New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-06-12
TO AID INVESTORS.
WempIe Bill to Reuire Expired
RmI7r0v Charters Passes assembly.
TBv TeleEraph % q Tribuns. J

.,,.-,, T,na 11-Arpeals 10 the Assembly
..o. N break its record of good legislation made
during ,be YEAR were unavaiIing to-day for the
lower house passed the Wemple omnibus char
ter revival bill by three more than the neces-
sary number OF votes. There has hardly been
introduced bill which has brought forth such
general denunciation as this especial measure
It provides for the extension Of the charters 81
railroad companies which have previously ex-
pired from any cause. providing the companies
have debts outstanding, and also permits the
use OF electric as well as steam power by the
resuscitated companies This general extension
law is asked Of the Legislature "for the protec-
ton Of the owners Of securities Of railroads
which have mortgages OF record"
For these unfortunate investors Assembly
nan Merritt. the advocate of the measure made
a pathetic plea. To save them and 10 protect
them, their wives and poor dependent families
this bill was conceived, he argued. and surely
for such righteous purpose it merited the sup
port Of all the members Of the Assembly. The
fact that the bill incidentally gave away hun
dreds Of thousands OF dollars Of the states
money, as was charged by its opponents. was
not mentioned by Mr.; Merritt. The fact that
while it was supposed to apply 10 one deserving
case II was general in fits character was not
used. except by the members who opposed IT,
To the argument for the salvation OF unfort-
innate investors was added a touching appeal
for sympathy for the organizers Of these roads
who had allowed their charters to expire with
out beginning any actual work of construction.
Mr. Merritt pleaded that they have another
chance to make good"
Assemblymen Wagner and Az Smith. aided
by Assemblymen Wainwright and Cuvier.
tackled the bill with such bitterness and strong
arguments that Mr.. Merritt sighed profoundly.
We are asked to protect the investors. re-
marked Mr. Wainwright. Il see no force in that
argument. Every day men are investing in
wild cat schemes, or in the stock market, which
is almost bad II all these people came here
for legislative protection would have a nice
that argument. The biz is a bad one and should
not be passed"
Il thought this Legislature had decided not 10
pass any more bills extending the time OF de
funct railroad companies said "Ai' Smith II
this is the policy Of the Railroads Committee. I
do not see now it's chairman. Mr.. Merritt, could
have allowed such bill this 10 be reported.
Take off its mask and you will find it in it's
true form-a steal from the state q typical and
rank example Of the grab bill
ut is all very well to make the specious plea
Of protecting the poor investor" heatedlv ex-
claimed Assemblyman Wagner, but / have
looked into this proposition pretty thoroughly.
and I tell you that the arguments for this bin
are not true. The special case that this bin
understand is primarily introduced 10 remedy is
not q worthy one, and should not be remedied
This bill, according TO the information I have
received. Will renew the charter of cor1pany
done lick Of constructive work It has how
ever, raised S5O0.oO0 on a stock or bond issue
None OF this money has ever been accounted
for. and there is nothing to show for it,
Mr.. MoTeland then moved the previous Dues
ton; and the bill was passed by a vote of 70
10 80