The New York herald., 1869-05-21
THE STATE CAPITAL.
Disposition of Bills by tho GOvcrn0r-The
Consolidation, Scrip, Directors and Depot
Railroad Bills Signed

DISPOSITION oil bfllS Dy INC SSOVCruOr-T00
Consolidation, Scrip, Directors and Depot
Railroad Bills Signed.
ALBANY, May co. 1862
Governor Holman has disposed of all the bills
passed at the recent session OF the Legislature.
Thirtyseven bills have been sent to the Secretary Of
State not signed, each one accompanied by brief
statement of the Governors objection. The total
number Of bills vetoed during the session, and OF
those returned since not approved, are sixty-twO.
The total number OF bills signed are 900. Among
those signed to-day are the Consolidation, Scrip,
Directors ana Depot bills. In view Of the public at.
tentiOn which these TOUR bills have attracted the
Governor has thought proper to file with the Secre.
tary of State brief statement of his reasons fol-
lOws:-
EXECUTIVE CHAMBER, ALBANY, May 20, 1869.
have retained until now the several bills relat-
ing to the Central, Hudson River, Harlem and Erie
Railroads, in order to give opportunity for the re-
ceptiOn OF objections. l now transmit them to the
Secretary OF State, signed They are four in num-
ber:-
First-The Consolidation bill. No objections have
been presented. The railroads affected by It, or some
of them have for some time been practically consol
idated, and in my judgment the public good will be
promoted by their legal consolidation as 1t will tend
to economy ana cneapening of transportation and
likewise to prevent combinations for dlverting trade
from our own to other States.
.SecOnd-The Central Scrip bill. 1t provides that
the New York Central Railroad Company may,
with the consent OF tw0-hrds OF its stockholders,
tnguish thereby certain scrip certificates issued in
December, 1885, No remOnstrance has been pre-
exists on account Of alleged haste and secrecy with
which the scrip dividend was made; The past
ment against authorizing an increase Of the capital
stock of The company with the consent OF twothirds
OF the stockholders L warranted by the con.
dition OF its AFFAIRS This was properly q subject OF
legislative investigation which was made. The Legis.
lature decided that the increase is warranted. There
Is no constitutional objection to the bill; nor is It
In conflict with any general, State public policy.
The General Railroad law authorizes the increase OF
capital stock for improvements to be made. This
bill authorizes such increase to represent improve
ments which have been made with moneys taken out
OF the income OF the company, to represent which
the stockholders have for years claimed they would
be entitled to additional stock.
Third-The Directors bill, so called, law Of last
year, forbade sockhoder in the Erie Railroad being
director In any OF the other three roads, and rice
Uersd This bill adds by way OF amendment,
sIfy themselves by lot otherwise that one NTH only
shall go out every year. THIS amendment is copied
from law passed by Pennsylvania this year, provid
ing for like classification Of the directors of the
Pittsburg Fort Wayne and Chicago Railroad Com
pany. with view to secure permanency in its man.
agement and to guard the road against the danger
terests OF the State. This Amendment was passed
In the Senate OF New York with only one dissenting
voice; and In the Assembly, which had 1t under con-
sderation for several weeks, II received more than
two-thirds OF all the votes No serious opposition
the several roads have not presented objections
either to the Legislature or the executive, with the
exception OF two, representing a small amount OF
stock In one or the companies. Personal opposition
from any source to any OF the present directors
ought not to have weight with me In
deciding whether l shall interpOse execu-
tive power against legislative will. The public at
large have more interest In the stability OF the
agement than In the question OF who shall manage
these great roads, and care but little for the strife
OF those who are specializing In their stocks can
see no reason, therefore, for withholding my assent
from law which the Legislature thought 1t wise TO
enact IN pursuance OF the same policy which has
been adopted by neighborng state for the protec-
tion OF her interests.
FoWth--Ihe Depot bill.-Property owners In the
vicinity object to the proposed closing OF portion OF
the streets. have personally examined them They
are now practically closed by the operations OF the
railroads. General travel on them Is impossible.
Provision Is made by the bill for compensation TO
the city and others for the land to be taken. The
proposed improvement will be benefit, not an In
Jury surrounding property New York city IN its
railway depot accommodations Is behind all the
great cities OF the world. The convenience and inte
rest Of the city and county alike demand q great
central depot for all roads connecting In New York.
and 1t cannot be built unless this bill becomes law.