The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-04-17
NEW YORK LEGISLATURE.
SENATE.
ALBANY, April l6, 1868.
BILLS PASSED,


BILLS PASSED.
Incorporating the Schenectady Astronomical OBJ
servatOry; incorporating the Evangelical Lutheran
Synod of the State of New York; for the improve
ment of Franklin avenue in the town of West Farms;
incorporating the Park Savings Bank Of Brooklyn;
authorizing the formation OF Guaranty and Ware
housing Companies IA general blp; amending the
charter or the North River Savings Bank New York.
THE ERIE RAILROAD BILL.
The consideration OF the Erie Railway bill was re-
sumed.
Mr.. Pierce's amendment requiring the assent OF
twOhrds OF the stockholders to raify any action Of
the company for the extension OF the Broad Guage
route was lost-l2 to ID.
The question then required on the amendment Of
Mr.. Chapman to legalize the guarantee by the Erie
Company of the bonds or coupons OF any other rail-
way necessary TO the formation OF continuous line
OF communication between Chicago and New York,
the same TO apply to future contracts.
Only Messrs. Creamer and Hale opposed the mo-
ton.
discussion arose ami pending the amendment
the Senate went into executive session. On the doors
being opened the Senate took a recess until four
p. NJ. No important nominations were confirmed in
executive session.
Afternoon Session.
PROTEST AGAINST CONVICT LABORR.
Mr. TWEED presented a remonsrance signed by
nshers-against employing convict labor upon print
ing, sereotyping and electrOtyping.
BILLS ADVANCED TO A THIRD BEADING
Establishing ire limits IN the city of Brooklyn; for
Gowanus Canal Company Of Brooklyn; relative to
South Seventh and Union streets Brookyn; against
establishing the Eighth ward in Utica, which
was agreed to; to create fire marshal
and deputy fire marshal in the Metropolitan
district for the better regulation Of fremen in Brook
lln: authorizing the Saratoga Gas Light Company to
borrow money; amending the charter OF the United
States Warehousing Company; that Kings county
criminals sentenced for less than five years may be
sentenced TO the Pententiary; Incorporating the In
surers' Indemnity Insurance Company OF New York;
reducing the number OF directors OF the Clinton Fire
Insurance Company; authorizing the Buffalo Street
Railroad Company to purchase the Niagara street
railroad; authorizing a street railroad In
Newburg; incorporating the Fulton Savings Bank,
OF New York; for the relief OF St. Josephs church,
New York; Incorporating the Friendless Society, OF
~ o the
charter Of the Central Park Savings Bank OF New
York.
THE ERIE RAILROAD BILL.
The consideration Of the Erie Railway bill was then
resumed. The pending question was upon the subsi-
tute OF Mr.. Chapman legaizlng the guaranteeing by
of any railroads necessary to secure u continuous
broad gauge line from Chicago TO New York.
Mr.. BRADLEY continued his argument against the
bill
Mr.. MORGAN supported the bill, not because he be-
lieved there were any honest stockholders on either
side but for reason that he saw in the attitude Of
those the other hand an attempt to bring about
the consolidation Of the Erie, Central, Hudson and
Harlem Railroads into the hands OF one gigantic
overshadowng corporation, to the great de,riment
OF our commerce, by destroying the competition In
the carrying trade.
bill.
Mr.. CROWLEY opposed it, charging that the ten
millions were illegally issued; that the stock arising
therefrom by whomsoever held has not the least
mark of validity upon II, and that the Court OF APP
peals will decide should the question ever be pre-
scented to il. lie contendcd that the issue was made
ia direct opposition 10 the ninth section OF the General
Railroad law because the issue was In excess OF the
legal capital stock OF the company; and IN 1850 the
Court OF Appeals decided IN the schuyler case that
such excess cannot constitute any part OF the liked
capital stock.
capital stock, and therein lies the iaGacy OF the
Senator's argument.
Mr. CROWLEY replied that the general law requires
every corporation TO have fixed capital. and, in his
Judgment the ten millions is spurious stock, and the
courts will declare 1t. lie proceeded To object to
the second section because it proposes to interfere
with the litigation now pending. Before he closed
the senate adjourned until tomorrow morning.