New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-03-08
ALBANY.
THE ERIE FIGHT.


mi, REPORTED IN THE SENATE.
FROM rriR REGULAR CORRESPONDENT of INN 'h'p'NHi
Inv March THE following is a copy
born bill which the majority OF the Assembly
p.,,rcad Committee have resolved To report and when
has commended itself the consccnces Of the members
Who hate Englishmen than they love justice THIS
mn IL will be noticed Is very sklllfully drawn. Mr.
smyth OF the Railroad Committee claims 10 have orig
mated part OF It, hut when questioned as to the author
ship the technical parts of 1t he declined 10 give the
information Tie bill marks Of having been drawn
or dictated the Office Of Field and shearmau IL is
..pported nv Messrs. q. W l.. smith ~ Washington
Peter Burns Of onondaga smXth Of Tiogn and two Dem
ocrats and opposed by the four other members OF the
Railroad Committee;
AN relating The gre Rs'-s' COmpany e.tas C,o,er s
81 1899 M relates tbc osSbcaho Of Directors
.ne Lne kass. Coupsn aud providing regulation, s ..
pf Of fh Sai 81 Nar i0rt rprs'c"od Z" ~ad| ana -
SECTION / The act entitled An act amend Chapter
AIS OF the laws of 1865 entitled Al act ia relation 20 @
Railway Companies" passed MAY 20 1869. being Chapte
OF the laws of 1862 hereby repealed so far a. relates
a. the classification OF the Directors OF the ile f"''
SEC On the second Tuesday OF October next there
sha held the office Of the Erie Railway C"mpauNS
~ te CITY of NcwYOrk. election for Directors o. st
srh election ali the stockholders said Company shall
vote either in person or by pro1y
Ing to the number of shares hed by them &
sniec to The regulations and provisions % ''"
sSC 3. FCr 30 days immediately preceding the holding
OF te election provided for ia the last preceding ~
transfer books OF the sald - ~,
transfers of It's stock or shall De entered "uS
stocK. ledger lcdEoTs containing the han'S W -,
stockholders of said Company, sn"i NJ az .'u "a
the usnal hours OF tranSactng business be uly ahd
freely open the Office of said COMPANY TO une & ~
pato az All the SO, Kholdcrs and II shall be the oUN ."
the President and Secretary or Assistant secretary 81
.sld COMPANY, hoss oneH +" such examination by
such kh0lders shall apply ihereIOt anu ~ a"N
IN then respectively all reasonable facilities for Such eN
ANIMATION and for taking copies or abstracts OF thT
earios contained in said books and in case OF rel ~
or neglect such President or Secretary TO perform Cne
duties e1ioined upou them respectively ny tas s1St"'
the party acsrieved thereby shall be entitled 10 ren'i u!
ST. g The transfer hooks Of said Company shall be
Close of business that day, and shall remain eoseu
until after the next election and at snch eeS'"n NO h
con shall entitled to vote upon any stock unless the
standing IN his name ON the TRANSFER poohs ~
tie transfer books From the time of the passing Of
TINS act until the said second Monday Y SEPTEMBER uA
h"SSs AT ia office in the city of Ncw-Yofk and during
the whole such period, during the usual hours 3I
persons holding and benz Inc scnc ro.asl
u transfer stock upon The said Company books IN
pany shall tnereupon issue and deliver ~ such person
his agent attorney SO presenting sncn ,ofR i IUs
proper and customary f0rn IN the name OF sh'h li'ns
feree for such stock tus transferred IN onso " 9th
any of tue provisions Of this section relating heTeo @
party thereby aggreyed III addition to any "lnet edt
ge,elies Ia Which he maybe entitled. shall he entie
70 the performance Of such Sets by sand Con
accorded by law il other cases of onndamus 50 t
g. said Company has and siail nave ne ilE'1
70 enact or maintain Keep IN force any bylaw or re-
uion forbddng the transfer OF any OF s STOCK upon
any trust agency created 10y law. hut II may Ies'
the transfers Of s stock to cases OF Siaht' ~ nv W M
metal ownership thereof, and may forbid transfers Oh ls
SIC Tho beneficial owners OF stock within she mean
inc shall he deemed 10 he All persons o"nis
right, TO whom such sOcB Mas Nv II
pledged for not les than onehalt MS mars, Nauo a.
tsnetcja owner even though holds toe stock certn
satsr VINO has any document intended TO be sat-
, as representative of lch stock or who hods ruch
under trust expressly ny
SIC No person who shall have issnedany ceiuncare
sentative Of stOckn the said Company or who shall nave
agreed hold stock for the benefit OF the holders of said
certificates issued by another person. shall
vote grant any proxy, or power of attorney To vote
amount shall stand IL his name, in excess OF the
SGc s. This act shall take effect INN. diate'y.
The above bill is in substance virtual couhscaton
property OF the iOIogn stockhodersa conl'ca-
,on of the same sort as that attempted a hill pre-
y,ousy introduced relating the property of aliens
nv Section no person To bc entitled 10 vote un-
less stock ne stands in HE name al the time OF
,ho closing OF the transfer books As resistance 10 the
night Of transfer il one % the adopted 10y
Einr to Keep themselves in office and former
OCCASION rather than allow transfers, they seized the
.bareholders' stock the meaning OF tins provision is
.uicouty evident. The clauses of the sOuhmayd bill
which provided for safe transfer by stockholders axe
str ken out together with the penalties imposed on The
directors for violation Of their duty, and instead OF II
holders may enforce their rights by mandamus
Tfir Ike saying by act OF the Legislature
that Il "a man you money, you are permitted 10
enc BY Section 8. the company may
restrict transfers OF it, stock TO of beneficial
rshp may forbid Iranrs Of lis stock 10 others
than the OF IT, This is simply giving
te Rug by Of the Legislature, additional facilities
for d repetition Of the 10000 shares robbery. They ask
the Legislature for power refuse TO DO what is now
their absolute duty transfer stock presented for
transfer III az. ordance With the ordinary practice. by
SECTION &, beneficial ownership j. technically de
aned No - Ia exclude the foreign stock
soders and oonfscate their right, The prOvis-
,ons Of that section DISTINGUISHING the owners
OF SOOO shares place. in the hands Of Heath and
Raphael without going further into details. The hill is
SIMPLY inf.ruous. 1t il Of the blood and lineage
NIe Legislature year ago 1t j. framed like them 10
strengthen an Oigarchy of thieves. 10 give towards
opportunity OF accepting brides, and 10 cheat honest
Of their property. II Is III no particular accept
Able the legal representatives here present OF those
Who endeavorDg To break up the Erie Ring but
The contrary device Of those VINO only aDe to
protect themselves from the overwhelming condemns
Gou of the by the brute force Of bribery and The
shifting vapOrs ot fslsehood
rAvoRABLI REPORT ON soU1uxsrD BILL
rn tie SENATE this morning, the Judiciary Committee
danded iu their report unanimously recommending for
paosage what is 'nally the sOuthmayd bill Below
.. gwen a copy Of that bill. which will also recon-.
for passage by what is numerically Tho minority
Of the Assembly Railroad Committee. The words
prlnted ia italics were omitted in tho bill, reported
he Senate IL viii be that are not essen
nal IL IT, however quite like that al OF them
viii lie restored Nv the Senate. The bill also
by The judiciary Committee, repeal the
powers given 10 the other roads.
two other uuimpOrtsnt verbal changes were made.