholders are allowed
to exercise their own judgment they will make
their westward connections by way of the At
lantic and Great Western Road instead of
through Buffalo. Therefore we must not let
them vote.
.. Because if the stockholders think them
selves wrOnged the Courts are open to them.
Therefore we must send them back to Judge
Barnard.
g. Because stability in the direction is essen
tial to the successful management of any road.
Therefore the owners of this road must not
change their own officers, whether they want
to or not.
4. Because the .present management "has
"given to Elmira her proper rights and posi-
"tion,' and if the management Is changed
"our car-shops and factories are no longer Sc
"cure.n Therefore, :" Let the people speak out
Gin thunder tones" etc.
g. Because if the Classification act had been
in force several years ago, Jay Gould & Co.
could not have got in Therefore let us keep
them in by refusing to change it. CThis rea-
son is SO brilliant that we feel bound to men
ton that its author is the Hon. E. p. Brooks)
G. Because the State of New-YOrk gave
S3,OOO,OOO toward the construction of the road.
Therefore the shareholders, who gave 86,0OO,0OO,
have no rights which anybody is bound to
respect.
7. Because the citizens of Elmra gave the
land for railroad depot, and it is now worth
$4,000. Therefore they have a right to keep
Jay Gould i'll Office against the wishes OF
the owners of the road.
Positively these are the only arguments of
fered at the Elmira meeting, with the excep-
ton of statement by Judge Brooks that the
bill repeats that portion Of the Classification
act which provides that no director in the
Central, Hudson River, or Harlem Road shall
become director of Erie. Judge Brooks is
mistaken it does nothing of the kind; it only
repeals the act of 1869 so far as it relates to
the " classification of the Erie directors, and
the "prolongaton thereby of their terms of
"Of1ice.n
Must Erie always winf On Saturday last,
the Assembly Committee on Railroads, by six
against three, voted to report against the
neal of the Infamous Classification act. Men
who have heretofore been of good repute, have
now put themselves deliberately on the record
as aiders and abettOrs of the Erie Ring. With
Sunday came better thoughts, and the latest
pbase of affairs in Albany shows an intention
of the majority of the Committee to re-
consider their action. These recOmmen-
dations of the Committee, however, does
not forecast the action of the Assembly,
Erie may be stronger with the few in the
Committee Room than with the many in the
Assembly Chamber; but the indications are
already sufficiently alarming. The report will
he presented tomorrow, and in the mean
time we beg every member to note the
unbiased public sentiment. The subterfuges
and shallow arguments of the hired advocates
of the Erie Ring need never hereafter BIO
quoted to Justify O vote to perpetuate its
power. Elmira may protest, and Binghamton
implore, but the People of New-York demand
that the Reform Legislature shall summarily
dispense the Erie vultures.
-o
Tho unfortunata ;urv in the intermin able