New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-10-03
FINANCIAL INCIDENTS.

TO TIE GOVERNOR OF WISCONSIN ON III"
EYY1cr OF THE GRANGER LAw-AN hACokei"N
OPP pAuReAp OFFICERS AROUND THE HAkbVH'
Fer several DAYS past rumOrs OF heavy iaii-
,,.. nava h.en curreut in business circles, each
aay bringing intelligence OF new ono snip
-sns houses have been especially attacked, out
=, thu heavier hrns mentioned none Of them
have actually failed. The strength OF the
stock markcS has been impaired by the smaller failures
and the unouuded rumors Of larger one Yesterday the
failure Of e. Kaufman Co. Of No 90 Broads dealers
In and xportefs cotton petroleum and other product
added to the general excitement The nrm was es'ao
lshed In 1862 with branches at Savannah and Liverpool
A the arm has always stood we'll thar creot was eoo".
and considerable number Of their bills arc UNDERSTOOD
70 he very evenly distributed IN banking circles NO
of assets and liabilities has been prepared IS
yet
From tfme to time during the past week it has been
yoxorted thst Henry Clews Il Co. had suspended These
xopor,s were verified, but yesterday they assumed
each form that TRIBUNE reporter asked the neaa OF
che II there any truth in the rumor Mr. Cews
said that when the firm failed year ago. arrangements
vepe made for the Resumption Of business and with
view 70 enecting this object notes were given ont
come Of which matured AT the present time Ine nrm
Rad not been able mcet some Of the paper maturing
on Oct l. and as consequence, some Of 1t had gone 10
proteet They had arranged, however. for an almost
immediate supply Of money. and would pay al matur-
his Mr. Cews showed kilograms from abroad
am ouncng the negotiation Of securities, and the pro-
curing Of money, which would be available now almost
immediately In conclusion. he said he DAD not con-
cider that had suspended but was doing business as
esusI.
Amass etone. r., who resigned from the managing
frectorship Of the Lake Shore Railroad Company some
months ago. thereby causing decline Of several per
cont on stock been reelected to that position
and has entered upon his duties Mr.. Stone has been
largely identified with the prosperity OF the
Lake Company and his return will give renewed
confidence in the administration OF the road He has
already introduced some reforms whereby the same
train service will performed at OF money
and material.
RUSSELL Sage Vice President of the Milwaukee and st.
Paul Railroad yesterday furnished coy OF Presidep'
Nitchelrs letter Gov Taylor OF Wisconsin, In whoo
he effect Of the Granger law and the course
his Company intends to pursue. The following Is the
MILWAUKEE AND ST. PAUL RAILWAY, J
GENERAL MANAGERS OFFICE I
MILWAUKEE, Sept. rs, 1S74.)
B.s Ere.Ueney ". R. TAYLOR, Gore'nor, de-
COMPANY. sent You q communication on the subject OF
the so-saied Potter law and advising you OF the
in relation and the reasons therefor In that com
Dunieatou stated tina, The Board OF 2a%nsd
and considered by our own counsel ana ny some
Of the most eminent larlsts ID the ismo anu IN
after such examination they are unanimous IT'D 10
their opinion that 1t unconstitutional ana Vod. Inc
Directors
bound faithfully TO discharge their trust ard TO the pest
of their ability protect IL from spoaton ana rum lucy
tnre eonsderato believe it their disregard
said law attempts arbitrarily TO nx rates OF
without precedent in the history OF any State
disastrous In it's effects and wholly uncaed
Under these circumstances the officers OF this Com.
paDy not only believed they were JUSTIFIED but that II
mepts until validity and binding force were declared
by the courts That decISon has now been made. The
hv fs teri I'm
Company within this state and all OF IFS business except
boundaries and to b carried across or through the
ssa p as and
freight business crossing state nne.the
msniiestv unconstitutional that they have not asked
enforce it, But as to our local business
shall Therefore as law abiding citizens at conform
action to said decision and endeaSor TO obey It IN
the United States until the law Is repealed by the
have discovered to change the views therein
tbe question OF lis validity To deal arbitrarily with
question Of such magnitude and to attempt under form
sdeGuate compensentaton, must necessarily result in
failure and be productive OF 40 less unior
tunate to the people Of the State than to
The railroad companies themselves As an example
OF the reasons given IN support OF this law
ofsai authority as to the value the Of this
Company, based the cost OF the half-but and half
equipped lines Of 20 ears With equal justice and
pfOprety might the farming lands Of to-day, the value
Of which these roads have done SO much 10 enhance
he estimated With reference TO their Original cost OF
10 ebillings acre 80 years ago. NO more
money can now be obtained from any one ,
providing of equipment for existing lines and stop
page Of many ana mas
the part OF the st0ckhoiaers In our ran,
nv further advances Of money are now obviously cut
pf for. looking at tue Potter law ana me areu-
that future Legislature may not appropriate to the
ynbc use without equivalent all the dement's new out
We do not seek the advancement Of the interests Of
our Company at the expense OF me other interests OF
lie State and have doubt will soon be found that
any law which dscourages the investment of private
capital in corporate undertakings cannot but eventually
ment Of the State at 4 il be me case when
number OF individuals JOIN their capital and com
work they have no constitutional rights
hut that the very existence of capital subject
The caprice majority OF those annually elected to me
Lcisature it benooves say the least OF it, those hold
ne this unlimited power exercise 1t with the greatest
prudence and and requires no great sagaclty to
the Potter forever stop the investment Of
capital, both by our own people AMI strangers. in
development OF our. State; In view OF the fact
that the income to which tins Company is
fairy aud honestly entitled WILL so long as the present
law remains III force, be seriously IMPAIRED, the ques
cn presents tsef what course ought 10 pursue
vice in respect OF both quantity and kind 10 an extent
dIaWinc from the public the fun facilities accom-
uodat,ons to which they have been accustomed IN
thing near the present service, and submit
70 the loss thereby entaied. would he
with extrcme reluctance that the Directors would
adopt the former course and rather than do so they
have decided TO make for the present large sacrifices
They the readily come 10 TINS conclusion because
Legislature of the STATE Will meet In few months,
and believing they do that the Potter law" does not
mbody the real sentiments OF the people OF the State
regard railroads. they feel confident that wiser and
better will then prevail than those which die
rated that law that legislation just, alike TO the
people and the railroads, will be enacted.
deeply regret that your Excellency saw nc TO regard
the alton April last In de-
nance OF the authority of the state or that position
should represented one OF rebellion against
tau II WA 80 Intended but simply notify