New-York tribune., 1874-05-29
ON CHANGE.

BILr AND AMAsA STONE DENIED - RAILROAD
INTEREsTs-A REPLY TO Mr.. WHITE CIRCULAR.
The general dullness in Wall-st. was varied
yesterday by the announcement OF the death Of
J. Edgar Thomson, Presiden. Of the Pennsyiva
MIA Railroad. and o report that Amasa Stone,
managing director OF the Lake Shore
Railroad Company, had quarreed with Commodore Van
derbit and retired the direction The effect OF the
death Of President Thomson was TO cause considerable
activity IN Pennsylvania stockholm In Philadelpna ana
NewYork There sudden pressure 10 SELL ana tnc
price declined 4I the closing figures of the pre-
vous evening TO 49, but subsequently, reacted to ~
There had been large short interest, and tele-
graphic orders having been received TO sell the stock
down. there a sudden check. but the fear Of =
corner compelled the almost immediate covering OK
large line Of stocks, which accounts FOR the reaction
About 1900 shares Of stock changed hands The future
OF the road has been discounted ALREADY.
and IL Is regarded as foregone CONCLUSION tnat Coi.
Thomas A. Scott will be President
Col Scott became connected with the road about as
years ago, clerk OF a station. He aferward became
superintendent OF a section Later he was removed TO
the office in Philadelphia and l6 years ago became Vice.
President since which time he has served IN that ca
pacty with the exception Of one year during the war.
when Assistant Secretary OF War serving chiehy
in the Transportation Department where his railroad
experience and great executive ability made him vau-
able in moving troops stores &c Of late years ne mas
had under special charge all the leased lines OF the
Company west Of Pittsburgh.
Mr. Roberts who is Second Vice President. will prob
ably succeed Col First Vice President, and Mr.
Krease will become Second Vice President.
The rumor OF additional Lake shore troubles coupled
with the alleged resignation OF Amasa Stone managing
director attracted considerable attention ON the street
IL reported that In the course Of a recent discussion
Commodore Vanderbilt had expressed himself as IN
favor of dividend, TO which Mr.. Stone objected Com
modore Vanderbilt had insisted 1t said. and there
N Mr. had atirad fro
Company. This story. like dozen stockjobOing nven'
of the heretofore on the same subject 10
absolutely without foundation.
With a view to ascertaining what truth there In
the rumor inquiry made OF the principal directors
OF the Lake Shore Railroad Company. Mr.. Robinson Of
Robinson. Chase & Co., stock brokers OF Wal-st, said
he had information the subject but was In
elned TO doubt the Augustus Schell said that
had heard the rumor but knew nothing OF its truth
Mr.. Worcester said that while it not improbable
that Mr. ght tired OF the aruous position OF
managing director yet it was not probable that he
would from the Company, in which he had large
interests As his retirement from the office Of man.
aging director, Mr.. Worcester had information.
There had certainly been quarrel between Mr..
Stone and Commodore Vanderbilt the subject OF a
forthcoming dividend. The matter mad not yet been
broached.
In connection with the rumor of Mr.. Stones retire
ment said that he would be succeeded by j. Condt
smith Of the Dunkirk. Allegheny Valley and Pittsburgh
Railroad. Justice Donohue has denied the motion re-
Gently made the suit of Banker against the Lake
shore Railroad Company and Others 70 compel the
plaintiff 70 elect between his remedies, and TO strike out
the matters in the complaint relation to the eonDec.
tion of the Horace F. Clark with the Lake Shore
road, the plaintiff and Mr.. Vanderbilt.
1t was reported that puts" for 10000 shares Of Vest
ern Union stock at "a expired yesterday.
A company has been Incorporated under the general
laws Illinois for the purpose of constructing ran
Joliet, H., where the Chicago Rock Island
aud Pacific the Chicago and Alton, and the Joliet divs-
ion Of Michigan Central meet northwest 10 Aurora
ILL.,. and thence north TO Geneva. The distance from
Joliet 10 Aurora is about 20 miles, and thence to
Geneva 10 miles, The company hopes 10 induce
the Chicago and Northwestern Railroad 20 extend its
branch from Geneva TO Batavia southward eight miles
to meet line Aurora, aud to use 1t as out
let for through freight interchanged with the Michigan
Central. The line from Aurora TO Joliet the Chicago,
Burlington and Quincy intended 10 build a few year:
ago. a cutoff for the interchange OF through freight
without the necessity OF passing through ChIcago The
value OF line would depend almost entirely on the
disposition OF this and the Northwestern TO use IT. Tie
capital stock OF the company is TO be s509,OoO
At the meeting OF the Erie directors yesterday
business OF Importance transacted. The books fo
the election July Ia VIII close June H. After the
meeting President Watson and William Ii. Vanderbilt
mad a conference at the Grand Opera House, the III
terests OF the three trunk lines.
-
d. smith being called to the chair. The proceeding
were harmonious, and the following officers
CHOSEN:
Russell sage Presidents Geo s. Scott yGePre'ient Rqf@, Hch
Managing lreetor Executive Connuee kus Hatch Smith
rcO T. ~ PARK, F. AeIande' rheO Johnson secretary.
THE STOCK EXCHANGE CONTROVERSY.
The following reply has been made TO the crcalar oi
:. V. White:
Mr. White feeling aggrieved BY decision adverse to
himself made by the Governing Committee OF the Stock
Exchange, publishes letter this morning setting forth
his grievances and the grounds on which he bases them
Tue facts are undsputed as appears 10y the following
On May II Russell SAGE Boar executed prv,
tha d whereby he granted the ht deliver hin
uion Pacac Raifoa Company At 80 few minute. beoe D.
Sriyer ;ne s,OcS H. Offered to eccye It ap to D. NJ bas %
time go 70 the stock Exchange vaults Ba ser r him
offered 10 DO within - minute; hhn
should sell the hs under ulr
loss Ol 5000, aud brought claim before the Ao
Committee against Mr. sage Tor the ON the a Mr.
agreed substance foregoing eallra
Nissan G MILE a. =; p,iesSa % = a. HI'1Saa l. I. Jang q
BY all of them that the custom Of the street uniform AID wen
delivery Tor cash expired "a that sitter Thai hour
say ana that rrdue Mr. sage to nav se for h
stock could he sequ.e the stock oi rh all
Under the foregoing fact, it possible that there can
be auy serious difference W opinion among intelligent
men as TO the correctness or the DECISION Can the
OF custom, however venerable wides espread
operate TO vary the specinc terms Of conracti Can
make p. III. p. m. Can ii diminish or Increase
liability contracts Evidence custom Is properly
admissible to PLAIN equyOcal terms Interpret peciI
liar expressions. By 1t The term cash may proved to
mean immediate payment, ana regular" may be
proved 20 mean payment Tomorrow. But whoever at.
tempted assert before that II could be add Ia
or take from the Liability imposed by weldetned
tract In Mr.. Whites case the hour az which Mr.. Sage.
liability was 10 end liked at 3 y. m. Mr.. White
sought by the evidence of several witnesses 10 prove
that his right 10 deliver that stock 10 Mr. sage was by
"uniiOrm ana well-ienned" custom extended be-
yond that hour suppose such a custom
existed, aud such favors had been repeatedly
and uniformly extended does that invest
him With right to demand IKE favors from
other persons signing similar contracs Tue mere fact
that similar faNOrs are repeatedly shown imposes
obligation on any one who does choose 10 SHOW that
favor himself ine time OF The contract was most
rtanf rtLLl Of -.