The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-01-15
WALL STREET NOTES.

WESTERN UNION AND ATLANTIC AND PACIFIC
IMPORTANT MOVEMENTS IN ERIE-FREsH RAIL-
WAY LOANS IN EUROPE AND THEIR EFFECT ON
GOLD-ACTION OF THE PRESIDENT ON TILE NEW
FINANCE BILL.
The curiosity in telegraph circles concerning
General Eckerts resignation rom the western
Union Telegraph Company was partially relieved
yesterday by the action OF the directors OF the
Atlantic and Pacific Telegraph Company, at a
meeting OF whom General Eckert was elected a
director Of that company, and subsequently its
President In this connection it is but justice to
state that Marshall Leferts desires the withdrawal
Of his name IN any discussion concerning General
Eckert's succession In Western Union. inasmuch
as he claims that hts present position as President
OF the Gold and Stock Telegraph Company is more
important than subordinate position in the
Western Union, and far more remunerative.
ERIE AGAIN HEARD FROM.
A meeting Of the Erie direction was held yester.
dav in the new quarters down town, at which, 1t
is currently stated on official information, snOtn-
ing but routine business was Transacted 1t Is
learned however, on good authority, that com.
promise has been reached and Is under considera.
ton between the present direction and the oppo.
sition Familiarity crystaized into concrete form by
the title of Jay Gould, whereby all the pending
suits against the Erie corporation would
quickly De withdrawn, viz. The Angel suit"
the proceedings OF MI. Dunan and other itiga-
ton. The suit against Gould for 81, 20O 600 TO
be withdrawn upon that consideration and on his
payment OF s750,OOO The quality OF this payment
was also explained to be "s1, 900, 900 in United
States Express Company stock, $25o,OOo In opera
House property, and about $500, 900 OF other out
standing liabilities" IL will be seen at once that
here the narrative becomes mixed concerning
amounts IN the 1.tering process by which infor-
nation of this kind obtains publicity in advance
OF Official statement but enough is apparent to
carry with 1t the conviction that the announce
ment made here in December that the New Year
would witness the termination OF all the then
pending Erie litigation is being developed into
results. With Erie relieved OF this incu.
bus OF hostile party seeking to embar-
lass Its management by persistent appeals
for legal intervention In legitimate details
oil business with which the courts have really no
equity right to interfere, there Is clearly great
future before this road, and 1t Is only truthful to
say that TO the new President, Mr.. Jewett, Mr..
pros pect mostly due 1t may be added that. late
IN the afternoon, all suits against Erie had been
Withdrawn positively, and such Information was
sent to LonuOn.
CONSOLIDATING OUR RAILROAD CREDIT.
49,, IL was announced on the street yesterday that
the Illinois Central Company has recently nego-
tlated In Scotland, through Messrs j. S. Kennedy
Company, oil This city. loan OF f500,OOO to
take up the same amount OF sterling bonds due
In London on the LIST Of April. The new bonds
bear SIX per cent interest, and have twenty years
TO run. This company has In sinking iunds
S2,135,0OO, TO pay the balance Of the construction
bonus winch also mature on the LIST OF April.
the original debts OF the company will then be
paid Oh. with the exception OF x2.5oso0o SIX Der