The New York herald., 1878-02-20
NEW JERSEYS CAPITAL,


DIFFIcULTIEs-PAssAaE OF THE SIX PER
CENT INTEREST BILL-NoMINATIoNs By THE
GOVERNOR.
[BY TELEGRAPH TO THE HERALD
TRENTON, Feb 10, 1873
A bill introduced by Senator Magic Monday
night, and which passed the Senate to-day unsni-
mously, specially applies to the New Jersey Central
Railroad but also all other roads In State
Last year tho Central road made a mortgage
for $5,0oO,oOO under the plan proposed by
the bilL 1t is now tho intention 10 take
up that mortgage and issue instead new
one for like amount bearing interest az the same
ra,e-seveu per cent-whch will IN no way increase
the bonded debt the object being take up the hy-
pothccatcd securities. Tho bondholders are willing
10 surrender their old bonds. providing they guar
anteedsthe rate Of interest Tho bill
reads as f0lows:-
supplement- to tho act entitled AN act relative to
Belt enacted BY the Senate and General Assembly
of the State Of New Jersey that corporation which
rseeivsrs. or Of receiver By Virtue of proceed.
coporaon Shall be rsoganns or arrsngins is property
and debts 70 resume the manngemens ana control ct ITS
Cnsnc.ry mortgage It's properly and franchises for such
cssdns the rate OF interest secured by any pre.e
mortgage OF real estate MADE by sucn corporation.
LEGALiziNG MORTGAGES
Senator Seweli introduced bill 10 validate certain
mortgages given by raiiroaf corporations and 10
make such mortgages u lien upon tho franchises Of
such corporations. IL provides that all mortgages
upon the corporate properly of these companies
made before 1854, whose charters did not empower
them 10 execute these Instruments, be hereby con-
nrmed and validated, PROVIDED that such mortgages
shall have been properly recorded
REDUCING THB RATE OF INTEREST.
In the House the bill providing that the legal OF
interest shall hereafter be six occupied atten
ton all the forenoo and after very interesting ae
bate, was, without Amendment ordered to third
reading by = vote OF 38 to -
NOMINATIONS SENT IN
The Governor sent IN the following nom atoms to-
day:Board OF Visitors TO tne Agricultural College
Albertson, Haddon6cld Second district-Edward
J. q. Atterbury. Trenton. Third dslrict--James Neil
son, New brunswick; Ex-Governor Newell Allentown
Fourth district-w lIiam r. Janowav, Now Bruns-
wick. Fifth distrct-W iliam Hiliard, Peapack ;
Cornsllus =. GarrabranL Brooksidc. vice Rev. John
Steele. resigned. Sixth district--Patrick 7. Quinn,
Newark. seventh district-Abram W. Duryea, New
Durham Alfrod r. Leeds, Hoboken.
Board OF Trustees state Normal School-First dis
trict--C. e. Elmer. Second-John MacLean. Third
BENJAMIN Williamson. Fourtn--Thomas Lawrence.
tiflh--Rodman N. Price. Sixtb--Wiam II. Steele.
Seventb--Bennington II Randolph. In Executive Sos
sion these nomin atoms were laid ovor.
CONTESTED ELECTION CASE DECIDED.
In the Norris county contested election case OF
Salmon Cooper. after three hours' discussion and
n strong and ieeing appeal from Cooper the sittipg
member, the House decided 10 unseat MIN and give
salmon the by strict party vote OF 80 10 80.
salmon s a democrat and Cooper q republican. II
was one OF the most envoning scenes ever witnessed
IN tho House OF Assembly,