The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1892-02-18

HOW MANY WILL PASS?
A Flood Of New Bills Intro
duced in the
Senate.
MORE ABOUT THE SUGAR TRUST
Some Matters That Interest the
State Generally and Hudson
County in Particular.
MORE ABOUT THE SUGAR TRUST
Special to The Jersey oitu News.

Speciai TO The Jcrsep CITY Neps.
TRENTON. Feb. is. 1892 - The
members OF Assembly reached their desks
yesterday morning they found a COM
muuication awaiting them. 1t called at
tention to Chapter III of the Laws of
1891. which reads as follows:-
Section 1. b. it enacted by the Senate and
General Assembly of tine state of New Jersey
that when any corporation has authorized
crease Of its capital stock. it shall
be lawful for such increase to be made, and
the shares issued from time to time. in such
sums aud in sucn manner as the Board of Direc-
tors or trustees or managers of the corporation
may determine; provided that no issue of stock
so increased, whether authorized by the original
charter or certificate of organization, or q sup
Elemental certificate, shall bs made until a GER
tificate, under the seal of the corporation, set
ting forth the amount and date of such increase,
as a so the statute and the certificate authoriz-
ing 1t, and the total amount of stock issued,
including the increase, shall have been filed with
the Department of State.
The circular comments on this law as
follows:-
This extraordinary and unheard of power
and ruin for the innocent stockholders of any
corporation that may make use of it.
1t places In the hands OF q few directors the
control of the stock upon the Stock Exchange,
enabling them to depress It's value by the issue
OF the stock 'from time to time" Tin such
SuAIS tilIL Will hChNOA bhC bLOSh ~ all ~
nocent purchaser and cause timid holders to
part with their holdings, which the Directors"
can purchase at the lower price to be sold again
at q higher price.
Upon tue privileges given by this act a New
York Financial Journal comments as follows
st is difficult to imagine a more perfect in
stance Of q dead open and shut game than
the demand of the Sugar Company insiders to
be allowed full authority for the issue of
twenty-five millions of new stock from time
to time. in such sums, and in such a manner,
and for such purposes as the Board of Direc-
tcIs may determine Such opportunity for
protecting inside speculation. on q large scale
was never enjoyed by Mr.. Jay Gould or Mr..
James Fisk, Jr., in the palmiest days OF Erie
deals. The arguments for or against such
transfer of secret dictatorship, from a purely
trade standpoint. need not be- discussed here.
1t is sufficient to say that the suggestion of
conservative investment, or even conservative
speculation, in a property with such manage
ment and such a history. Is simply pre-
posterous."
II e act was undoubtedly passed for the bene-
fning Company, and is intended to cover the is
suing OF stock with which to purchase the va
rious sugar Iefneries in the United States al
''such tines and for ''such sums" as the Board
of Directors may determine.
The purchase Of these outside refineries will
constitute the American Sugar Refining Com
pany of this State, the greatest food monopoly
in tn world, besides. when in full control of The
sugar interest, the Directors can and may shut
down the only refinery the company hasin this
State, thereby throwing thousands of people
out of employment, and causing DO end of suf-
fering among their families, transferring the
manufacture of its product to other refineries III
other states where il can be made more cheaply.
A bill rep a!ing this iniquitous measure is
now in the hands OF the on Corpor-
ton of the Legislature is earnestly called to the
necessity OF its immediate passage, to prevent
the consummation of a deal about to be con-
cludeI between the American Sugar Refining
Company and the Spreckels and the Harrison
Sugar Refineries of Philadelphia. its two princi-
nal competitors, which, if will
,,r+ruiIu and aI nnnOsifiOn IN fhA h1oa mon.
opoly.
At the afternoon session Mr. Lane off
cred a resolution directing the Commit
tee on Corporations to report in writing
at the next session of the House whether
the statue referred to was such an in
famous one as was represented
Mr.. Lane spoke in favor of the resolu-
ton.
Mr.. Potts hoped that the resolution
would not pass. The gentleman from
Union, he said, seemed TO have gone
crazy on the matter of sugar trust. The
State had a legal officer to whom the
House could go for legal advice and he
did not think it roper TO refer the mat
ter to the committee. MI. Hardin COIN
cided with Mr.. Potts.
Mr.. Lane said that the communication
referred to a question now before the
House. and ne thought it ought to be left
to the committee.
The motion to postpone and the original
motion were withdrawn.
TO ASSESS BENEFITS.
The Assembly yesterday passed Mr..
HardiD's bill. which creates in Jersey
CITY aud Newark Boards of Commission
ers to assess all benefits and damages for
street improvements. The bill pro-
vides:- .
1. That in the cities of the first class in this
State all assessments of damages and benefits
for local improvements made and to be made
therein shall b computed, estimat d and fixed
by commissioners 10 be appointed as hereinafter
provided; such o missionerS shall he Free
holders and resident in the city in and for which
they are appointed, and shall, before they
enter upon the duties of their office,
take and subscribe an oath to faithfully and i'm
partially discharge the duties imposed upon
them according to the best of their skill and
ability, which shall be filed III the Office OF the
clerk of such city.
Q. That such commissioners shall in every
such city be appointed by the Mayor thereof,
and shall hold office for the term of three years
from the date Of their appointment, and until
others are in like manner appointed to succeed
them, and shall be paid an annual salary of one
thousand dollars each, payable at the same time
and in the same manner that other city officers
therein are paid.
q That it shall be the duty Of such boards to
estimate, compute, fix, determine and make all
assessments for damages and benefits caused by
any local improvement made therein, and all
such commissioners shall 10 all respects be gov
erned in making such assessments by the laws
now or hereafter in force relating and regulat-
ing the making of assessments for local I'M
movements i'll such city.
NATIONAL B DAY.
The Assembly yesterday adopted a joint
resolution requesting the New Jersey rep
reseutatives i'll Congress- TO vote for the
bill establishing a national labor holiday.
The Senate bill was passed providing
that only one director of any corporation
need reside in the Stale.
The frequent attempts OF Mr.. O'Neill
and other members TO have committees
relieved of bills which the committees re-
fused to report brought forth this resoiu-
tion yesterday afternoon, which was
adopted
That hereafter no motion or resolution which
will result in relieving = Standing Committee
from the consideration of u bill referred to 1T,
shall be entertained unless one days notice
shall be given the House OF the introduction of
such motion or resolution"
The House passed the Senate bills fix
ing CITY physicians terms at three years;
providing that the State Board of Edura-
tion shall superintend taking the school
census; providing that all persons hereaf-
ter practicing midwifry must be licensed
nv Lhe State Medical Board; providing
tIat savings aud oJher banks shall be
responsible for plate or stocks left i'll their
vaults by customers, and giving Justices
courts jurisdiction in suits against cor
porations.
NO RACE BILLS.
The fate OF the race track bills is as
sured. A poll OF the Legislature yester-
dsy resulted ms follows:--
Senate none for, fourteen against; hve