The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-09
THE State CAPITAL.
Southmayd's Bill Reported in
the House.
Ways and Means OF Railroad
Legislation.
The Senate Erie Classification Repeal Bill the
Special Order for Wednesday Next.
Arguments For and Against the
Seventy's Charter.
Cumulative Voting a Stumbling
Block.
Fixing the Salaries of Surrogates
and Supervisors.
GEORGE LAWS FERRIES.
Fixing the Salaries of Surrogates
and Supervisors.
GEORGE LAWS FERRIES

ON the pending issue concerning the Erie Railroad.
The third reading OF bills had consumed tho princi-
pal portion or the time OF the Assembly during the
last few days. and the remaining time was devoted
10 the consideration or subjects which had been
made special orders Tor specified days anu hours.
The ordinary routlne OF business was resumed this
morning, and q hood Of petitions and q number of
reports OF committees came rolling in upon the
House in quick succession. solemn silence
reigned throughout the Assembly Chamber when
Inc presentation OF reports from the Committee on
Railroads was announced. few reports on sub
Jects devoid Of general interest first and then,
At half-past twelve O'Clock, Mr.. White Of Kings
county, chairman OF the committee, handed In
THE MAJORITY REPORT,
which is simply the Soutnmayd bill as reported
unanimously by the Judiciary Committee of the
Senate and published In this mornings HERALD,
with some slight amendments. as hereinafter indi-
cated. The third section OF the bill as reported to
the Senate and printed In the HERALD, relating to
the examination OF the transfer books Of the com.
pany. is amended by the Assembly committee by
adding at the end OF 1t the words 'provided, how
ever, that this section shall not apply while such
books are deposited with o trust company in pur-
suance OF the ninth section Of this act" That ninth
section is not contained In the bill reported to the
Senate. The Senate bill has eight substantial Sec
lions, the Assembly ten These two sections have
been added to the bill by the Assembly committee,
and that addition constitutes the only difference bes
tween the Senate ana the Assembly bull The add.
tional sections are as follows:-
next until the second Monday of July the
books Of said company and the stock ledger
he number OF shares held by them respectively shall be fully
@ PAM hs S
sn pSsasn q said shall SS the duty Of
70 the psrformsnce Of the, obligations imposed
@ s :sSsa pspa
OF for each day such default shall and to be
Of the people paid into the treasury Of this
II Of sn,
Ssi ss 81
~ TIE MAJORITY SWALLOWING THE MINORITY.
This majority report, which was presented by the
chairman, Mr.. Smith, is also sustained by Mr..
Wnltbeck OF New York; Mr.. Lewis, Of Delaware;
Mr.. Greenhalgh Of Schenectady, and Mr.. G. w. L.
Smith, of washington county. 1t was known last
night as 1 telegraphed you, that Mr.. Smith, who
has heretofore been with the majority the interests
OF the Erie Ring, mad concluded to adopt the views
Of the members Of the committee who have been
laborng long and earnestly in the interests of the
public and the stockholders At the special meeting
when the committee held this morning, preparatory
nounced his determination to leave the bad COM
pany he was in and 60 over to the side OF the
refOrmers. This change OF front caused the defeat
Of the Ring IN the Committee, and gave brilliant
victory to the friends OF the stockholders. Thus,
what was expected to be the report OF the majority
became that OF the minority, and Uice Uersa. When
the majority report nad r been announced IN the
sent minority bill and report upon the subject.
Under previous rulings OF the Speaker the minority
Of o committee cannot Introduce report unless
with the consent Of the House. 1t was this consent
that Mr.. Smyth requested, and it was unanimously
Xrs-.-zzSrs. THE MINORITY BILL
The following is the bill reported BY the minority
Of the committee. 2T-EE s--
~ Nc ss s:Ey
Of Of the Erie Railway So%pany
ssid company and the transfer Of It's stock. = ''
The people the State Of New York represented in Sen.
SECTION The act entitled GAN amend chapter
Ere New YORK Central, Hudson River and Harlem rail-
road s s May ~ 1872 being chapter ss Of
CLASSIFICATION Of the Directors Of the Erie Railway Company
be Once OF E
CITY Of New York election for directors Of said company
iii stockholders company shall be entitled to vote
a n O1 S sc the e
and PROVISIONS hereinafter contained and those elsewhere
thirty days Immediately preceding the holding
i. BOOKS e The said cooperation Which sSs
.ners Of It, stock are or shall be entered and the
::.oEnodsT :o Of snail during
s.sSn ana ssa Ss the duty q
said company respectiyey az all such times have
osers shall apply to allow 10 them respect.
vsy all FOR such
books and IN case Of refusal neglect such President
pecysy By this section the party asyeved thereby shall
closed on s SSs Next 'a.
ssf On sy .as ssc n
Ss Z he %
said company on the day Tor the closing Of
Ss an s said
SSaa s its Ss q ss'g and ~
whole Of period, during the usual hours Of transcna
n1 S % % &
power OF attorney FOR the transfer oil such STOCK 70
cordancs with such power Of attorney, and SAID
FER certificate certificates in the proper and
customary form, in the of such trsnseree for such
stock thus transferred In of refusal on the part Of
sS%ss ns
addition any remedies which he be en-
tilted, shall be entitled enforce the performance OF such
acts By said oy and shall be entitled to
skc 6The said company has and snail have right "a
enact g, ain Keep force any bylaw or regulation
sensy created BY aw but restrict ns
thereof may transfers stock others thai
SEC sThe beneacia owners of stock within the meaning
OF this act shall be deemed all owning In
their own right TO whom such stock has been pledged To-
not less than half It's market value at the time OF thu
pedge but no one shall ne deemed beneficial
Enough be holds the stock certificates who has issued
document intended to be saable representative OF
~ruthorized by law. -
PFC NO person who shall have issued any certificate
oner aocnmen intended to be saabe
~ ne said company, who shall have agreed TO ho
documents BY person. shall vote or giant
or power OF attorney to vote any OF tn
sAu company, except such amount shall hi
documents are outstanding
SEC. e--Ths act shall take effect Immediately.
THE MINORITY REPORT.
accompanying the bill Is the following repnrt o
sIa'ement OF the minority oil the committee. con
eisllng OF Mr.. SmYtn of Tinra. Mr Inrna ri Onnn.