New-York tribune., 1869-05-21
ALBANY.
DISPOSAL. OF ALI, THE BILLS BY GOV. HOFFMAN
THE CONSOLIDATION, SCRIP, DIRECTORS,
AND DEPOT BILLS sIGNED-HIs REASONS FOR
poING

DISPOSAL OF ALL THE BILLS 81 GOV hog nor hiAt'
THE CONSOLIDATION, SCRIP, DIRECTORS
AND DEPOT BILLS SIGNED-HIS REASoNo fOh
DOING so.
ALBANY, Nav 20.-Gov. Hoffman has disposed
Of the bills passed the recent session OF the LesS
Thlrtyseven bills have been sent to the secretary
Of State not signed, each accompanied by oilcl
statement Of the Governors objections The tolal mum
Der Of bills vetoed during the session. and OF those re-
tuned since not approved is GO. The total number Of
bills signed is 900 Among those signed to-day are the
Consolidation, Scrip Directors and Depot bills In view
OF the public attention which these four bills attracted
the Governor has thought proper to file with the sccre
tay Of State brief statement of his reasons, as follows
EXECUTIVE CHAMBER, ALBANY, May 90, 1862
Ibave retained until the several bills relating 10
the Central Hudson River, Harlem, and Erie Railroads
in order to give opportunity for the reception or oec-
tions now transmit them to the Secretary ot state,
signed. They are four in number:
FIRST "TO the Consolidation bill" No objections have
been presented. The railroads aheced ny IT, or some OF
Them have for some time been practically consolidated,
and in my Judgment the public good will be promoted by
their legal consolidation as wll tend to economy a
cheapeuing Of pOrtatiOn and likewise to prevent
combinations for diyerng trade from our own to other
second: "The Central Scrip bill provides that the
NewYOrk Central Railroad Company may, with the con,
sent Of twOhrds Of its Stockholders Increase its capital
stock per cent and exngush thereby certain scrip
certificates issued in December, 1853 No remonsrance
has been presented am aware heYertheicas tat OPP
position exists account Of the alleged haste aud secrecy
with which the scrip dividend was made Inc past action
OF the Directors affords sufficient argument against
authorizing increase OF the capital stock OF the Com
pany with the consent Of twOthirds Of the stockholders
If warranted by the condition OF ne anars Inns was
properly subject Of legislative investigation, which was
made The Legislature decided that the increase is war
rauted There is constitutional objection TO the bi,
nor is 1t IN conflict with any general state or puDc
policy The general railroad law authorizes the increase
OF capal stock for improvements to be made. This bill
authorizes such increase to represent improvements
which have been made with moneys taken out or the IN
come of the Company to represent which the sOckhod
have for years claimed that they would be entitled 10
Thrd: "The directors bill" so called law Of last
year. forbade stOckhOlder in the Erie Railroad being
Director In either OF the other three great roads, ana re
This bill adds by way OF amendment, that the
Directors Of the several roads may classify themselves
by lot otherwise, that Oneh only shall go out every
year This amendment Is copied from law passed oy
ton OF the Directors the Pittsburgh Fort Wayne and
Chicago Railroad Company, with view TO secure per,
mauency in It's management and 20 guard tho ROAD
against the danger OF being controlled by rivals 10 the
INJURY Of the interest Of the state This amendment was
ug voice. and in the Assembly which had It under con-
sderation for several weeks IL receiyed more
than twOthirds OF all the votes. NO serious
opposition was made TO It in either House;
The stockholders n the several roads have not presenter
objections either 10 the Legislature the Executive WIN
the exception or two representing 5nal anouTr f ~
stock in Of the Companies Personal Oppoeton Io
any source TO any OF the present directors oeg IOt O
have weight with me In deciding whether s4Glt ,I 5i
pose executive power against legislative VIII Inc puollo
at largo have more interest III tue steby Oi S th
agCment than IN the question OF WHO sIa 80
great roads and care but little for the ste % those VINO
speculating IN their stocks can sec no leSsIn St
therefore. for Withholding my assent from Jaw WIG.
the Legislature thought wise to enact IN pursuance OF
the policy which has been adopted by helghDoIlhS
state for the protection Of her interests.
Fourth: The Depot Bill" Propcrtyowners In the
vicinity object TO the proposed closing OF portion oi lo
now practically closed by the operations the railroads
General travel on them is impossible Provision Is made
10y the bill for compensation to the cy' ana otueiS IoI
the land TO be taken The proposed Improvement VIII be
a bencft-uot an iniury-to surrounding properly New
York CITY, its railway depot accommodation Is oenn9
all the great OF the world The convenience ana
interest OF the city and county alike demand grea.
IL cannot DO built unless this bill becomes law.