The New York herald., 1879-12-03
ECC TRIC ERIE.
Mr.. Vanderbilt Denies Having Any
thing To Do With 1t.
Mr.. KEENE DOES THE SAME.
More About the Great Sale of
New York Central.

answer the question. Through all the days of stock
excitement Erie has proved the most capricious OF
investments. To quote the language of Mr. Frank
Work. which recently appeared in the HERALD
"Erie is an enigma. AS long as have been in Wall
street 1 don't understand it. There is evidently
some strong hand behind it, but can't tell whose it
is" 1t has become a matter of custom to connect
the name of Mr. Vanderbilt with each new vasary of
the Erie stock. When before the election the price
went up from twenty to forty dollars share, Mr..
Vanderbilt was said to be buying in hopes of get
ting control. When. also preceding the election
it fell back to thirty. Mr.. Vanderbilt
was said to have repudiated any intention of con-
trolling the road. Just about the time of election
the stock advanced and among the names of new
directors were found four five who claimed
to be Mr.. Vanderbilt's men beyond peradventure
Then Mr. Vanderbilt made his great sale of Central
stock, admitting the Wabash into common in-
terest. and everybody thought that Erie would go
down. IT did not On the other hand it went up.
and people said that Mr. Vanderbilt wanted to make
market for stock that could no further be Of use
to him. Lastly. within four days, Erie has fallen
from forty flour to thirty eight and hardly man in
Wall street but will upon information ard be-
lief that Mr.. Vanderbilt is either selling his stock
is breaking down the price in order to buy in.
THE MAN MOTIVES.
So much for the street; and for Mr.. Wander
blt. A reporter of the HERALD went to him yester-
day afternoon freighted with all the gossip obtain
able on Change After long wait in the offices of
the Grand Central Depot and after passing through
the successive hands Of several "middlemen." the
reporter ushered into Mr.. vanderbilts Office
The railway king seated behind pile OF letters
high enough to stagger the energy Of ordinary
men, but he glanced from them to the reporter
and said pleasantly. "Wel. sir. what do you want
to talk about?'
'Erie." answered the reporter.
'Don't know any thing about it," said Mr. Wander
bift promptly. Don't own any of it, and have no
interest in it one way OF another"
.But the street says you own some OF it?"
..I can't help what the street says. The newspa-
pers are full Of stories about my connection with
Erie. but can't keep answering them. either.''
.'There is a variety Of rumors the subject"
added the reporter.
..But there is NO foundation for any Of them"
said Mr.. Vanderbilt decidedly. Then he inquired.
'.what is the latest?
,.That you or the members of your family arc
bleaking down the price to buy into Erie
e.'Not so; what is the next rumorT
stock M and are selling it. or trying to- =
mot 30 again. do not own. and never have
owned share Of Erie.
"Never owned 1t in the name OF anybody elseY'
"No, sir."
..Nor controlled its"
.'Then may say that you do not own and have
not owned. share of Erie stock. directly or indi-
You may" said Mr. Vanderbilt.
"May ask If you have ever had any designs npon
Erie or its contro!?" said the reporter.
THE OLD coNUNpRuM
"Can you account for the extraordinary conduct
why. it is all the work of stock jobbers who have
manipulated the stock and used my name without
NaxvY YOrk ria9 Cant fral io fha
best paying railroad stock in the world"
"You have seen the extraordinary course of Erie
latelyT
Eyes. The rumors that was buying it have in
duced the general public to go IN for the same
who is behind it?"
"I don't know. know am not, and have every
confidence in its present management by Mr.
mine have to pursue different policy. That is
natural enough. Every man will save his own life
first But believe Mr.. Jcwett has handled the Erie
property we'll as it could be handled
.'Some OF tho new directors arc said to have been
II have told you there could be no truth in any
such statement. So much had been said Of my con-
nection with Erie that large amount of bonds and
largo number OF proxies were sent to me just
before election"
.sWhat did you do with themY'
Turned them over to Mr.. Jewett. Told these peo-
pie that he was the man to vote for them. I don't
understand how these stories be kept in circula-
tion when inform everybody who comes to me that
''But leaving out the fluctuations. what has kept
Don't know
.'The first consols are selling at ssY'
"well."
'And bear six per cent. payable before anything
| can be paid on the stockT'
THE RAILROADS REFORMED
That's it," replied Mr.. Vanderbilt; but SUD
pose the people have for their faith in
It. And there is doubt about the fact that rail-
have been in the past RAILROADS Will move 1st nsy
| ing rates. They have been cutting another 8
throats long enough" and Mr.. Vanderbilt looked at
tbor from habi md Iost.~
been reading while he talked. as II to say There's
| an important fact for you"
| The reporter then put to him what has been ac-
cepted the street the reasonable theory Of
his sale of Central First that he compelled the op-
board. and next that they compelled him to dispose
OF some of his stock before they would mako q COM
| binaton.
''Combinationy y exclaimed Mr.. Vanderbilt. ..I have
| made combination"
.'Then say connection. You formed &C aconnection
| mo. did not. did not deal with the Wabash
| people ! sold my stock to some BANKERS and they
formed syndicate. did not sell it to buy Erie nor
because was Obliged to do IL. It's the best stock
in the world. but thought had too much Of IL. A
man is foolish to put all his wealth into enter
prise. no matter how well 1t pays. Don't you think
so2 and Mr.. Vanderbilt laid aside his glasses and
settled back in his chair IL prepared TO squelch
any that the reporter could produce to the
contrary
Even II it is the best paying railway stock in the
eyes. even then. Now. have been buying great
| many government bonds lately. They pay four per
| cent, while Central pays eight Looks like Q big
| sacrifice OF money don't it But don't consider
| IL is So"
'Did you scll your Central as a measure of pru-
| dence T'
Eyes. and yet hardly prudence either. That is
not the word. don't want you understand that
was afraid OF holding Central On the other hand
1t Is the safest kind of Investment. II the Wabash
people bought it that is their business. told tho
Morgans that would sell. had heard that the
Western railroads were looking for outlet by way
of Baltimore or Philadelphia, and that of course
would have been bad thing Tor me- IL would for
Now York"
DISTINCTION AND DrYFFRTHcE.
"Then you had the opposition In view when you
agreed to scll?"
wealthy. high standing men--not spectators.
thought IL would be dvantageous to the Central
to have such people Interested In it's management.
The Morgans made up syndicate and then showed
me the names don't believe no strong syndicate
was ever formed before, here elsewhere. The
Wabash people ge. s5.500.OOO worth OF tho stock.
As said before, made combination. but OF
course they won't be likely to do anything to injure