The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1902-03-27

nents to those of Mr.. Lee. These amend
naents provided for the consent OF TWO
thirds in interest of each class OF stock
holders
'It is now practically admitted" saiG
Mr. Hudspetn that this bill is IN tne M
,erest OF the Steel Trust. That is one step
at least While the hand that introduces
this bill is the hand of Jacob the voice Is
that of EAU
what do you mean?" asked Mr.. NC
Garter,
81 mean that Mr.. Dill, the corporation
lawyer, drew this bill. He has been IN
the corridors o fthe State House all day
Il haven't seen him. innocently rephed
Mr.. McCarter.
"It has been publicly stated" said Mr..
Hudspeth, that New Jersey, like the
slave, is ready to sell herself to the high
est bidder. And so it seems and say II
is a shame and disgrace that the Legls-
lature should compel her to assume sucn
position. Talk Of Croesus and the
Cloud of Mintus. They vanish in the lght
of such legislation as this. and then nave
it thrown in the face of the people OF this
State that she sells her favors for the
highest price. There is point beyond
which we cannot go. The people VIII
say, Thus far shalt thou go and no fur-
ther.
Have the people no rights in this mat
| ter to be protected?" Mr.. Hudspeth ex-
claimed, "or is it simply that we shal
have large surplus in the treasury.
He opposed the bill as it first passed
the Senate, he said, because 1t meant as
the bondholders increased the stockhold-
ers decreased. 1t would increase the
mortgaged indebtedness of the corpora
ton and the stockholders got nothing un-
til the indebtedness was paid By this
LEGISLATION state of affairs disastrous to
the stockholders would be brought about.
The interest on these bonds would be for
feited and the property sold under fore
closure and when this property was thus
sold farewell to the stockholders, fare
well to the small holders.
81 have gained my point and am on
record as opposed to this legislation,
said Mr. Hudspeth in conclusion, and l
am satisfied. Word has just come to me
from the tape that the stock of this big
trust has fallen seven or eight points this
afternoon on account of this adverse
legislation. What does that mean?'
Nov that we have come down from the
clouds and are down to every day al
fairs" said Mr.. Reed, 'let US consider
this measure as the simple business
proposition it is" He then went on to say
that he wondered how any Senator could
lash himself into such frenzy over such
simple proposition No stockholder Of
this corporation, which it is said this bill
| is To aid has appeared here to protest
against this measure.
"Yes, there has," broke in Senator Lee.
who was promptly called to order by the
| President
Continuing Mr.. Lee said that the bill
enabled any corporation to transact Its
! business in proper manner. Ahe system
under which corporations were encouraS-
ed to come here and pay taxes to NeTT
Jersey was inaugurated by Democrats.
! The name of New Jersey stood high in
the sisterhood of States and her policy f
encouraging corporations was being cop
led by other States. The bill, he declared,
needed no apology. 1t was fair ana just.
The Senator from Hudson had accom-
plisned his object in venting his cry,
Down with trusts and he. ought to feel
satisfied.
he was a stockholder in the steel trust
and he objected to the bill he said he
| was unable to see why politics should De
| elected into the matter. The bill, he de-
clared. was designed to permit few to
manipulate the affairs of the corporation
TO their own advantage.
| Mr. Lees amendment was defeated by a.
| vote of to 10. Ayes-Cornish. Cross.
Gebhardt, Hudspeth Lee, Martin. Nc
Kee, Welsh. Noes-Francis, Haines.
Hand, johnson, McCarter, Miller, Reed,
Shinn, Strong. Wakelee.
The bill was then placed on second read
ing
The Steel Trust bill passed the Senate
this morning When the bill came up
Senator Reed explained and defended it
as meritorious measure 1t enabled an
exchange of preferred stock for bonds;
but the interests of stockholders were
thoroughly safeguarded The fact that
| it was corporation measure ought not
to constitute an argument against it. If
it were not for the corporations New Jer-
sey would not be so wealthy as she is.
Mr.. Hudspeth said he had explained his
views on this bill so thoroughly yesterday
that it was unnecessary for him to say
anything now.
Messrs. Martin and Gebhardt explained
their views on the affair by saying
that while ordinarily suspicious of cor
poration measures they had investigated
this bill very closely and failed utterly
to see where anybody's interests were in
juriously affected.
Seventeen Senators voted for the BILL
while Messrs. Hudspeth and Welsh voted
against it.