Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1872-03-18
THE SMASH-UP OF THE ERIE
RING.

hlNOs
The Whole Story az Nutsheu-.State-
naent of One Of the Gentlemen qoho
Planned the Attack- The Near I'oard
wiN Submit to the Voace Of the Bona
Eide Stockholders.
The following account of the Erie rev.
-olution was furnished the reporter by
gentleman who has been conversant with
the plans since the first move was made.
He said:
For years past the management of the
Erie Railroad has been scandal in Eu-
rope The gross imposltions practiced
by those who controlled the road have
been the greatest obstacles in the way of
negotiating our securities abroad 1t
has interfered in the negotiation both of
private and public securities in Europe.
We have been invariably pointed to the
Erie Railway as a type of the protection
foreign creditors might expect in this
country. 1t has been standing Amer
lean scandal, and at length by we'll
matured plan of operations, and skill
full execution of the programme, it is
about to be wiped out.
FORMER FIGHTS
Various attempts have been made by
individual stockholders to break up the
Erie Ring, but all Judicial proceedings
have proved abortive up to this time
The Ring has absolutely controlled the
judiciary of this city. The first great
success against the Ring was gained by
the same firm which has just accomplish
ed its oyerthrow-Barlow, Laroque, and
Mcfarland. Jay Gould had been APP
pointed receiver of the Atlantic and
Great Western Railroad, by which means
the control of that road was fraudulent
ly acquired by the Erie road. After
three months litigation in three differ
ent States the recelvership was abolished,
and thus the Erie Ring was deprived of
its Western Division. The Atlantic and
Great Western was reorganized and
placed on an Independent footing.
THE ENGLISH STOCKHOLDERS
have been the principal movers in the
affair. They have tried every legal
means to secure their rights of property
in New York, and failed The firm of
Barlow, Laroque & Mcfarland represent
a very large ownership of Erie stock
held in Europe. They have been inter-
ested for years in procuring a change in
the administration of the company, that
the road might be restored to the control
Of the great body of bona tide, legiti-
mate stockholders. But until the break
ing of the municipal Ring, which was
closely allied to the Erie Ring, it was
not easy to see any hope of success
The combination of Tammany and Erie
was nearly irresistible, and at one time
the idea of ever gaining control of the
road was all but abandoned. TO appeal
to judicial proceedings, as things then
were, would have been simply idiotic.
ERIE's WEAKNESS.
The breaking up of the municipal
Ring left Erie just so much weaker, and
the representatives of the European stock
determined to take advantage of her
weakness. Messrs. Barlow, Laroque,
and Mcfarland were in correspondence
with their clients across the pond sever
al months ago on this matter. The
problem of how to get hold of Erie was
a hard one even with loss of power in
the Tammany break. 1t was desirable
to do the thing without unnecessary re-
sort to violence, and in legal manner
if possible, but Fisk and Gould were
strongly intrenched in their castle, and
the fortress seemed almost unapproacha
ble