The New York herald., 1874-07-07
The Reawakening of Ameri-
can Enterprise.
THE FIRST GRANGER DECISION,
What It Is Worth and What Are
It's Weak Points.

WALL STREET,

The natural result Of prolonged holiday is a
retlcent disposition on the morning of recovered
BUSINESS Prices went of to-day without any fresh
excitement, but simply because people felt that
the nervous depression consequent upon Fourth
OF July celebration meaning tile tired sense of the
next day, did not dispose them Tor ventures as
purchasers. Hence selling disposition during
the day, and at one time rather heavy feeling in
stocks.
THE MOST IMPORTANT THOUGHT
IN the proceedings to-day the decision an
n0unced in the New YORK papers this morning
respecting a case in Wisconsin,, in which the
grangers virtually appeared as plaintiffs, and the
question involved was, Has State any right to
regulate railroad tariffs under its Claim OF emf
nent domain {? The decision Is given in the tele-
graph as lollOws:-
MILWAUKEE July s, 1874
The United States Court at Madison yesterday
morning refused to grant the injunction asked for
Oy the creditors OF the Chicago and Northwestern
Railroad Company, and decided tnat the provision
oil the constitution relating to charters forms
ton. No opinion was expressed as TO the regula-
tion OF freight between states That question Is elt
open.
1t is presumed of course-at least such is
THE PUBLIC ACCEPTATloN
OF this opinion-that 1T was made wholly with ref
erence to State laws and not in violation of the
United States constitutional provision, first article,
tenth section, first clause twelfth page, which
says in terse phrase, "NO State shall pass any law
impairng the obligation OF contracts" The point
made by the bondholders was that they as mort
gagees OF the road had the right under
this section OF the constitution to pro
test against any impairment of the value.
OF their contract with the road in the
reduction OF freights, which meant earnings. On
the other side, 1t is contended that the lien of mort
gage bondholders Is upon the fixed property OF the
road in which they invest not on its income. and
chat their security is entirely upon the road Itself
roadbed franchise, rolling stock and other acces-
nories-but entirely free from any authority to reg
ulate height charges. 1t is
FURTHER CLAIMED
In this connection upon the points previously sub.
mitted that the mortgage bondholders were new or
fairly before the Court in this NATTER as they
not primarily affected, and hence this decision,
and that the stockholders must appear in court as
legal owners, mere hypothetic claimants having
no standing, before this point can be fully
disposed Of Apart from this discussion there was
very little Of interest in the street.
BUSINESS STARTED LATE.
The stock market opened heavy and lower.
There was sudden pressure TO sell Northwest
common which was offered down from 43 to 40al
before any sales took place. This was followed by
q further decline to 4Oh. and a recovery to Az,
common sold from 3s down to 362, against 39T at
the close on Friday; afterwards the stock
rallied to 37K. Northwest preferred sold at
80, and ST. Paul preferred at 561s 81. The
general list was alternately down and up in SYM
pathy with the fluctuations in Northwest and st.
Paul. Early In the day there was general de.
cline OF a to per cent, which was followed by a
rally of Il to 4 per cent The market was very
quiet after the first excitement of the day.
Stocks were weak in the afternoon. Wabash de-
clined from 371s to 3624, st. Paul common nom
BIZ to 81 and Western Union from 74a4 to 744.
Gold has been dull at 1lO11 11014.
The closing dealings showed decline from
y to per cent from the highest point OF the day,
but as compared with the closing prices Of Friday
the decline ranged from Il TO 31S per cent The
greatest activity to-day was In Lake Shore. North
west, st. Paul, Erie, Western Union and Wabash,
while the greatest decline was in st. Paul and
Northwest common, the former as compared with
Friday being down 37s per cent and the latter so
per cent
THE CHARACTER OF TO-DAY's BUSINESS
ls shown IN the following table of sales Of the
nchn