The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-14

directors shall be citizens ana residents Of the
United States.
SENATOR MADDEN AGAIN.
MI MADDEN moved to strike out the sixth section,
and protested again against special legislation. He
said II was bill OF nominations. The motion was
LOST. the seventh, eighth and ninth sections were
Mr.. D. r: wooD offered as a substitute for the
na n ne seC.on an entrey new section. providing
&c int,1s.. s sa5ss SAYING that he did
line being neeced by The foreign stockholders.
Z Mr. WINSLow said there was @ bill pending 10
regulate the ireghts on all railroads.
Mr. MADDEN hoped The amendment would be
tner SO as to MAKE it apply to way ireights only.
Mr.. .. r. wooD accepted the amendment.
the Erie Railway Company adhere to all these way
rates, some OF them being special rates.
give good reason for the provision as the Senator
had for the amendment proposed. He thought 1t
WAS an act Of justice to The people along the line.
vast amount Of watered stock. He said It was mono
Of mis- business = the Erie managers gamblei In
these rates Of freight Hcwished that ms voice could
be heard throughout the length and breadth of the
State against what he called this
UBIQUITOUS AND BANNING LEGISLATION"
unremunerative to the company ana they should not
be GLANCED.
Mr.. PAI1eR said he was informed that Jay Gould
had established special rates for certain coal mines
with which ne was connected 10 New York.
Mr.. D. r WOOD said we could not legislate In
view OF an these particulars. He was aware that
the passage Of this Amendments might work great
hardship 70 the company IN special cases, ana even
could come to the Legislature and get provisions
suited to their necessities.
Mr. MADoES SAD the Senator zen nom me Eleventh
much stronger by his suggestions in regard to spe-
Sia, rates me rates Tor coal were reasonable lie
from another mine, and the rates were always the
~ prx~r,rr IN n, na xvor,d vo,o ,or ,no armand
ment, because the Legislature would have the
power to correct the provision II 1t worked any IN
The amendment was lost by q vote Of 10 to IA,
Mr.; MADDEN offered an additional section,
lawful or the s' Erie Railroad Company to tax com.
merce to pay stockholders or to pay dividends on
any stock not actually PAID into the treasury Of the
THE oBJECr OF THIS IEaIsLAruRR
was merely to seize the road for short time di.
dividends on the STOCK, and to get an opportunity
the bill was dictated by stock jobbers. The people
should be projected against these sharks and
a'R few months 'so0 mi their own '"c coers.
He asked In heavens name for some protection
SAID II this bin should pass the road might fall into
the hands Of ne great manager OF the New YORK
LEGISLATION needed TO prevent that result
Mr.. Madoen's amendment was lost by a vote Of 8
| to 16.
Mr.. MADDEN then moved to strike out the entire
bill alter the word repealed" the first section
making 1t simply "a repeal Of the Erie Classification
acu." This amendment was lost
| Mr.. BOWEN moved to amend by inserting pro-
polls should open at seven O'Clock on Inc morning
| or election day and close at sund0wn
Mr.. MADDEN hoped this amendment would pre-
MIR. ROBERTSON suggested that as the number of
eeSion should extend over several IL days '' '
| Mr.. MADDEN was opposed to that. He
DIN mot wsus to gys tos
during the Tight he thought there should be some
limit. and ne especially desired that the votes
MINloNs OF THE WALL STREET STOCK JoBBERs
Mr. RoBERTsor moved 10 amend SO That the halls
/ he said that. after consultation with gentlemen
familiar with the NATTER II could all be done IN one
! kr. MAIDEN moved to amend the title BY adding
i At the end Of the following words ..and TO enable
/ &c the expense Of the people on tae line OF rali,
Hond.u (Laughtar.l
s sn Was o sC"
The CommiLtee on the Whole then arose and re-
ported the bill 70 the sen ate.
2 { - ssssss sss !Aasss s
Of fares and freight the same that OF 1871. Thu
! was carried BY a vote OF IA 70 ID
laiion to diviaends which was lost by o vote OF
to 20.
| 8m0nOmeN
that mad adopted In relation to liking the
O. fares aud freight. The motion was adopted. and
e ana wOodn Claiming s vSre votes
E mSysS t. son out az aer e
s%endment would be adopted. Il seemed to be 'A''
| THE WILL OF THE MAJORITY.
he 70 90 all s sS Ca S pu TINS rSad Into
and to be controlled by British gold just as the
BRUSH gold controls the question Of the isrln:
a. si' washington: the Free Trade League
run in the interest Of stocknolders backed up by
British gold. He hoped that we would have some
s'' the e'0 mercy OF these men. Mr.. Hsddens
motion was lost Mr.. Madden renewed
the loIlowlng:-'And to enable the stock obbers ia
Wall street 10 oil their coners at the expense Of the
COURSE this was lost also Mr. MADDEN
alone voting IN favor OF 1t.
Mr.. PALMER offered Q resolution as an amend.
holding the election, providing tnat there should be
limit to the time when the election should cease.
Mr.. MADDEN said he thought there was deter
70 conG s po Box he
posed to striking the amendment out. The
holder OF 10000 shares, ne SAID, is entitled to
hand; but these people are ali fearful that they
will not own the stock. That is the difficulty. II
ee % sake @ US have Honest ecoas
men are permitted 10 elect just as they
pleased, to elect whom they please Tor directors.
lie maintained that this Legislature had right to
give minority OF the stockholders ana the inspect.
| ors the right to stuff their ballot boxes. He hoped
these amendments would not preysil, and on the
| MIR. PALMER Understood the proper motion was
for him to move TO strike out the amendment made
by the Senator from the Twenty-ninth ,Mr. Bowenl,
| fixing the time AT which the polls would open and
| close.
| Mr. Bowen did not desire to embarrass this bill.
II this was stricken out he said then there would be
no restriction whatever. These INSPECTORS can
close the halls In thirty minutes. and the parties
| owning STOCK Will have nothing TO say as To how
long tue halls shall remain open. 1t seemed to him
| that ten or eleven hours would DO asuNcient time
In which 10
| ALLOW ALL STOCKHOLDERS TINE TO VOTE.
| He would give them until nine O'Clock. Let as
| have this election closed and the vote canvassed
| and announced IN one day. Let US have an honest
| election. Don't let US have O night intervene
hafwnnn the time OF the closing the nOs md The