The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-09
NY. CENTRAL'S STOCK
APPRAISAL BILL DEAD
Governor Convinced Measure
Would DO Injustice to Har-
lem Roads Stockholders.

ALBANY. April s.--Aftcr a hearing to-
night Gov. Glynn declared he would veto
the Coates Mailer bill designed to have the
holdings Of minority stockholders, where
railroad corporations are consolidated,
valued by appraisers appointed by the Su-
prcme Court.
You know how John Hancock wrote
his name on the Declaration OF Independ-
ence-so big you could read II across the
ocean. am going TO write Veto" across
the face of this bill NO big you can read II
down in New York city," declared Gov.
Glynn IN closing the hearing.
Judge William y. Cohen, representing
the minority stockholders of the HARLEM,
Railroad. declared that under this bill his
clients would be compelled to accept $3.50
a share for their stock, something the New
York Central Railroad. which has a 500
year lease Ct the Harlem, has been en-.
deavoring TO accomplish for some years
past
"rnder this bill" said Mr. Cohen.
there Is an apparent attempt on the part
NJ the Central company TO give the minor
.ty stockholders OF the Harlem fair
price through the appointment OF three
appraisers by the Supreme Court. to be
paid by the New York Central But the
appraisers would not be In position TO
ascertain the physical value OF the Har-
lem Railroad and would be compelled to
fix the value OF the stock at price to be
determined BY the dividends paid. The
Central must pay at least 10 per cent "A
year to the Harlem. but the Harlem prop
critics earn at least IA per cent. The
minority stockholders object 10 being
compelled TO accept for their stock a price
that Is not based on their own knowledge
OF the physical valuation OF the Harlem
property This the New York Central
people refuse to give them.
This bill is pure buncombe II IL a
revival OF the black horse cavalry DAYS.
The bill was introduced March 10 and
the Legislature adjourned March %. This
If the first hearing on the measure. as
there was none in the Legislature. Sena-
tor Coates who introduced the bill
in the upper house. comes from the
Adirondacks, while Assemblyman Maier.
who introduced II In the lower house,
halls from Seneca Falls. The opinion is
that the Central wants TO get hold OF the
Harlem Railroad absolutely in order to
be in position TO put a big mortgage
on the Grand Central Terminal"
Gov Glynn was not inclined to listen
to any explanations from the attorneys
for tho New York Central Railroad, APP
parently being satisfied from Judge
Cohen's argument that u was a bad piece
OF iesisiatloh' put y. u. PauidinK, one
OF the attorneys for the Central. declared
the bill was not designed to meet the Har-
lem situation. but to complete and facili-
tate the recent consolidation OF up State
roads owned and leased by the Central
lines.
This bill provides for the appraisal OF
the stock OF minority stockholders along
the lines OF similar provision in the
business corporation law. where two bust
ness corporations are consolidated" de-
clared Mr.. Pauidng.
THE only purpose OF the bill IL to pu,
the minority stockholder In the position
to purchase his stock for cash U'nde,
the existing law. where two railroads ar,