St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-04-12
REGULATING SURFACE ROADS
Three Bills Passed by the New York
Senate.
Defining What Surface Railway Com
panfes May DO.
Special to the Globe.

Special to the Globe.
ALBANY, N. Y, April 11.-So much has
been told in regard to the iniquites of the
methods by which the Broadway franchise
was obtained two years ago, and so much
| information has been given in regard to the
investigations that are still making by the
railroad committee of the senate, that it is
OF interest to note the outcome of the in
vestigations i'll the legislature itself. On
Wednesday evening, April Z, the
senate passed three bills by the
remarkable vote 30 to 2. % to
4, and 81 to l. Such unanimity in
legislation on any matter of importance
was never known before in the history of
the state. The first bill provides that the
corporation called the Broadway Surface
Railroad company, and purpOrting to have
been organized as a corporation by
virtue of articles of association filed and
recorded in the secretary of state the 18th
DAY OF May. 1884, for the purpose of con-
structlng, maintaining and operating sur
lace railroad on Broadway, in the city Of
New York, between the Battery
and Fifteenth street, be, and the same
Is hereby annulled and dissolved, and
It's charter is hereby repealed. The second
OIL provides that whenever any street sur
race railroad company shall have been dis
solved or annulled, or its charter repealed
Dy an act OF the legislature, the consent OF
the owners OF property bounded on and the
consent of
THE LOCAL AUTHORITIES
having the control of that portion of
street or highway upon which the rail road
OF such company shall have been hereto
fore constructed and operated, and the or
der OF the general term confirming the re-
port OF any commissioner that such
railroad ought to be constructed and
operated, shall not, nor shall either
| thereof, be deemed to be in any wav i'm
paired. revoked, terminated or otherwise
affected by such act of dissolution. an
nulled or repealed, but the same and each
| thereof shall continue in full force,
efficacy and being for the uses and
purposes herein mentioned. The
right to the further enjoy
to said act of dissolution, amendment or
repeal of the said consents and orders and
OF each thereof, and of all the powers,
privileges and benefits therein, or thereby
created, shall be sold at public auction bv
the municipal authorities within whose
jurisdiction such railroad shall he.
IN the same manner as is provided
by section F of chapter - of the
laws OF 1886. When such sale shall have
been so made the purchaser thereof shall
nave the right to the further enjoyment and
use OF said consents and orders, and of each
thereof, and of all the powers, privileges
and benefits therein or thereby created in
Ike manner as II such purchaser had been
ORIGINALLY NAMED
IN such consents, reports, and orders; pro-
vided that such purchaser shall be other
wise authorized by law to construct. main
and
within which the municipality within such
railroads shall be. The third bill provides
that whenever any corporation organ
lied, under the laws of this state.
shall be dissolved by an act of the
Legislature, the attorney general shall al
once bring a suit in the supreme court in
| any county that he may select for the wind.
ing up of its officers. The chief officer OF
! the corporation at the time of dissolution
shall be made the defendant and in CASE
| there is no chief officer any one of the
directors may be used. The Judge of the
supreme court shall immediately appoint
| receiver, who shall have no connection with
| the corporation and whose bonds shall be
from $4,000 to $50, 900. The receiver
shall take an inventory and file
the same in the office of the
county clerk. Public notice shall
be given to all creditors to present their
| claims. such claims also to be filed. The re-
ceiver shall then ask the judge for an order
to sell the property by auction. The court
Is given discretionary powers in regard to
the claims of creditors.
CREDITORS
whose claims are not presented cannot par
ticipate in the avails of the sales, and a re-
jected creditor may ask the court that pro
rata amount of the avails may be reserved
pending his appeal. The Judges shall
direct the receiver to transfer all the
| property to the highest bidder, the receiver
shall be allowed a reasonable per cent. on
the whole property sold, and the attorney
general shall be paid for counsel. What is
left after paying the creditors shall be dis
tributed among the lawful stockholders.
The receiver is given full power to send
| for witnesses and administer oaths.
Suits against him shall be
brought only in the supreme
court when the original action was brought
and then only upon eight days notice to the
attorney general. 4 fourth bill, which
was not passed at the same time with the
bills noted above, will be passed in a few
days. The ground has already
been partially covered by what is
known as the Canton bill, now a law, which
provides for the sale of railway franchises
to the highest bidder. The bill that is
about to pass amends the surface railway
act of 1884. so that the right to use the
streets shall be sold at public auction to the
bidder who shall give the largest sum per
annum with the adequate security to the
corporation of the city or the trustees of
the village who grant the franchise.