The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-08

missoners direct the same commissioners reconsider
and Se ike
r. 9,a sv h sns no
SIS S9s:s q ns ,s :,a
the a. an Of bs
by the order, 500 EACH and
s S. ssrrs; the Of tss 's
ave vote a S.y Or Ss O.
Sac dividend shall be declared paid the
common stock OF the said In Of eight
cent per anuum upon amount OF such stock the
larger rates fare and
sa % ss
to examine witnesses under oath Authorization 70
papers before them compensation OF Ss5
Sea Of the stosaSo:rs Of the Erie Rail-
oV s DC On ns Ss e. hf e
noon when they shall against the acceptance
for the act al The
snail into effect but II not all the provisions of the act
and - q s. III: ss; shall take
TN the stockholders in the manner prescribed
1t win be seen that while the first section provides
for repeal OF the classification act. 80 far as 1t re-
ates to the Erie Railroad. it does not AFFECT the
The second section provides for an election, to
be held in October for directors, VINO shall be ctl,
provides for an election of seventeen directors,
be held In July, under Inc proposed substitute.
beng ss woua be Claimed
ana probably be held In Court that only three d.
rectors were to be chosen at the new election but
had more than one year to serve. should still con-
tinne IN power until the expiration Of
the right or stockholders TO examine the
stock ledgers and transfer books OF the company
the company allow such inspection provides that
| alternative mandamus on the other hand. the
Southmayd BILL IN case Of such refusal or neglect,
lief by mandamus Ia addinon TO any other legal
remedy to which he might be entitled under this
| damus which process would IN all cases enable the
ofcers, by putting In an answer, and thus getting
issue. to have the case postponed, thus making 1t
Impossible for to be decided until after the elec
THE FOURTH SECTION
relates to the transfer OF STOCK but provides for
the transfer only OF wnas II terms the beneficial
excluding all persons who hold certificates In trust
for Others, and under this provision tine foreign
| stockholders whO for convenience. have gene
| rally placed their certificates IN the hands OF
trustees, would be practically prevented from
| il taken TO some extent from the Southmayd bill;
but with such alterations as to make 1t IN the In
terest OF the present management. In Lhis as In
the preceding section. the aggrleved party is lett
to seek remedy by means Of alternative manda
| mus, or. In other words, remedy which cannot be
made available until after 1t could. by any
possibility be Of any use-tnat u.s. after the election
bylaws foroldding the transfer OF any stock upon
any trust agency created by law, Dut
transfer of stock to cases Of change in
the beneficial ownership, forbiddlng transfers to
as no trusts or agencies for holding stock are
created by law, bur always are by private contract,
stock 10 any trustee or agent and excludes the bulk
Of the foreign stockholders nom obtaining trans
fers. The sixth section defines
BENEFICIAL OWNERS OF STOCK
as persons who own It IN their own right or those TO
whom 1t has oeen pledged for not less than half It's
ms rkQt n nor COR oh0l
be deemed beneficial owner though he holds
the certificate. VINO has issued any document
I OF such stock, or who holds the stock under any
trust not authorized oy law. This provision Is evil
FLING AT FOREIGN STOCKHOLDERS.
The seventh section expressly DISTINGUISHES
be Tse
sections Of this artful substitute. i
% the Sc as to Ga the sum
expended on the road, aud amount practically to
conscasion OF the existing stock by the present
Pleas IN the city Of New York may prevent it.
evidently intended to WORK great deal Of mischief
II aSop.ea the thirteenth section provide for q
october TO vote upon the acceptance Or nor
Of the O and the last section
4, ., g. and 10, shall take effect until accepted by
majority OF the stockholders 1t is PLAIN that TINS
peal d the ciassea,ion '' in section ' until til
| the LIST OF October next and makes
the sanction Of majority Of the stockholders at an
election controlled by the present managers. Fur
cisions OF the Court Of Appeals 1t undoubtedly
makes the repeal OF the classification bill and most
OF the PROVISIONS oil the act
| UNCONSTITUTIONAL AND VOID.
Such Is the bill which has been taken as the foun.
datlon Of the one which the friends OF the Erie Ring
sembly 1t is understood that they have amended IL
by striking out the clauses concerning alternative
md oV n w n tafe
ent, and have omitted the provisions for reducing
the stock OF the company. Until to-day the ma.
S,ll, but it IS said this evening That Mr. &. W. L.
| Smith mas at last concluded to sign the Soutnmayd
who nave have hitherto been in the minority.
Mr.. Whitbeck will present the report in favor OF the
by a statement Of the reasons why it should be
adopted. The report Will also be signed by Mr..
Lewis, with an additional provlso that
| THE DIRECTORS SHALL BE CITIZENS
| OF the United States This provlso has been added
IN order to meet the clamor OF The company mat
| the management OF the road was intended to be
| placed IN the hands of foreigners.
The friends or the stockholders want the subject
| to be brought up for discussion in both houses as
possible, and they feel quite confident that
when 1t does so come up whatever bills may be re-
| holders substantially the reforms now SO urgently
| demanded.
CHARTER ELECTION IN THE CITY OF NEW YORK.
Immediately after the reading OF the Journal in
the Assembly, the third reading OF bills being
unanimous consent to do so, introduced Bill pro
yidlng for the Charter Election in the city OF New
York.
The bill proposes to repeal the existing law upon
the subject and specifies that the time for the cleo
tfon shall be the second Tuesday in April, 1872. 1t
provides that within five DAYS after the passage
| Of the act each OF the two Justices or the
Superior Court shall appoint suitable person for
Commissioner OF Elections, to whom all papers and
documents OF every description shall be transferred
and thereupon the office OF Chief OF Bureau OF Elec-
| lions shall be abolished. Any vacancy that may
subsequently occur IN the office OF Commissioner OF
Elections snail ne filed by the Judge who made the
previous appointment. All powers relative to cleo.
lions conferred by chapter 1873 OF Laws of 1870 upon
the Mayor or the Chiel OF the Bureau OF Elections
are transferred to the Commissioners, except such
I as otherwise provided Tor by this act. Tne
boundaries OF election districts are to remain un.
changed. IL Is made the duty OF each OF the Com.
mssi0ners to appoint TO serve at the April charter
election one poll clerk for each election district
INSPECTORS ELECTED AT THE LAST ELECTION
or who have since been appointed snail serve at that
election, but the Commissioners are empowered TO
remove any OF Them by a unanimous vote and the