The New York herald., 1868-04-02

keep and retain them to epade legal process In this
State the moneys or effects Of such company !
JAMES r. PIERCE
he JOHN ]. BRADLEY,
A. G. MATTOON.
MINORITY REPORT.
Mr.. CHAPMAN submitted o minority report, as fol-
lows 4nIara a.t ol 1l
The minority report commends the action OF the
the Boston, Hartford and Erie and with the Michi-
gan southern ana Northern Indiana Railroad Com
cena a mms % wn s Nsw sns
Eastern and Western States. and without the con-
necnons sought to be made would soon become
mere tributary to its great Central rival 1t must be
sefevdent proposition that almost the very exist
ence OF the Erie Railway as leading corporation
with Chicago; shat in the leasing and conversion Of
the stock OF the Buffalo, Bradford Pittsburg Rail-
done the stockholders OF that roadNof the Ere-the
evidence before the committee does not establish 1t,
and the public is not interested in 1T that In the loan
OF Danifl Drew to the amount Of s3.4soooo the un-
dersigncd see no clear reasons IN the contracts
ing the directors with injustice or negigence;
that as TO the resolution OF the directors passed Feb
vebe bonds saw that they have
the uncontradiced evidence Of Mr.. Divcn and Of Mr..
Davis; that the right OF the board to pass such
luton was not doubted or questioned either In the
executive board board OF directors that the act
had been previously done repeatedly and referred to
without Comment and without cnaienge S s W. have
the sworn statement Of Davis and tho testimony OF
the Central, Hudson River and other rail-
roads in the State. AS q board Of direct
in passing that resolution, with wful violation Of
the law; and that the undersigned believe that had
sn o @ wcre me- IN
would ever have been made as to the right to pass
such resolution or issue the convertible bonds in
sons acting in their individual capacity, not officially
as directors, have perpetrated wrong other per-
sons or whether they have made improper us, Of
! the knowledge they gained exclusively us such di-
rectors in affecting the price of stock in Wall street.
or whether the stock, after being innocenty signed
by the proper officers, was improperly used or thrown
upon the market by individuals acting not In their
otcial capacity, or whether they individuals made
whether the injunctions had been improperly violated
| by individuals the undersigned do not stop TO con-
sider because these questions belong to the courts.
rhc undersigned think an act should be passed legal
izing the ten millions Of dollars Of stock and the con-
tracts with the Hartford and Erie and the Michigan
| Southern and Northern Indiana Companies; pro-
hibi'ing a director or officer Of the Erie
Harlem or hudson River Companies, and ytce oe,sa;
prohibiting any future contract leading to consoida
tion between the Central, Harlem and Hudson River
| Railroads. and making any sale or contract to sell
in this State any stock of any railroad on future day
nun and void, unless said stock shall, at the time
such sale or the date OF such contract be and con-
tinue until the dly specified in said contract sale
npossesson of the party so selling or contracting to
| sell. o. w. CHAPMAN
W. J. HUMPHREY.
Both of the reports were ordered to be printed
and then referred to the Committee OF the Whole,
together with the resolution Of the one and the bill
| Of the other.
| THE METROPOLITAN EXCISE LAW
Mr. TWEED called from the table the question Of
agreeing with the adverse report on the bill modify
ing the Metropolitan Excise law.
Mr. MURPHY moved to amend the bill by providing
that licenses for the sale OF malt liquors wines
shall be $780, for malt, sprituous liquors and wines,
other than in hotels having more than fifty lodging
rooms $50; hotels with one hundred or more lodging
rooms, $685. hotels with seventyflve lodging rooms,
hours between which places licensed shall be closed
shall be between one and four A. M and prohibiting
the arrest OF persons without warrant duly issued by
| q magistrate, except for drunkenness.
The amendment was voted down by the following
| vOte:-
YKAsMessrs Banks Beach, Bradley, cauldwsl crsamer
Edwards Genet Hubbard, Morris, Murphy Nichols Noron
,TAYs-Mcssrs. Campbell, Chapman, Crowley, rogcr,
na h Tsn Psn ID'n
The adverse report was then agreed to and the bill
| lost.
| BILLS PASSED.
Authorizing the towns in Jefferson and st. Law
renee counties to take stock in the Black
rating tn" the international national Dock D'' Company Of
BROOKLYN; incorporating the Union safe De-
post Company Of New York; authorizing new
ships; incorporating the Union Foundry Company,
OF Troy New York; authorizing the Common Council
OF Utica to borrow $25, 900 for city purposes; amend
Police Life insurance Fund; authorizing life nsnr-
side OF this State, but within nifty miles OF
| New York city; the city OF Rochester claim
| bill incorporating the New York State Board
OF Trustees TO the American Printing House for~the
Blind amending the charter OF the Ithaca Savings
Bank; amending The charter OF the Mechanics aud
Traders Savings Bank; authorizing the Supreme
| Court Judges to issue writs OF prohibition.
Evening Session.
| BILLS INTRODUCED
| By Mr.. MoRIis-To encourage ,Er hui,.,. vl
| railroads by appropriatng to any company which
shall in 1858 1899 actually construct twenty miles
| without parallel road being within eight miles
| structed.
| By Mr.. Observation-Disclosures the Court of I'm
parchment TO hold sessions elsewhere than in Albany,
aud liking the pay OF Senators as members Of that
court at SO per day.
BILLS ORDERED TO A THIRD READING.
Authorizing syracuse to loan ls credit TO the Syra
the Dealers and Producers MIX Company; for the
| relief OF the Adirondack Railroad
| THE SECOND AvESUE RAILROAD.
| Mr.. NORTON introduced bill confirming the resO-
| luton OF the New York Common Council, adopted
December 9, 1867 granting certain privileges to the
second Avenue Railroad.
| PUNISHMENT FOR UNAUTHORIZED ISSUE OF STOCK By
| CORPORATIONS.
Mr.. PIERCE Introduced a bill to punish the unau.
thorlZed issue OF stock by corporations of this State
1t provides that every director officer in any cor
poration Ia this state who SHALL with intent de-
| maud, make, or be concerned in making, Illegal
unauthorized or prohibited issue OF capital stock Of
such corporation who shall appropriate the
moneys or effects OF such corporation to his own
| purposes, who shall, with intent TO de-
fraud, take the moneys or effects OF such cor
poration TO another STATE who shall re-
tain such moneys and effects In another State
70 evade legal process in this state, and defraud
citizen thereof shall be deemed guilty OF felony,
and upon a conviction thereof shall be punished by
Imprisonment in the state Prison for period OF not
less than two years or more than five years.
Adjourned