Year: 1866

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Ths Revelation In the Now York Central


Rallroaa-The New Rssime.


The great struggle for the old shoes Of the
late Dean Richmond and the control of the
New York Central Railroad terminated on
Wednesday In the entire overthrow Of the old
direction and the election Of nearly an entire
new board. Only three names identified with
the former management Of the road appear
upon the list Of directors-Messrs. Corning,
Chedell and Whitney. The retention of the
two latter was necessary In consequence Of
their knowledge Of the business Of the old
board. The election of Erastus Corning was
mere personal qualification, and 1t Is said he
will at onoe retire. He would scarcely be sat-
isned TO sit as . minority director in board
over which he ruled supreme for 80 many
years.


There Is . great deal Of silly speculation
going on q to the means by which this result
was accomplished and the eject II is 70 have
upon future interests Some people SEQ in the
election Of Mr.. Keep, republican, for Presi-
dent, the destruction Of a "great democratic
machine" This is oil balderdash. II the road
has been democratic machine 1t has had very
unskilful engineers; for the democratic
party has been run of the track and
smashed up 80 often that ii Is now
= Tot n fat "a hot thn
late Dean Richmond used his power in
the road to control results in legislation
after election rather than to secure party tri-
umphs; and the demoralizing effect of his
management was that it made Legislative cor
ruption an open and avowed business. Other
parties believe that the new direction Is made
only with view to overthrow the autocrat Of
the Hudson and Harlem, and to leave him in .
very helpless condition. Others, again, think
that because the old express companies have
large representation in the direction the
sole object of the new board will be to keep
rival express lines off the Central Road These
are all very narrow views to take Of the great
railroad revolution consummated on Wednes-
day last.


For some time prior to Dean Richmond's
death fight was being made against him by
parties with whom he had come in conflict It
commenced with Erastus Corning and all those
who had been swept away from the road when
Corning went out Of the board. Last year
these forces received an important addition
from the, old express companies, who joined
the opposition because Richmond threw his
influence on the side of q new express enter
prise. At the election for directors in 1866
Dean Richmond secured Vanderbilt's interest,
over the heads Of his opponents, and won q
victory. This made close relations between
Vanderbilt and Richmond, which some
say were not altogether TO the in
terest Of the Central Road; and hence
the fight was this year made against
both the Richmond and Vanderbilt regimes
In the meantime the Wall street operators have
for the past twelve months been accumulating
stock and securing foreign proxies, in order to
consummate what they have long desired-the
transfer Of the management Of the Central Rail-
road to New York.


The new direction was formed by union Of
the Wall street interest with the old express
companies. These two combined found them
selves powerful enough to completely upset
the old dynasty, weakened by the loss Of their
chief, and took full advantage Of their strength.
They have made direction which, so far rs
business energy and capacity are concerned, is
q strong one. Messrs Keep and Fargo are
both selfmade men and possess unquestioned
business qualifications. Although Mr.. Fargo is a
member Of the democratic mongrel State Cen
trail Committee ii IS not likely the road will be
used az q political machine. The new board
will not undertake, with the Legislature prob
ably not over friendly to their management, to
drive any rival express enterprises of their
line Of road The new regime may properly be
called anti-v Vanderbilt All the Vanderbilt
men in the old direction were thrown over.
board. Azariah Boody, the representative oi
the Athens Road, was elected q director.
proposition TO put three Central directors on
the Hudson River Board, and three Hudson
River directors on the Central Board. was sum-
marily rejected. A bonus Of one hundred
thouSduu uoiiuTr, Optcu Wy tue TctHink Seutrai
Board 10 Vanderbilt, as an equalization" Of
the freight business between the two roads
was reconsidercd by the new board. All
these facts indicate an anti-vanderbilt feeling;
but the interests OF the Central and Hudson
River roads are identical in the winter, and
there can at present be no permanent breach
between them.


The real dangers to the public under the
new direction Of the New York Central lie in
. different direction. The Wall street interest
is predominant in the board, and might be
used to occasion ruinous fluctuations in the
stock. The rise and fall of Southern Michigan
is well remembered, and while the position o
the Central is such as TO render spcculations
more difficult with its stock than with almost