The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1877-01-22
ysOARD OF TRADE.
1t Wants Common Carriers Bill,
and the Bankrupt Law Hes
Dealed.

1t Wants a Common Carriers Bill,
and the Bankrupt Law Re-
pealed.
At the meeting of the Directors of the
Board of Trade, on Saturday afternoon,
Vice President Pierson presided.
The committee appointed at the last
meeting made the following report:
"ResOlved, That we recommend the
Board OF Trade to memOrlalize the Leg
islature OF OHIO to enact common car
rier's bill OF ample power to authorize
the organization OF companies to lease,
complete, and run railroads within or
without the State.
"JosIAH KIRBY, S. LESTER TAYLOR,
"H. j. PAGE, LOUIS kRoHN,
8, ARL A. q. ADAE."
The report was unanimously adopted
after some discussion.
A SUGGESTION.
Mr.. Josiah KIRBY then presented the
following, which was adopted:
"ResolYed, That, in the opinion Of this
Board, no bill should pass the Legisla-
ture Tor the purpose OF organizing a
common carrier company, with powers
to lease, finish, and run the Cincinnati
Southern Railroad, unless it snail be
made to contain the following proYis-
| ions:
"First-That its capital shall be stipu-
lated, and shall not be less than two
millions OF dollars. '-.'
"Second-That such company shall
not be organized, except for preliminary
purposes, until the whole amount OF
stock shall be subscribed, and one-third
of the same paid into the treasury OF the
company"
The following was also offered by Mr..
Kirby, upon The suggestion OF Mr.. Simp-
kinson:
Resolved, That in the opinion of this
| Board, the law organizing the Trustees
of the Southern Railway shoull be so
amended as to enable the Trustees to
utilize the road as fast as completed"
| Mr.. Dickinson asked, and placed it in
the form of motion, that the above be
| laid over one week, but the sentiment oi
the meeting was in its favor 1t was
adopted without further discussion.
Secretary Blackburn was. at recent
meeting, Instructed to draft resolutions
| expressive of the Boards opinion in re
gard to therepeal Of the bankrupt law.
He.submitted the following, which were
EWhereas, 1t is the experience of the
manufactures and merchants. OF this
city that the operation of the present
bankrupt act is detrimental to the bus.
ness interests OF the country; that it
gives immunity in vast majority oil
cases to. those who become bankrupt
through dishonest motives, and that its
continued existence is a constant meE-
| ace to legitimate business. Therefore
| be it
Resolved, By the Board of Trade OF
| Cincinnati, that we respectfully petition
| ths Congress of the United States to re-
peal said act;
"ResolYed, That asking the repeal the
Board acts from belief i'll the neces-
slty of immediate relief from the provi-
sions of the present law, and in the hope
that Congress can, commencing de nOUo,
perfect a law which shall better pr utect
the rights of creditors while providing
for the relief of the honestly untor.
| Lunate."
The Secretary was authorized TO pre-
pare paper and have it circulated for
signatures to the above resolutions,
with the following addition:
"We, the undersigned residents, and
doing business in the city of Cincinnati,
respectfully join in the foregoing petit
tion for the repeal of the existing bank.
rupt law"