RAILROADS.
The bill [S. 31] To legalize, authorize and regulate the sale and perfect the title of purchasers of railroads heretofore sold, or hereafter to be sold, by foreclosure or other proceedings in law or equity, and to enable them to organize corporations, and to exercise corporate powers, and to legalize sales of railroads, coming up on the third reading, (with the engrossed amendments of the House) (the amendments of the title here copied were withdrawn-)
Mr. NEBEKER proposed to recommit, with instructions to amend by a clause in the second section to "provided that such corporations shall assume all the debts and liabilities of the corporation before the sale, and make such adjustments with any of the stockholders of the last mentioned corporation as it may deem expedient." He proceeded to examine and criticise the second section, and say, that he was in favor of the bill, but it needed guarding and fixing up in many particulars.
Mr. FISHER. By the House amendments, the mortgage claims are second to claims for stock killed.
Mr. HEFFREN. This was amongst the bills of the session to benefit the people. It proposes to do what the United States Circuit Court did for the Louisville, New Albany and Chicago Railroad, at the end of a long law-suit, &c. On his motion, Mr. Nebeker's motion was laid on the table.
The bill, as amended was then passed the page: 326[View Page 326] last reading in the House-yeas 76, nays 12-with an amendment of title.
