The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-03-09
ALBANY, March 8, 1916.
The Hudson River Railroad Company-Gsneral
Ld,c for the Rebuilding of Railroads.

ALBANY, March 8, 1916.
The Hudson River Railroad Company-Gsneral
La'c for the Rebuilding of Railroads.
understand that Gen. F. White, one ofthe d.
rectors of the Hudson River Railroad Company,
arrived in this city last evening, with report of
the directors, containing list of the names Of the
subscribers to the capital stock of the company,
together with certificate that the whole amount
OF $3 600 900 was subscribed before the LIST inst,
and that the ten per cent on the So, ,OOO,
amounting to $30l $50 was paid in by the sub
scribers. These papers were filed in the Comp
troller's office by Mr.. White, on behalf OF the
company. IL appears that the company are a
little embarrassed. In the Senate, this morning,
Mr.. Beekman presented a curious petition from
Rowland, Allen, Boorman, Heoker, White, SUI
fern, Kelly and Derlain,) praying for an amend
ment of the charter. The directors remark in
their petition, that " the well known unsettled and
uncertain state OF the money market during the
past year, together with the various opposing in
tuences to which your memorialists forbear more
particularly to refer, presented serious obstacles
in the way OF subscriptions tor the large amount
OF stock required to be taken"
The petitioners then proceed to remark that
the attention OF the Commissioners has been
directed to the justice and propriety OF allowing
interest on instamens paid IN on the stock during
the progress Of the work. as part of the necessa-
ry costs Of construction, and of making it one Of
the conditions OF subscription" The petitioners
then attempt to demonstrate the proprety of al
lowing interest on nstalments, and acknowledge
that I" the commits ,iOners, feeling confident OF the
legal right, as well as the equity and justice of
paying interest on instruments, did not hesitate
to make tia condition on which they have received
| subscriptions TO the stock Of the company"
| The petitioners thcn, preliminary to their APP
peal for an amendment of the charter, say that
it would be as disrespectiu unjust to the past
stringent limitations imposed as to time, were on
their part intended to destroy the charter, and
thus, indirectly defeat this great work, for the be-
netit OF any opposing interests nor could the rigid
made within certain limited periods, have been
designed by the Legislature to occasion unw:se
and nasty OUTLAWS, or wastefill extravaganza.
The petitioners, alter considerable parley,
finally arrive at the point which they appear TO
be anxious to carry. They say, that in order to
obvate an apparent ambiguity in the original
act, your memorialiss would call your attention
to the provisions OF the tenth section (of the act
creating the company directing the appointment
Of eighteen appraisers, and requiring all vacan-
cies to be filled in the manner provided, in case
any of the persons designated neglect to serve,
bur subsequently,, III she came section authorizing
| twelve Of them in case the whole shall not ap-
pear, to actin the premises" Your
memorialsts ask that this ambiguity may be re-.
| moved by requiring only such vacancies to be
filled as may be necessary to secure the action Of
twelve jurors for the appointment"
In the act Of incorporation, director in this
| company is prohibited from being director in
any other railroad company in this State. The
petitioners doubt the expedcncy OF this prov-
sion, and ask for its repeal. They conclude
with humble prayer /" Tor the passage of such
an amendatory act as may DO tit and proper to
carry into full effect the objects set forth In this
memorial, and especially to give them authority
to issue such additional amount Of stock as may
be necessary to meet the payment OF interest on
instalmeuts paid in during the progress OF con.
structon, and to grant such u short extension OF
the times limited, rs may be found Indispensable
for making the first expenditures of capital"
| The petition was referred to the committee on
/ railroads
| The act to authorize the several railroad com
panes OF this State 10 raise money tor the pui =
pose Of substituting the heavy iron rail for the
| Hat bar rail now IN use, which was introduced
into the Senate by Mr.. Williams, authorses the
| directors of the several companies TO borrow any
| amount not 10 exceed $4,000 per mile on the 80
| curlty OF the several roads ana appurtenances to
carry out this object. The bill imposes penalty
| in case the companies do not commence the
work before the iirst day Of January, after the
passage Of the act. In case the work is not done
the companies will not be allowed 10 divide more
| than three per cent per annun on tao capital
stock paid in for the present year, lS47 nor more
than one per cent per annum Tor each succeed
| ing year; the surplus dividends 10 constitute a
sinking fund, to be applied to the laying OF the
| heavy rails. The neglect or refusal OF the com
| panies to substitute The heavy rail within three
years, will be deemed to work u forfeiture Of theil
| charter. The act to take effect Immediately
| This bill is in charge of the Railroad COMMITTEES