The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-13
FINANCIAL and COMMERCIAL
The Outrage Of Jay GOuld's Election as q
Director Of the Union Pacific Rail.
road Almost Condoned.
A FRESH SENSATION IN ERIE.
An Active Stock Market, Governments
Strong, Money Easy, Gold Quiet
and Foreign Exchange Steady.
WALL STREET,

THURSDAY, March 10 I. M.
The election Of Jay Gould as director OF the
Union Pacific Railroad and the outspoken express
sion OF opinion on behalf of the people contained
In this column this morning produced profound
sensation the to-day. 1t Is very evident,
however, that the feeling that has grown out OF
this result Is one OF snothered Indignation, and
not or the character OF bold. fearless oppo-
sition. 1t was admitted that the baleul
shadow which for so long shed its sombre,
terrifying gloom over the Erie Railroad; which
stood between the toiing widow and the
income she expected from her railroad shares, far
worse In England than here; which for one event
full night encircied the Grand Opera House OF this
city with the palpable presence OF great danger,
had st last enveloped the peoples trans-cOnti-
mental highway, had perhaps wrested the Union
Pacific Railway from the purposes OF legitimate
traf1c and made 1t plaything for stockholders
but there was no help for it. So much for
ONE SINGLE DAYS WORK IN THAT GRAND OLD CON-
MONWEALTH
revered beyond all others for stern watchfulness
OF the peoples rights, even while the ashes OF Its
latest great departed were yet warm with the
lingering instinct OF life, and the author exempar
and martyr OF the party which now rules the
nation, founded by him on the moral sense OF the
people, was yet before the Judgment seat OF
heaven. 1t was great wrong perpetrated, and
the greater that so few there are who dare boldly
volved. and this daring arch-consplrator OF Erie
knew their antagonists too well to be fearful OF
tue results OF his intrigue. He has been success
full and those whom he defeated dread his ug vtctis
A terrorism seems to possess them in the presence
OF this mans name, as though he were another
Hannibal, and they almost tremble at the danger
OF mourning his enmity. Another class are only
too glad to welcome him back to the arena as
ONE WHO HAS THE POWER TO CONTROL THE SPORT.
Aio bohyr tvo<S
pate lively times in Union Pacific stock and ad-
vancing prices, which anticipation was re-
nected in the dealings in the stock to-
day. To this class 1t Is no matter whether
stock goes up or dOwn-whether the
road 1t represents be we'll or Ill administered.
Movement Is all they want, ana this movement
the new director is likely to give them. He kept
Erie pretty lively in his time, and he is likely to
do with Union Pacific. In the meantime those
interested in the bonds Of this road anxious to
create the impression that the calamity is less
than 1t really Is, and would have the world believe
that Jay Gould has been recently converted, and
means to mend his ways. This, 1t is hoped, will
give assurance to the foreign bondnolders that
their interests are safe in his hands, and they
will be the more likely to believe it
from the reports published daily OF the doings OF
praying bands throughout the country, which will
lead them to the conclusion that this great Amer-
can country Is in the midst Of q great reli-
gious revival. which has reached even the ex-
President or the Erie Railroad Then when the
Vanished English stockholders remember
HIS RECENT GREAT ACT OF RESTITUTION,
what visions may they not have OF hitherto un.
paid dividends flowing into their empty pockets
through the consc.entiousness OF this man, whom
the American people in his new born zeal SO de-
lighted to honor. Then too, can the publishers
OF that excellent series OF moral stories
Known as "Claude Melnotte's Adventures" add
another to the long catalogue of their yell
a0w covered library in 'Jay Gould; or, The
Hero OF the Modern Highway. His Life and
experiences, the last especially, in Religion"
Hhere is talk on the street of an EFFORT aside
nhs election, but 1t does not seem to amount to
anything, and In the dulness which now prevails
IN regard to everything 1t Is not probable much
viii be done. Consolation is drawn rom the fact
shat with the government directors, Gould Will
be in such minority as to be harmless. To which
we can only answer, by way OF caution, don't I'M
herrate Mr.. Gould's peculiar abilities. AS If in
sympathy with It's former Chief who had Just resus
citated himself into respectable association,
ERIE FURNISHED A SENSATION TO-DAY
In the announcement that q committee had been
appointed at meeting OF the directors this morn
ting to examine the books OF the Erie Railway Com
pany since the time OF Genera! Dixs administra-
zion, such committee to be composed Of Messrs
Courtland Parker, John Taylor Johnston, Fred
erick Schuchardt, George H. Brown and Herman r.
Baltzer. This action grew out of the resignation
OF Auditor Dunan, who, 1t is stated, has been
hawking around newspaper offices recently a
statement claimed to be correct, OF the financial
condition of the Erie Railroad, such exhibit being
exceedingly damaging. The following Is the OIL
Gal report Of the proceedings Of the meeting:-
At specially called meeting OF the Board OF d.
Tectors OF the Erie Railway Company, held in the
<.lfu nj Nn NJ XnR Nov
Robinson, Brown, Baltzer, Barlow. Duncan john
ston, Ramsdell and scnuchardt. the following pre-
duly seconded by Mr.. Johnston, were adopted
Whereas it is reported TO tins Board by the Hon.
Dunan, late Auditor OF this company, did, at the
time OF rendering his resignation as Auditor, ON
mens in regard to the past policy OF this company,
AND especially with reference to Its accounts, by
said accounts are attacked; and whereas State.
lments injurious to the credit OF this company OF
se same as tn9Se 6y
have been circulated for ten days past BY persons
whose avowed purpose was to deprcciate the
market value Of the stock OF this company and to
prevent the successful negotiation of the COM
Epany's bonds now consummated by the President
Resolved. That Messrs Cortandt Parker, Fred.
erick Schuchardt, John Taylor Johnson, George Il.
Brown and Hermann X. Baltzer, be and they are
hereby appointed committee OF this Board to
examine and report forthwith as to the total
amount of the noating debt Of this company, and
Shat their report as to the same be publlshed and
also to examine and report upon all the accounts
OF the company, from the date OF It's re0rganiza-
tion under General DIX to the present time and
fully investigate the statements OF said Dunan or
o. any other persons who may present themselves
to the said committee to said accounts; and that
said committee be requested to report their con-
Clusions thereon as speedily as possible.
Resolved, That the Directors OF this company,
now present, do hereby reassert TO the st0ckhold-
OF the Erie Railway and TO the public their I'M
limited confidence in The integrity and ability OF
the President OF this company. the Hon. Peter II.
watson, whose openly av0wed policy Is again at
tackled LII his absence by o subordinate through
charges which have already been investigated by
iegisiative committee, and freely discussed IN
the pubic prints for more than q year past and
which are revived Tor no good or proper purpose.
STOCKS WERE MORE ACTIVE