New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-02-23
ERIE VULTURES.
WHAT BECOMES 00P OF THE srocNhoNDh'N'

hM~ uoHsrS-Uow TIE SUBSTANCE OF
THE ROAD Is WASTED.
The food of petitions pouring INTO INC hUo
isature from along tho line OF the Erie h'au ,
AGAINST "foreign mOloDosts." ana praylnS io' -.
,ont,on n, tine present management, naturally a'u"'
attention 10 the peculiar beauties OF TINS mana 80,
I, 20 unuauaI thing for the majority OF the dreo''''
of n railroad company to he at tho same tiin' 'S ~,
Dloy6a but this is the unique system preN"'"H 20
Erie Road There NJ present fourteen "i'c0''' -,
Of whom are regular employees, namely Jay douin'
dent O. II F. Archer viceTrcsdent Agent ana fIslE"'
Contractor; F. A. Lane, Counselor; JUSTIN p "'
,rroasurer H. N Otis Secretary; John Hiltoh EuF,"'
and Member of the Auditing Board, and George - '
Purchasing Agent. The remaining si'eh' WI" r.
haps one exception are engaged In Su'n p",''s r
tons "a largely depend on contracts WI" wv
their enormous yearly profits ,,
Homer Ramsdell of NewDurgh, VINO WIS Jo''o" 49,
, nresidenoy of the road n number OF years SINCE Is
now director. and has contract with inc ro'u ioi
TRANSPORTING way freight In his own ears ana nods VI"
Newburgh. . rst
Dr. Edrdge OF Elmira one OF the directors IL rI''l
don't of Law Coud's ron-wOrks at Emira' ana IS known
IA have nroatale contracts fer furnishing supphes
IN tbe road Director OF Jersey CITY Is INC prln
cipal owner Of the Northern Railway OF Ne"'''i',!'
which Is leased to the Erie Road. This railway "i'"
had never paid cent OF dividend, was purchased 10y ss
SON Gould Coz the entire amount given Tor tho r"1u
and stock being about S5OO00J most OF which was nald
nv mortgage on the road It then leased hy these
men 10 the Erie Road which pays in return per cent III
teres on 81 100000 double the cost OF the rOad hy
this opcraon il will be that the purchasers secure
Mt least 16 per cent interest their venture out OF tie
legitimate profits OF tho Erie Road jay Gould and d.
rector Henry Thompson OF the Eric Road are also Ill
rectors OF this road and share its profits
Director Johu Gansou OF Bulio is attorney for the
road.
Director NJ r. Simons /, manager OF the EarTasansctt
Steamship Company which, under its recent o|Aershp
has been advautareousy associated with i.ie
Director Henry Thompson ia ono OF the Amazing Io-
mttce and reported to Interested in contracts on the
road he also Of and Eric Road and
brother-iraw Of Mr.. Edrlge, the former President OF
| this road, who made most profitable bargain win
Fisk Could far every one Interested except inc
! Emo stockholders, was concerned Mr.. THOMPSON IS
also associated with Gould aud sisson In the pohs de
rived by bleeding the benefit Of the Northern
Railway OF New jersey, and Is spoken of generally as
| one Of the slrcwdcst Of the Eric managers.
TheromainlDg member ofthe present Board Directors
is Mr. Henry Sherwood gentleman Of whom little seems
to he Known excepting that he is one of tc multitude OF
per suasvc individuals who dcyons thor time ana
energies and II is said, the money Of the Erie Road 10
secure the defeat OF the reform measures now pending
| ia the Legislature.
Thus II Will be seen that AT least Of the u directors
have other relations with the road than those OF mere
directors ana that they annually divide among then
selves large OF money derived ffOih rOld "".h
for }earo has Deen unable 10 pay LIS -, ~ cs ~
tinguished public bcnefacNrs have rs"n In few years
Sr nnverty or moderate wealth 10 tle position ii
Iiouares. Several OF them III addition 70 the positions
above named st other means Of increasing their
! revenues from the road.
After n railroad is built ma placed in thorough running
order the chief ~ expense is found cdcR year ~
the necessary repairs 20 the track end rolling soc -
make TIT repairs as econoahcay as Pos"inie IS
factories superntenred ny experience
saving for the stockholders of the road the prohs %ch
Gould & Flax obtained control of the Eric Road they saw
this Opportunity for personal ager1ndzcinent 5u wan
cceded 10 incorporate the EllnrI Iron and steel Rolling
FIJI. S r Jpy Could Henry w. R1hbun ami George H.
Diyen. What design OF the Company was, as Tar "a
the certificate of Incorporation filed in the Office
Of the secrGtary OF siatef hle fSIImed are as
follows: The manuacturo of piSiron from the
OF merchant bar iron the manufacture ami re-roiag
INC ~ mikes and nails i has Lsru already mon
toned, Director Edwards Is the Presic Of this
which the honest President OF Eric used his official
PG %n 10 afe none o[5l T i'm o The Ell Feng
Company; Of several Oil Rings IN which tbs men
Jay Gould, Henry Harley, Russell ". Burke aud
! George = Fowler. The object OF this company
Gum, and the facilities Afforded item ~ the Erie Road en-
nhed them 10 ruin many companies less iuvOlaby ST
uated and to obtain almost a monopoly OF the business
The Brooklyn Oil I.etnery, in which Stokes was inter
ested was a similar corporation and the disrraceful
dIs5Olute associations formed there by stokes led d
rectly 10 the assassination OF the Eie NlccPrcsdcut
who had his tcmptr and evil genius. and seemed
determined accom- pish his ruin President Gould IL
also to be probably interested IN the llo
and every other branch Of business conducted over tho
road He Is President Of the "TOwania Coal Company"
Of which director OILS is cretary.
The example OF tho President las been initiated by the
other directors ViccPrcsdcnt Archer, pr0Gtmg ~ lis
extracting large profits from the freight business. lie
obtained rom his ConledcTdes contract Tor zen years
FOR handling all he freight Of the road between New
York and Jersey City. Already from absolute poverty
he las 10 he millionaire, ana has several years
more OF profitable in prospect under Lis contract
Director George G. Hall Is one OF the corpOratos #
the jefferson Car Company, having nominal capital
stock OF 81 10000 OF which SO0OOJ cash This
ana the Union Car Company supply the road with
10 their great pecuniary advantage and the de
said that many of the reported by Superntcnl
ent belonging TO the ETie Railway In reality belong
De turned out Vi their fat offices the road they
claim their cars aud thus cripple the road much
10 practically place 1t III their power Director Hall il
Cnm1anv tte oberis NJ Virh nre :, ,ri,ing coal ana
buying, selling, and Transporting coal and peat Of all
kinds" The places III which the operations OF TIE Com
pany are TO be carried on are the city aud County OF
NewYOTk, "ulthough II is intended that the said Com
pany shall also do business In any part OF the United
States The persons named ns associate trustees ~ this
A. SchOmp the latter being in tho Office Of David Dudley
| tercsts Of that notorious Erie cOuuselor
While the MANAGERS OF the road have been thus apprO-
pTiang the profits their example has been copied to al
vantage by most OF their subOrdnates who have like
wise discovered means OF making the road pay tribute 10
| their genius. The Union Car Companvb 10 which
reference has been made above, organized in 1870
by benjamin W. Blanchard, General Freight Agent of
tie road This gentleman receives the Ieagcr uitnnce
5000 per year for the performance OF his official du
ties and. by the practice Of economy has managed ia
Inc course OF rev years 10 save some $4,000 or more
ID. Rucker. General superintendent tie Erie Railway
Harley and Elisha 4. Buck The objects for which me
Company formed are he manufacturing sposing
Of railroad freight cars the capital stock S5OOOO0
which not to be paid in cash. but consist of tho
and other property OF which the Company becomes
tho possessor and owner. Mr. blanchard il
| also cOrpOratOr OF the Erie OIL Car Com.
pany." the objects Of which , are SIMILAR to the
Agent, "A ma