The New York herald., 1868-03-25
THE STATE CAPITAL.
SPECIAL CORRESPONDENCE OF THE HERALD.

Passage of the CrOsst0wn Railroad Bill.
z ALBANY, March "a 1868.
TIE NEW COLLEGE or Tfik Tiffifk Cry or NEw YoRK.
The Assembly bill ito provide for the erec-
OF new building for the College OF the City OF
New Srk' was (by special resolution, introduced
by Mr. L. D. Kernan taken up for consideration last
night In Committee of the Whole. determined
opposition was manifested against ordering
the act to third yeading by Messrs. QUINN
and Bergen Mr.. Kieinah advocated the measure
stating that the present buong was in very un-
safe condition, and entirely unsulte, 10 'ne ooects
for which 1t was intended. ue also rea. ietIer
signed by the entire faculty of the institution set.ng
forth that at the time the present edice erected
there were on the register of the Academy only one
hundred and forty-three students, while at the
present time the number ranges between eight
and nine hundred, and that the accom-
modations there are wholly insufficient now
Mr. Kernan also referred to the great benefits which
the Free Academy conferred upon the public, and
especially the unparalleled advantages which 1t
opens to the children of the poorer classes He
pointed with pride to the fact that the graduates OF
that college had taken high rank as instructors
lawyers, civil engineers and clergymen, and refer
ing to the memorable services which some OF tile
alumni had rendered during the late civil war; He
trusted that factous opposition would be allowed
raising by yearly tax the sum Of $4,000, to
pay the interest on bonds to be issued
and payable in twenty years, and that now when 80
much money is needlessly squandered for improper
objects it was but right that this amount should be
devoted to the purposes specified in the bill. He
consdere money thus spent well invested, mas
much as 1t yielded its revenue in the worth and in
telgence which 1t contributed to the body polite.
After protracted and spirited debate the bill was
finally ordered to third reading by the following
vote:-SiXty-siX in the affirmative and twentyscven
in the negative or course there is little doubt that
the act will pass the House when 1t comes up for
third reading.
TnE CONTESTED ELECTION CASES.
There have been no new developments In the con-
tested election case Of Clausen versus Van Brunt.
The latter is republican, but, sngularly enough. in
the present controversy he Is sustained by he Ter
ence Farley interest or cup town, eass side"
No further progress has been made IN the Sherman
Smith case. John W. Little, prominent c'ti-
zen of Newbnrg and Register in Bankruptcy for the
Eleventh district OF this State testified that he had
made tally OF the ballots and that the sitting mem
Der was elected by four votes Is o0ngnt .as M
FREE FLOATING BATHS IN NEW YoRE.
The following Ia Mr.. NJ G. Murphcy's bill to pro.
vide for free floating bathing houses In the city OF
New York.
vsI s5oTcs T The Street q Che city Of New
floating bathnr houses IN the city New ork and the
Of he c New os shan draw
ms for the h h or @ Wien
pats OF have been duly performed under the requirements
= Sec. 8. This act shall take effect Immediately.
rHE FAST SIDE MARKET.
Mr.. Quinns bill relative to The commissioners for
the building Of public market at the foot of East
sixteenth street, was reported faVorably. The bill
provides for the appointment OF two democratic
commissioners in place Of two republicans, whose
e er Ye on S n Of
market which is now about half finished IL also
takes the letting and leasing OF the stands, &c out
of the hands OF the commissioners and gives the
power to the cly Comptroller, this being the most
Objectionable part or the orig nal bill.
THE CROsSTOwE RAILROAD BILL PASSED.
The vote in the Senate last night defeating the
Crosstown bill was reconsidcred this morning and
created by the Citizens Association, which is here
again, and, Don Quixote like, assailing windmls
which are mistaken for hobgoblins The Crossown
measure, AMI the whole travelling community OF
New York city win thank the LEGISLATURE s for ,,s
communication long necessary to public accommo-
JOHN DEvLIN IN THE rENIrENrIARY.
The convict John Devlin arrived here last night In
charge of Deputy United states Marshall who trans
hry n Pm th 70 hsny s his morning the
clerk of the prison, Mr.. Lewis Plsbury provided him
with the convict suit OF gray and black when he was
remandcd to confinement in cell No. 4. In the south
wing Of the prison. II has not been decided as yet
what department of labor he viii be assigned TO- but
very probably he will be placed In the shoe depart
ment with Sanford Conovcr.
The Railroad War-Tesi;mony and Argu-
men. Before the Legislative Committee.
ALBANY March "a, 1863.
The hearing before the Assembly Committee in the
Erie Railway controversy was continued this after
noon and evening. Charles O'Conor, Sanford +.
Church, Sidney T. Farchild and Horace +. Clark
were heard on the Vanderbilt side and John Ganson,
Samuel Hand, John II. Reynolds and Dewitt c. Lit.
teiohn appeared among others for the Erie Company.
The following is the testimony OF the only witness
examined
W. j. Edwards, cashier for the firm Of John Blood
good & Co., was sworn and examined by Horace +.
Clark. He was sufficiently familiar with stock opera
tons to know what the terms 'short" and "long"
mean: know Daniel Drew and Fisk, directors OF the
Erie Company; they have been borrowers of Erie
stock; at one time they borrowed two thousand
shares knows that Drew has sold ''callsn on stock
has seen them signed by Drew TO the amount of five
thousand shares; the call natures IN about thirty
days; the price at which he gave the
can was r. ana he gave one per cent
for giving the call; heard Drew say about a
month ago he thought the stock was going down.
that there has been an issue of stock dated the 9Th
of March, It was sold the 9th and delivered the
10th; It was sold by w. Eaton Co.; II was a large
araunt: has heard that 1t was $4,000 shares; the
certificates declare their face to be issued to Fisk,
Belden Il Co., and Smith, Gould, Martin h Co.;
had seen probably a hundred or two OF the
certificates: at the time these certificates made
their appearance the stock was S2A In the
market: az soon they appeared u fell TO II ard
created quite panic; since then II has varied hav
Ing been as low as 65; statement appeared abont
this time in the newspapers from the Erie Railway
Company, showing the impoverished condition OF
the roed when stock. Is sold short u means
they sell IL when they have not got IL; Drew was
paid one per by the broker for the privilege OF
'puttingn to him five thousand shares of the stock;
the broker had the right at any time within sixty
days by paying Drew $4,000 10 call upon him for
five Thousand shares OF the stock at ~; has heard OF
other CALLS Fisk, Bcden Co. were large borrowers
OF the stock, also William Heath Co.. there Is now
n large demand In the street to borrow the stock
the reason IL they agreed to deliver the stock and
have not got II: heard three or four months ago that
Heath was also Drcw's broker: ten million was a
large amount to throw upon the market AT one time
the true way would be to throw the stock on the
market In small lots II the desire was to realize from
them.
Mr. Ganson said the friends OF the bill legalizing
the acts OF the directors had nothing to do with