The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1902-03-27
Bill to Wipe Out the Trusts
Preferred Stock Passes
the Senate.
HUDSpETRS GREAT FIGHT
But Jugger Reed and the
Party Push Are Too Strong
for ths Peoples Honest
Representatives
[speelal . nrhe Jersey cIty News.''l

. Especial to .The Jersey City News."1
TRENTON, March q, 19O2.-As soon as
the Senate had reassembled yesterday al
ternoon Mr.. Hudspeth- renewed his at
tack upon the Steeel Trust bill. When
the upper chamber adjourned for the
noon recess, on Mr.. Johnson's ruling on
tho motion to adjourn without an
nouncing the vote on Mr.. Hudspeth's s
motion TO recall the bill from the House.
as told in yesterdays Jersey CITY
News it was learned that the resolu-
ton had received eleven votes and was
consequently carried, even under MT
Johnson's ruling that it required ma
jority vote.
Under unfinished business Mr.. Hudspeth
asked for the announcement of the vote
on his resolution. Mr. Reed asked MN
to allow the matter to be laid over tenn
porarily and upon being assured by the
chair that he would forfeit none Of ms
rights by 80 doing Mr.. Hudspeth con-
sented.
Soon afterward Mr. Hudspeth renewed
his request and Mr.. McCarter stated that
he had no objection to having the bill
recalled from the House, but understood
that the measure was about to be amend
ed in the House and that it would save
time to wait until the bill came back
with the Assembly amendments. Then
the Senator could offer his amendments
and the bill could be considered in its
entirety as he desired To recall the bill
at that time, Mr. McCarter continued,
without waiting for the action of the
House upon it would mean virtually the
defeat of the measure, or at leastjeopar-
n hn ndi
near at hand.
Mr. Hudspeth insisted upon having the
vote announced, claiming that the rules
required the announcement OF every vote
taken.
To this Mr.. Mecarter disagreed, saying
< that in his opinion the passage of a mo-
ton to adjourn killed Mr.. Hudspeth's s
resolution
Al this point, at the request of Presi-
dent Francis, who was absent from the
chamber during the proceedings on the
bill at the morning session, Mr.. Reed ex-
p.ained the situation and said that he was
satisfied that the insistance of the Sena-
tor from Hudson that the bill be. re-
called from the House would cause un-
necessary delay and SAVIOR OF a policy OF
obstruction.
just the same Mr.. Hudspeth insisted
upon his resolutions and said that his idea
was to have the matter threshed out on
the floor of the Senate, and if the bill
was as dangerous as had been stated,
he wanted the Senators to be fully APP
prised of that fact. He had secured a
sufficient vote to have the bill recalled
and in justice to himself and the other
Senators he would have to insist upon
having that vote announced
President Francis directed the secretary
to read the roll cali and explained that
any Senator had the privilege of chang
ing his vote before the result was an
nounced, but Messrs. McCarter, Reed,
Shinn and Shinn changed their votes from
no to aye This, the clerk announced,
made the vote Is to in favor Of Mr.. Hud-
speth's resolution to recall. Those who
still adhered to the negative were:-Sena-
tors Hand, Miller and Wakelee.
At the request of Mr.. McCarter, the re-
solution of recall Twas sent to the House
at once.
Later in the afternoon the bill came over
from the House and Mr.. Reed asked that
it be reconsidered. All the Senators voted
for Mr.. Reeds resolution. Mr.. McCarter
moved a reconsideration of the motion by
which the bill passed second to third read
ing. The bill was then taken up on second
reading and Mr.. McCarter offered several
amendments the purpose Of which. Mr.
Reed said, was the same as those offered
in the House and prohibited corporations
taking advantage of the act unless they
have paid dividends within year last
past. Mr.. McCarter claimed that the
amendments safeguarded the interests of
the stockholders.
Mr. Lee of Atlantic asked that furtncl
consideration of the bill go over until TO-
morrow. Mr.. Mccarter objected and
claimed such course would result in
z killing the BILL
'sYou might as well face this situation. .
he said II don't care whether the Stecl
Trust or any other trust is interested n
IL so long as it is a fair, honest propo.si-
tion, and therefore believe that it is oniy
reasonable that we act at once.
..That's well enough for The friends Of
the bill,' said Mr.. Lee, but no one else
knows anything about it. We desire tc
prepare amendments"
"Whar are your amendments?" asked
Mr.. McCarter
sThat's our business" tartly replied tn,
Atlantic Senator.
4 Lees motion that the bill lie ovel
was lost by vote OF 1S to 2.
Mr. Lee then offered amendments e
prevent two-thirds of stockholders presen
binding all stockholders and requiring
that two-thirds of all the stockholders b.
required to change the stock from sever
per cent stock to five per cent. bonds.
Mr.. McCarter opposed the amendments
offered by Mr.. Lee. He declared tnat il
most corporations majority of stoekhol
ders were Indifferent as to meetings and
therefore the provision that two-thirds 0
stockholders attending meeting oush
10 be allowed to govern. the others real
ly asserting by silence or absence. Til
act, he claimed, simply provides prope
and necessary legal machinery But evei
with this arrangement no stoekholdc
could be forced to change his stock int
bords. but could refuse and continue i
hold his stock
Mr.. Hndspeth offered substitute amend