New-York tribune., 1882-03-02
RAILROAD INTERESTS.
DIVIDING FREIGHT BUSINESS.
DIV IDINU FNEIUII DUDI'f""'
ACTION OF THE JOINT EXECUTIVE COMMITTEE OF
THE TRUNK LINE ROADS.

ACTION OF THE JOINT EAECUIiNb
THE TRUNK LINE ROADS
The meeting yesterday of the Joint Executive
Committee Of the trunk lines and their Western connec
ton. vas tho frat held snee that on August TO- 1884, a
which no representative of the principal vanderbilt rail-
roads was present There representation yeS'er
day twentyone out OF tho forty roads composing Vho
Joint Committee trunk lines were represented oy
W. X Vanderbilt Traffic Manager Hayden ana Generai
Passenger Agent G. b. Meeker OF the Newly Central
Genoral Traffic Manager Villas and General Passen-
ger Agent Abbott Of the York Lake Erie and west
ern Vice President A. j. Cassat and General Passenger
Agent Wood Of the Pennsylvania, and Robert Garrett
and Messrs Lord Wight and Harriot for the Baltimore
and OHIO The Grand Trunk Railway OF Canada was
not directed represented Among the other roads
sented were Lake Shore, Michigan Central, Chicago
Burlington and Quincy, New-York Pennsylvania and
Ohio Wabash, Vandalia, the Pennsylvania Company
and the Troy ana Boston The Boston and Albany had
no direct representative Commissioner Albert Fink. as
usual presided and by his statement acted for all
the roads not represented by their officers.
The meeting called for the purpose OF further mr.
ranging the details necessary to carry out the January
agreement OF the trunk lines TO pool all their compe
tive traffic. excepting petroleum, coal and iron ore
The object vas described by Commissioner Fink In his
call to be to consider the division OF traffic from the
various cities and upon proper methods Tor
maintaining established tariffs but 1t wa, stated that
"the subject Of the division Of passenger traffic, as
well az the 10 be made hereafter TO secure
the maintenance Of passenger fares would be brought
before the meeting The meeting mostly given mp 10
discussion no definite action being taken the matters
considered. Mr.. Finks address as chairman embodied
plan for the division OF business and the future main
tenance Of tariff rates which, 1t was stated subsequently
bound business at tn. places where the traffic originates
through 20 the Atlantic se3bOard. The rate1naung
general passenger agent OF The road from which the
traffic first starts No rates below the minimum agreed
the object of this provision being to condne these
lines to their primary purpose Of facilitating shipments
roads It's also proposed to abolish 'ommissons TO
business all competitive point. TO be subject to modih
cation by agreement oftencr than once year. IA NE
main a. snqrG d ea Gd S oonRReccd Win tho Of Mr.
Fink's plan to various committees No allotment
% % SS gstemptod M for the present The
question of dividing passenger earnings also was
settled in connection with THE is whether or not the
division shall include earnings from local as WEI wei as
port to-day to the Joint Executive Committed.
should the decision of the Advisory Commission as to
derenta rates not he accepted by tho roads nor any
decision is rendered ihc preliminary agreement pool
traffic shall he void but that that respecting
bound and passenger traffic shall be carried out
THE CENTRAL STOCK BILL TO BE LAW.
FROM TIE REGULAR CORRESPONDENT or THE TKIDuNE-l
TRENTON, n j.. March 1.-The House of
Assembly to-day passed Senate bin No Ill, permitting
the New-JerSey Central Railroad lsHue
dOna stock the objections OF the Governor 70 the con
trary Notwithstanding The bill thereby becomes Il
law as soon It Is filed IN tho Secretary OF states Office
The Governors veto sent to the printer yesterday to
furnish the members with copies This would have de-
la yed its consideration until tomorrow, which was UNI
satisfactory the friends of the measure, especially as
F. B. Gowcns presence announced IN town. a
motion vas therefore made aud carried this morning to
recall the the printer, and this afternoon tho
veto and the bill were taken up. The Chamber was
crowded, and In spite OF the importance OF the
measure and wide divergence of opinion which
affected timid members only three were absent-Messrs
Hewitt, Johnson and Baker. The young Mr..
McAdoo DemJ appeared the Governors champion
end occupied the floor in roiteraOn Of the Governors
arguments for twenty minutes. His position was at
tackled by Assembyman Gator (AntiMonopoly, Of Jer-
sey City, 10 speech which brought forth applause.
Speaker Dunn took the floor and supported the bill with
vigor while expressing respect for the Governor. Mr..
Bell (Den.) also supported the bill. and the roll wns
then called hill passed the veto by the follow
ing vote:
rtas-Adair. Rel, Bond, Brewster, Carter. Casey,
aiGT ascn oodwS GTgss % Heath Herr Pp morne
Iadow, Lawrence. Lewis, Lindsay, Locke Matthews
Post. Richardson, Ross, schomp. sheldon, shields,
Shinn sisson Smith, TurRcs' Van Bussom, Van Clcet
Yays-conerry. Dqre, Fielder Flynn Gr,avrs, Nc
4a9S M'RSwqn: Moore oOrA0
There was apparently political signi1"""""
in the vote further than willingness OF the part OF
some Republicans Indifferent 10 the fate OF the BILL 70
suub the Governor.
The next move on the in this State ia the
argument the motion before the United States Court
here on the 7th inst to restrain the directors from ss
ing the stock by permanent Injunction.
Tie hill as It appears a law is as follows:
BE IT enacted etc. That in all cases where the bonds
OF any corporation created by or organized under
OF the Legislature Of this state havc been heretofore
issued and which bonds arc duo or about TO become due
or NAV paid by such CORPORATION NJ its option IL shall
be Law fu for the board directors OF such corporation
Increase its capital stock IN order to provide means for
the payment OF such bouds for that purpose issue
aud sell the shares OF such Increase OF capital stock for
cash only and In such manner ms thcy deem best, at
price not below tho par value m such shares but 40 great
number OF shares shall bc issued sold than shall bc
sufficient TO r1lSe an nmoun! sufficient Tor the payment
OF the principal secured by the said bonds and the
interest accrued thereon; and certificates of stock snail
be HsuCd to the purchasers OF such additional shares upon
payment cash Of the purchase price thereof and the
holders OF the said shares OF the increased capital stock
hereby Authorized shall possess aud exercise the same
rights and privileges IN all respects as are possessed ana
exercised by the holders Of the other shares OF the capt
tai stock OF said corporation other than the preferred
representing such Increase OF capital stock shall be Ap
piled TO the payment of such outstanding bonds as afOre
said and 10 no other purpose whatever.
2 Aud be # enacted That if The capital stock Of any
corporation shall be increased, is authorized by the
preceding section Of this act II shall ev che duty OF It's
president and secretary within thirty days thereafter, TO
make a certificate under their respective Oaths or az
hrmatous setting forth what bonds OF such corporation
have been paid by the proceeds of increased capital
stock thereof that have been Issued for that purpose aud
TO such certificate 10 be filed and recorded In tho
office Of the Secretary of State OF this State.
g. And be IT enacted That this act shall take effect I'M
medately.
LOUISVILLE AND NASHVILLE STOCK.
The unusual prominence of Louisville and
Nashville I'm the dealing at the Stock Exchange recently