The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-09
dass; Mr.. A. I'M. of Greene. and Mr. Chambers, of

lb68 respectfully report examination
Pr9yidss simply for the repeal Of the
four Of our principal rs so % classify
BY such classincauon. The other BILL introduced BY Mr.
Eastman provides fSr repeal Of this law only
provi.iOns for the regulation single election Of
COMMITTEES have listened TO very full araamen upon both
sdes respecting these bills and also listened parties
protection q The public acts Of boil, the advo
H Ss S as III, mai.
question % be considered propey and wisdom OF
iuy s1psctsd h. The advocates Of these bills would come
Sscrc them to state objections to the whole prn
grounds Bui 70 their surprise the committee have heard
Hs 90
different oceA;p1: for several hour: they have
n ss @ w0rd but that The
a vas SSis upon the this sas
wa Tss that tine ProprSsy Of classification was doubtful
Of the bill introduced tho of foreign
seemed way necessary fair vote OF the
and % enable the real the stock
minority Committee srass i.. they are entirely
recommend the adoption or continuance Of any law
asu: 90 or " s.v 81 S Do
U upon careful examination cf the bin urged on
that It's are drawn With special references 70 the
Sonyens1ce o. foreigner q them with entire di.rs
a s Of s% :ach :. 70 give %
citizens ali contests for the control Of the Erie Railway
few OF these provisions win hereby Indicated The
eeciions directors Of the Erie Railway Company
period which our own men Of business are accustomed to
take their vacation, and when they unwilling be in
aonsys may ns
IN their conf of
20 se spirit G o Sw and plainly
IL THIS country s
RawaS
sns De 70 he OF any legal process
have bssn delivered perfectly monstrou and Gamma. BE-
process existed those abuses must Dc
%ns r "a Ts a. the
20 Cnaer such law If enacted
A 70 GET POSSESSION OF ERIE RAILWAY
stock and to get transferred his the Of
his stock actually their posssss cs
u ss Of al SS By
S sn Sss o. soI. Ss Tor agn, whom an
g could IS: !: 4. Sss ss:s;
sss; c & II.
polation should Railway conpsny
s
entirely prscluaed from taking Of
would shss foreigner could hold any smOun
sSsoa. ha. this the b ems drawn ns e.cin
Of the IN hs
vote he q the stock
the time of voting and thereof but
persons holding stock as or agents Both the rule
American ci.sns holding three-hshs Of the stock 70
fns
e O @
prevent the inspectors from discovering the birth Of the
rule The English st9ckholaersa op the contrary.
The Of s Ss wA T
yet IN reality al they %snt mot one ; Of them Ss
Ssy
Se mpOssiss agent himself ne else
elapsed s!tsI ssctioa The inspectors would
Of sssss na SIDE
81 S
81 1T IS s sssa
the elections could his vote be received
from W.. street ss Ssesns satisfied tina.
ss,s sSHso'
amoi e certainty the coSrol Of tue election
i Saast Ds Ss'ss
"a
Of s The operation of this
kSss o
% ~!
ose essssss herS
MnS % Re
are in Ike manner recognized as kooi delivery Of Ere
se for these gentlemen their sesp,s and
buy the stOs. in with the under general
he BUT
Ss them any r s se pass
directors Of the COMPANY No such this has
easily Be that By r;sps.ng the operation selling
sse spt s1m s
Ss H. Ss # ns
as 81 he asf as%sy
% 81 os and shs weS ey T S.ss
reality owning share d The stock or investing one
'ss- MXNxsrMEST OF rHR COMPANY
would long before sold their receipts against
owners Of stock bin proposed By them for the
S s ana ss
mercy Of I've or a. the mo; four .nGshmsD who
suS n g. Essh CONF
wSaa a Be- very %Sua pa q &: :s
@ Ss
sn he pSs Sn e
when the gentlemen thus selected for Legislative support
exclusively
foreigners and to STOCKHOLDERS all those rights which
egtimaely follow from real ownership OF the stock,
should not in way the formation Of cques
foreign domestic to them advantages which
enable them to the Of other
holders The bill advocated by the English party open
many other grave objections not only extraordinary
piece of special and peculiar legislation, rolling up
penalty after penalty providing new remedies when
ever they seem to be beneficial to the foreign
stockholders and abolishng existing remedies which
likely operate favorably Toward Americans
but upon constitutional grounds 1t insisted upon
the argument that the Legislature has nd power abrde
the of directors of corporation although this
proposition in general terms denied by the counsel for
the English stockholders, real reply
argument 1t 10 well settled that the Legislature i'm
pair the
OBLIGATIONS OF CONTRACTS,
although II amend the charter of corporation The
classification law empowered the stockholders
contract with the directors for term OF five
that made accordingly. Although the Legs
| lature may repeal the law IL abolish
| the contract If It had such power in this case
would have power wipe all bonds mort
cages by railroad companies 10 this State leave
tho remedless, because all such bonds
cages have executed under the authority of a law
passed 1850, which law the Legislature can
The committee have grave DOUBTS whether the Leg
afure has any such power and any attempt to exercise
would certainly lead TO tedious and expensive litigation
The people living along the line Of the Ere Railway
have been largely represented before the committee both Ia
and by petions and almost unanimously manifest