The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-02
The Eric OBSERVATION-DISCLOSURES De-
veioPmcnts and Practical suggcs-

The Erie NEUTRALITY-SUSPICIOUS. De-
veioPmcnts and Practical sugges-
lions.
Some curious facts were developed before
the Erie Investigating Committee yesterday.
Mr.. Archer, the ex-vice President of the road,
testified that the rolling stock and track are in
very bad condition and that the present man
agement is doing little or nothing to improve it.
In the fire last year twenty -seven engines were
damaged more or less, and but few of these
have been repaired. He repeated the state
ment that the dividend recently declared had
not been earned; that it had been taken out
of the new loan negotiated by Bischoffsheim
d Goldschmid aud had increased by SO
much the indebtedness of the company; that
it had been paid at the instance of the English
firm and was stock jobbing operation;
and that, in his opinion, the money ought to
have been expended in putting the track and
rolling stock in proper order rather than in
paying an unearned dividend. Mr.. Watson,
the President of the present Board. occa-
stoned a sensation by producing book pur-
porting to have been discovered in the Erie
Office, showing large disbursements to officers
of the road, to lobbymen and. in some in
stances, to legislators, during the Fisk and
Gould management as far back as 1868.
Some OF the items were certainly Of sug-
gestive character. and the only wonder is why
so tell-tale an account should have been kept
at all, and how. If kept it could have been
left behind by the parties interested in keep
ing its contents secret.
But while this little account book is of
singular interest, it should not be suffered to
divert the attention of the committee or of the
people from the really important business Of
the investigation. The Fisk and Gould man
agement is not now in existence. It was con-
demned by the public voice long since, and
has been removed from power. It does not
now hold in its hands the control of the
affairs of this abused and plundered corpora
ton it is not now running the road as sort
of stock-jobbing placer for foreign specula-
tors it is not accused of paying fraudu-
lent dividends for the profit Of Eng
lish stockholders and of suffering
the American people are interested, to go
to ruin to the inconvenience and danger of the
travelling public. It is not accused Of bribing
the Legislature Of last year, one branch Of
which is still in official existence and subject
to the laws Of the country. This Fisk and
Gould management was doubtless bad enough,
SO far as financial plumber and legislative cor
ruption are concerned, but it has paid the
penalty of its offences and the Legislators it
purchased in 1863 cannot be reached.
We would, therefore, suggest to the commit
tee that it should direct its attention to the
present management of Erie to the discovery
whether the money paid to install the reform
ers" has been taken out of the treasury of
which they thus obtained possession,
either directly or indirectly whether the
road is now run in the interest Of
foreign stockholders and Of q connecting bank
rupt road whether dividends ore fraudulently
declared at the demand of foreign spectators;
whether the reform directors have bribed or
helped to bride legislators now in Office. In
order to aid the committee in this latter OBJ
ject we desire again to inform them that at a
meeting of the Erie directors held on April 8,
1872, resolution was adopted to pay seventy
five thousand dollars to lawyers and others
for services rendered at Albany in securing
the repeal Of the Classification act and in
aiding to install the present direction. To
what parties and on what accounts was this
large sum Of money paid? We would further
suggest that the testimony of Mr. Diven should
insure the investigation of the New York Gen.
trail Railroad, and the immediate examination
Of Messrs. Vanderbilt and butcher Let us
have all the light we can obtain on the old
transactions of the defunct management and
of dead legislation but if investigation for
the correction of existing evils and the pun
ishment Of live offenders is to be had, let it be
made thorough and not rendered mere
farce. Let Messrs. Vanderbilt and butcher
| take the stand.
| The EXCITEMENT IN WALL STREET greatly
\