New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-19
SENATOR JoHNsoNs RAILWAY BILLS
THEY ARE OF ESPECIAL INTEREST TO ERIE
cRrDIroRs AID srocKno1DERs

CREDITORS AND STOCKHOLDERS.
Trenton. Feb IS (SpeclaD Two bills introduced in
the Senate to-day by Senator william NJ Johnson.
OF Bergen. OF special interest to the creditors
and stockholders Of the Erie Railroad Company.
One assents 20 hat company's lease Of the Green
wood Lake Railroad, providing that the lease has
the approval Of two-th-ds OF the holders OF bonds
and stocks. The bill contains the usual provision
requiring the surrender of all special contracts or
charters exemptns them from the general taxing
laws
The other bill legalizes the reorganization of the
Erie company, and It reads as follows:
lhat whenever railroad corporation of an ad-
JoiIlhs STATE, owning operating or connecting with
Idifcd"s .yinS W.thin this State has executed
MORTGAGE upon It's railroad and in pursuance there
a a sale OF All The mortgagcd premises has been
arl.dEed ana cccreed by court % competent juris
dcton or b. a Circuit Court of the United states In
the state or States in which the greater part OF
the mort gagged premises are ated and such sale
mas accordingly been made in such State or States,
anG sueh Judgment or decree and the sale there
under have been approved and confirmed by the
Court OF Chanccry Of this State or by the Circuit
Court OF the United States IN and FOX The District
OF NewJersey such sale shall pass the title TO the
purchasers to their assigns OF or in all OF tho rail!
roags with their appurt enances and the franchises
authorizing the same lying in this State and com
prised within such mortgage with the same force
and effect as If such sale had been duly made under
q judgment decree in a suit or proceedings orig
innlly begun and prosecuted 10 decree I'm the Court
or Chdncery Of this State IN Circuit Court Of
Jersey.
mat after such approval and confirmation any
railroad corporation duly created under the laws Of
the state IN which the greater part OF the mort
e ged premises are situated may acquire, hold pos
ises, with thar appurtenances. lying in this state,
ana shall have and possess all :he rights. powers,
PRIVILEGES ard franchises heretofore possessed n
THIS state ~ the corpora ton executing, the mort
gage resulting In such Judgment or decree IN sale,
and also all such or hereafter nay be con-
ferred upon railroad or ferry companies organized
under the general laws II this STATE. and
nected with sad lines Of railroad lying IN this state
subject however to the duties or Liabilities imposed
by law upon such former corporation or upon rail-
road corporations Of this state.
That an eXempiihed copy OF the charter. certll-
cate Of Incorporation or articles Of association
der and by virtue Of which such new corporation 10
created and Of the judgment Or decree under
certified CODY Of such judgment or decree Of con-
frmati0. and approval II me court OF or In this
STATE, shall be fled in the Office " the Secretary Of
State for this state.
That this act shall not apply % any corporation
unless such corporation shall FIRST. AMI Q cond!
ton precedent the exercise OF any power granted
By this act any other act II the Legislature OF
this stat. file Ia the Ore OF the Secretary u state
an agreement. to be approved by the Governor and
the AtrOrney-Oenera waving ali rights Of e@cinp
ton from taxation and from privileges and adyan-
tages arising from any law or contract or any there
hri establishing any special mode g. taxation OF
any S.ch corporation. and the further agreement 70
h. b0un' by any general Jaw u this State now n
existence. OF that may hereafter be passed. taxing
such corporations arc now authorized ~ be taxed
by thr LEGISLATURE OF this STATE under any general
law And further agreeing that the exercise Of any
power granted by this act shall not in any way af-
take the property Il such corporation under any
existing law - the state and agreeing further that
all laws affecting such corporations shall be sub
Jet to alteration or repeal By the Legislature.