The New York herald., 1876-01-31

reference to the legal complications between the MIL
waukee and st. Paul Company and the Milwaukee and
La Crosse Company II appears 10 have been the
basis OF considerable feeling and tho lawyers on both
sides are actively at work First have the state
ment oi MI. Bangs, counsel OF the company, who do
CNres the opposing claim frivolous" and the suits
speculative" embracing points that need give the
cOmpanS any concern. In reply we have the state
ment OF aiawyer who addresses the chairman Of the
committee OF the New York Exchange tho repre-
sentative Of the@hrd mortgage bondholders and
forth the following facts-Frst that there is not
single question referred TO tho circular published
which has been the subecs of adjudication the su-
prem0 Court Of the United States any other court
Second, that the suits referred speculative
In their nature, because honest men cndeavorne
to enforce their rights Third that false statements
have been published by the St Paul Company Fourth,
that the latter corporation have not as is alleged
deavored to determine the question at law speedily,
and In procrastnatng have resortcd TO devices
Fifth that after full personal consideration OF the
points involved the statements made in the published
circular true because the sale OF the La Crosse
and Milwaukee road the 23d of May 1852 under the
special of the Legislature OF Wisconsin creating
new contract between mortgagor and mortgagee, was
null and void, and has since been decided by the
Supreme Court OF the United States. Hence
all acts performed by the Milwaukee and Min
nesota Company were worthless and the parties
thereto were trespassers Sixth, the third mort
gago bondholders not parties to the
foreclosure and sale Of the portion OF between
Portage and La Crosse because subpoena served
on the president proper Officer because the suit and
foreclosure wero colusive and fraudulent because
"Russe Sage and Others forming the St. Paul Company
let decree pro c0esso be taken against the Minnesota
Company he being interested in such decree, and q
plaintiff in disguise against the company he had
formed and OF which he had elected himself president
Seventh, the ST. Paul Company has other franchise
than such it derived from sale Of the La Crosse
and Milwaukee road, extending from Portage to La
Crosse and the sale Of this half OF the road did
brace the sale of half Of the charter and other fran
chises of any other portion of it. The Of
the charter, therefore, Is, in the opinion of
counsel. a usurpation, for which every party
interested in the Milwaukee and ST Paul Company is
responsible AS consequence the stockholders OF the
personally Liable for the debts and obligations
of the company. Finally, it is alleged that all of these
questions will De tried Gas the counsel for the
Milwaukee and St. Paul road exhaust the scope of
datory pleading and come to trial. which, so far has
been avoided When tried counsel for the La Crosse
and Milwaukee parties expect to the 200
miles which constitute the original La Crosse and Mil
waukee Railroad from the unlawful control OF the Mil
waukee and st. Paul Company. which has moro
right to put a mortgage of sS5 900, 600 the same
than 1t has 10 put like mortgage the New York
Stock Exchange Building" The above imperfect
synopsis but embraces the principal points msde by
the counsel Of the third mortgage bondholders
to the letter OF the lawyer who represents the
Milwaukee and ST Paul Company