New-York tribune., 1874-07-07
GREAT RAILROAD LITIGATONS.
EFFECT OF THE aRANGERs' VICTORY

EFFECT OF THE CHANGERS VICTORY
THE DECISION AGAINST THE CHICAGO AND NORTH
WESTERN RAILRoAD-A DECLINE IN sToCKs-A
COUNTEISUIr TO BE REGUN BY THE ERIE
AGAINST JAY GOULD FOR A MILLION.
The action of the United States Court at
Madison, Wis, in deciding against the Chicago and
Northwestern Rhroad Company dismayed the "bus"
and excited the "bears" In Walls yesterday. The news
came Sunday afternoon, aud the leading opera
tors gathered at the Fifth Avenue Hotel and discussed
the probable effect The general opinion that t
would be unfsyOrabe to the general railroad interests
Of the country, and yesterday morning there u
strong feeling developed before the opening Of
the Exchange. Tho "Granger" stocks (Chcago aud
Northwestern and the Milwaukee and So. Paul. were
OF course seriously affected. The former which
closed Friday at 43i offered at 4i before there
any sales and after there had been "a number OF
transactions the price touched O but rebounded to HS
Paul sold from 38 down to 3G against 35 at the close
Friday, but afterward reacted to s7i. Northwest
preferred sold &c. st. Paul preferred at S5.
The Of the list declined from to per cent, but
afterwsrd reacted to per cent The final dealings
showed decline OF from to per cent from the high
prices of the day. Northwest closed. 4OS to Al Pre-
ferred Ssh to 59 st. Paul. SCI 36s and Preferred sol
to 81.
The theory OF the bears" appeared 70 be that al
though this decision Immediately affected the Chicago
aud North Western yet II the first meeting in the
campaign which the Changers carrying on
throughout the Union, and which would affect every
railroad corporation.
Application at the Office of the ChicagoIand North
western Railroad In Wa-st failed to elicit any norma-
ton beyond that which had already been published
President Albert Keep absent from the city and the
subordnates had neither facts theories 10 mDart.
As the Milwaukee and st. Paul Railroad Company was
equally interested withihe Chicago and North Western
application was made to Russell Sage, who is one Of
aaafA fhaff tho laafa
aud not violently opposed by the railway interests.
the object to bring the before the highest
tribunal In the country The way officials and proprie
tors thought that they likely to receive airer
treatment from the United States Supreme Court az ID
entirely removed from the local and partisan in-
uences which agitated the several The decisou
far, undoubtedly victory for the Changers,
and subject demanding the immediate attention OF
railroads. especially IN the West On Friday next"
said he. "the Court TO pass the papers for details
Of the appeal to the United States Supreme Court Til
then further harassng action will be taken against
the railroads, this point having been distinctly stated
by Judge Davis" These views substantially con-
Cured In by President Alex. Mitchell, who In the
city yesterday.
There considerable activity in Erie circles yoser-
day. ticket for the directory has been
made up and telegraphed 10 London. Barrett.
Redheld & Hill, the attorneys for the plainun
the suit against Erie, have served notice
upon the attorneys OF the Company which requires
them appear before the Attorney General at Albany
aud show why that official should not prosecute
the suit behalf OF the State. AS the Erie officials AT
tribute the origin OF the suit to Jay Gould, measures
have been taking TO institute counter proceedings
which he will be tho defendant Tho basis OK
the complaint will be the alleged illegal retention VI
property to the value of 81 10000 or 5oooo which tho
officials charge obtained while ho President oi
the Erie Railway.
Erie appears to be about 10 open another chapter VI
tedious and costly litigation the end Of which eah"0'
be foreseen.
The retirement OF Amasa Stone, r from the manaH'us
Dlrectorship OF the Lake Shore Railroad Is an opoA ~
cret which begins to DO generally discussed MI Stone
tendeed his resignation early In May TO take eneeon
tho July ana IL Is known that he retains the 'oH
at present only ut the special request OF Commodo"
Vanderbilt until successor can be procured, al'
stones retirement is OF general regret DON
to the Vanderbilt party aud to the smaller stockholders
along the no who have long regarded him the aDess
railroad man who assumed Its management ITO
retIes account OF his private business aud becans'
of q disncnation to burden himself longer with tno
laborous details involved IN tho active control o srcA@
lirc o, railroad