New-York tribune., 1877-01-05

,h, GREAT freight depot in Hddson-st., on site
which cost a million, of the FIRST OF his great
nub'c works The adoption of the four-tCaea system
was the last.
THg GREAT FIGHT OVER ERIE
Nh. Vanderbilt was master of three railroads The
,o,ocs Of the Eric would give him absolute control
of the railroad system of the state. Hc went into
Wal!-st. with prestige powerful as his millions
20 grasp the prize aud make 1t his own. There
o,lg one man la New-Yofk who had the brau, nerve,
.nd GINNING to outwit him, II was Daniel Drew.
Al the outset Mr.. N&nderbilt's success seemed TO
be foregoae conclusion. Ricbard Schell is said to
have induced hm to take the first steps. He formed
m alliance With n Knot of Spectators who had con-
tr,l Of thc Boston, Hartford and Erie Railroad and
forced tbc willy Treasurer of Erie to IL terms.
The two antagonists met and determined upon a
bold stroke 10y which Mr. Nanderbts allies were to
bc forced ont of the Hrio directory, and Mr.. Drew
was to be restowd 80 his place on the Board. They
were 10 cooperate, moreover. in giving the market
an upward tendency, and M. Drew was to represent
Mr. VandcYbts interests. kIr. Drew soon gave
proofs Of his tcacery, and the representatives of
The competing lines were unable 10 sugcC st basis
COR the consolidation of tle two reads. There was
o,ly one thing to be done Mt Drew mast he
"cor!crcl." ." and that was 30 easy thing to do, for
he kept ElC stock on tap, and WAS always ready TO
,.,u, more. IlOstiliies opened with fusIlade Of
iyiuucticns /. Judge Barnard cnjoned the Erie
Directors from issuing any new stock, and ordered
Mr Drew 10 return 70 the treasury onefou!th OF the
c9u,ial stock. 2. Judge Bdcom of BnghamtOn or
d,red stay of proceedings before Judge Barnard.
3. 4 Nsw-York Judge forbade auy meeting Of the
T,e Board unless Mr.. Yanderhiit's representative
ger, restored TO his seat. 4. Judge barnard for
hidc the directors TO convert bonds into stock,
.. Jude Gilbert on the ground that there
=
b.n party, restrained them from further proceed
ip., onleied tho directors TO proceed with their
ducs and left them at liberty 10 issue more stock.
II the uIdst uf this injunction tanglr fifty thousand
shares Of new stock were issued by the Erie Board
and >urrrpiitiously placed upon the market Mr
Vanderbilt. thinking ihat Mr.. Drew was mt the end
Of h,s tether. bought ali the stock before the
trick was discovered Erie Suddei,ly fell from s3 to
H. Mr. Drew was not " "c0rncrcd,' and MT. Wander
bl;'vas on the brink Of ruin. The Erie directors
beat quick retreat to jersey City TO avoid Judge
BaIuarjs orders OF arrest, but tnry carried with
them seven millions of the Cemnod0Tes money
Two of them arrested; but Fisk and Drew
o,.ucd an office across the river, divided profits, and
tarued over three millions aud half into the Erie
t-,a-ury The Withdrawal Of much currency
from Wallst. caused strinccncy, and Mr.. Wander
bill with ms hundred thousand shares OF Erie. had
T. summon all his uerye 10 hold his own. Judge
Barnard was IN a rage. and tle most extraordinary
scenes with which the of any land have ever
been di>graced We're enacted during the next SIX
months. There were iujuncticns and counter in
junctious: areccivcrof the hundred thousand shares
WAS appointed By one judge aud his hands were
tied BY another; he resigned, Peter b. Sweeny sue
c.clcd him. and, after accomplishing nothing was
allowed ~ so 900 for MS services; the bottom fell
out of the contempt proceedings, and the Erie lit-
CATIONS fell into a hopeless maze.
The scene now shifted to Albany, where an inves-
ti,iiion OF the Erie Railway ordered. The Erie
rciuccd its freight and passenger rates. raised the
crg of monopoly, and sent Jay Gould to Albany TO
look fter ito interests bill legaizing the recent
Is,ue Of bonds and dcvOing them To the operation
aud completion OF the road was passed after dis
graceful session, Commodore Vanderbilt uneXpcCt-
ely Withdrawing his opposition tOit Meanwhile Mr..
Vanderbilt was loaded with Erie stock which be could
not sci, and Mr. Drew and his associates were
prisoners at Camp Taylor in Jersey City. judges
au} legislators ha been powcrless 10 end this stock
iobD;ue feud and Mr. Drew and 3lr. Vanderbilt
wen finally compelled u settle theiT quarrel them
selves The details OF this curious adjustment are
Tim, recitcd hy Mr. Charles Francis Adams ir, vino
ls5 made this Chapter Of Erie" specia! study
"C0anpdore Vanderbilt was relieved of $1,000
Shares Of Erie at 20, receiving -, 800 coo in cash
and II 2jQ coo IN bond, of the Boston, Hartford
and Erie al So He was to receive a further sum of
$1,000 900 outright con,ld,Iati for tiic prV-
lege the Erie road tiids purchased of calling upon
him for his remaining $4,000 shares at 40 within
four months. H. was also 10 have two seats i'll the
Board Of Drect0ls' In return for this indemnify
which came out of the Erie Treasury, MIR. Drew and
the Boston party, headed by Mr.. Eldridge received
corresponding advantages, and the control of the
Erie passed into the hands Of Jay Gould aud James
Iisk jr
Mr.. Vanderbilt resolved, TO use his own phrase
"to let them blowers alone" As he himself re-
marked during the negotiations for peace, ne could
easily enough buy up the Erie Railway, bat he could
hot buy up the printing press If he had gained
possession OF the road he would undoubtedly have
used il mainly as a freight line and the extra tracks
the Central would never have been laid.
WALI@~T. OPERATIONS.
Commodore Vanderbilt's operations in Wall-st. Of
late years have not been conspicuous as the
Harlem coruor and the Erie contest. Fc has kept
ont Of the street. Daring the "beai" operations OF
l,6J his stocks sank lower aud lower unth his
hicads begged him TO go 10 the front. He went
down o. tne Bank OF Ncw-York and directed the OPP
eraii0ns OF Lis brokers in person. His presence III
the street however awaited little His orders were
gwen quite ostentatiously and messengers were
kent busy but his stocks Went down. Under the
pressure Of the Black Friday disasters they sank
Std lower. in 1872 be began Obuy Western Union
With lis strpus capital. After Mr. Clark's death he
had TO sustiiu Lake shore stock and this he did To
tht best advantage by taking control Of the manage
Icrt of the road. The Central, however, was his
ia'one stock. His faith in this property was strong
Buy Central OF Hudson River and hold on 10 IT,"
was the advice which he always gave to his friends.