Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1892-04-07
aogERNoR AnnErrs gETo.
why lie Failedito Approve the Reading
railroad CONFERENCE.-The Effect of
His Action.

htio tAttiohs
TRENTON, N. j., April Ex-Governor
Albeit, in announcing his dsapproval of
the bill to legalize the Reading road COM
bine, filed q memorandum setting forth
his reasons therefor. In the memorandum
he saws ~ careful examination of the
act fails to disclose any authority conferred
by it which would authorize or assist any
combination 10 control the necessaries of
life. There is nothing which authorizes d
control of prices by the corporations be
yond the natural rule OF supply and de
lnand.n
The governor adds that experience does
not show that an increase in the price OF
an article transported is a natural result of
railroad consolidation, where there arc
other competing railroad facilities. Only
combination of all the railroads carry
ing coal across the state might occasion
such Il result
The governor with his view, he has
malea exhaustive examination. He is
satisfied that there was no intention under
the bill to increase the cost Of coal i'll New
Jersey, whatever might be the effect else
where. Even If there was, the bill pro
tected the public, as it provided for amend-
ment or repeal. THIS, however, might
necessitate the calling of the legislature in
extra session, and he would not care to
| leave legislation in such a shape. itwould
give rise to various embarrassments and
| expenses. lie adds that the wisdom OF
| legislative protection for the consumer has
inpresscdlitself onthim by the advance in
! the market price of coal since the passage
| of this act
NEw YoRK, April Ex-Governor Albeit $
| action apparently had little effect on the
street, while directors of the Central rail
| road Of New JERSEY asserted that their road
was not affected by Governor Abbctts dis
approval.
At the first report Of the disapprova
| Reading stock fell slightly, but the effort
of the bear element were short-iyed, us
sirong support at once developed. ane
/ Reading advanced slightly beyond th'
| opening price.
4 by many, the whole proceedings in tho
New Jersey legislature are looked upon rs
/ conducted for speculative motives. It il
pointed ont that ii the consttutionality oi
the deal was to be determined, that wa
matter for the courts, and not for th'
| legislature,
IL. G. Eahnestock, Of the First Nationa
Bank, who represents large interests d
Jersey Central, said that his road was no
affected one way or he other by the bill
and that il was q matter Of unconccrii Il
Jersey Central whether Governor Abbot
4 approved the bill or not,
PHILADELPHIA, April 5.-On the an
nouneement to-day that the governor Q
New Jersey had refused 10 sign the Dll
lcgalizing the anthracite combination
President Mcleod Of the Reading railroa,
was asked "Will the refusal Of til
governor to sign the bill have any eilec
upon the combination?
None whatever he replied. I'VE ar
perfecting our organization, and will nc
be affected by the action of Governo
Albeit. The leases We're made without II
gard to legislative action on the part 9
New Jersey. The New Jersey Central roa
! has been leased b. the Fort Reading, an
prior 70 the passage Of the bill legaliziu
he anthracite combination there was ii
law in New Jersey preventing one corpC
ration operating in that state from leasIn
! another. The lease Of the New Jersey Gen
) trial railroad by the Port Reading *, j
0 other words, legal, and the Jersey Centri
is being operated under that lease, and wi
continue to be 50 operated, The principi
purpose Of the bill was to enable dissen
! ing stockholders to have Their claims a.
: Indicated. We had not heard of any di
scntlng stockholders Of the New Jerse
/ Central railroad; but, if there were, ;lll
/ passage o. the bill and its approval by Il
{ governor would have enabled them to la,
i their claims adiudicatcd.