Evening journal., 1889-02-26
TO UNLOAD DIRTY RUBBISH


Dover.
Etar Correspondence of EVENING JOURNAL.
Dover, Feb. 25-The Addicks bill got
setback tonight, and received a blow
from whichit will be hard tor it TO re
cover A delegation, composed of promi-
nent Wlmingtonians, came down to fight
the bill Among these number were
William G. Spruance, j. H. Hoffecker,
Jr.. George W. Bush, George W. Stone,
e. Tatnall Warner, George S. Capelle.
Edward Belts. Horace Greeley Knowles,
Joseph L. Carpenter, Jr., G. Wesley
Weldin, F. l. Gilpin, j. Newlin CAV
<hrep and Andrew G. Wilson
A meeting was organized in the hall Of
the House Of Representatives at s o'clock.
Senator Donahoe was called to the chair.
MIR. Sprnance was introduced as the
first speaker, and with copy Of the bill
in hand, reading it, in his keen sarcastic
way he held every clause up to view IN
such q manner that corruption was
seen almost between every line lie said
that II have never heard of char
ter like this that gave the company power
to do anything. | ask if the Legislature
wanted in one bill to charter company
with power to start a gas company, an
electric plant, a gas works or a water
company. and to do this in every and any
city and town in this state without the
sanction Of any of the authorities in
those places He had heard it said that
these people did not want to do ANYTHING
in Delaware, but intend to exercise the
powers asked outside Of Delaware
do not believe 1t is good
morals to unload your dirty rubbish on
your neighbor They say they want to
CARRY on business outside the state. and
the privilege Of buying and selling stock
in Boston, for instance. If Boston wants a
bill Of that sort, let them 90 there for
it, This bill not only gives them the
power to buy up stock Of other companies
but Of using other charters TO do things
you never dreamed of. 1t is not proper
thing 70 charter companies TO buy up the
stock Of other companies. This bill con
templates the very thing which the
people of this country are
now arraying themselves against.
There are grangers among YOU
and you have declared against the trusts.
This charter gives this company the
power 10 make great combines all over
this country. Pass this bill and you
grant great combine to do business all
over the United States Mr. Sprunace
did not take much stock in the talk about
the wonderful wealth of the people back
of the bill He said These millions
are in the air Let this charter be passed
and ii can easily find a purchaser for a
large sum am told that acts like
this are worth $1,000 in New York
are You going TO do in Delaware
the very thing which men have
set their faces against The name
of the corporation is not suggested.
They may change It every week If 1t
be manufacturing company, and have
never heard anyone say It is, ought not
the amount Of the capital stock be stated.
But no, this corporation is enabled to or.
ganize on 81, 500. They may increase its
stock indefinite. II may be a hundred
millions or million of millions One of
the great evils Of England and Mexico
was that nearly two.thirds Of the land
was in the hands Of the religious corpora
tions SO great an evil did 1t become that
they had to be confscated.
Mr. Spruance called attention TO the
restrictions thrown around corporations
by the6eneral act respecting corporations,
and on the other hand this act evades
everyone Of these resolutions. He called
attention TO the fact that under that act
ten per cent of the capital stock was re-
Quired 70 be paid in, in actual stock, ''and
under this, be said 'it could be paid in
bullpups If they want to- He said
further They can buy with their stock
that which has no value or even q nomi-
nal value II is not right that corpor-
alton should hold majority Of
the stock Of another corporation.
They have no business in any
other company DO not give them
power 70 hold any amount Of
stock in another corporation If you
grant them the right and restrict
it 70 less than majority, and in case
there would be 400 shares in a corpora.
tion, the corporation contemplated under
this bin could buy 200 shares and some
individual stakeholder one share and
thus give them control of the corpora
tion. If these people want a charter let
them come squarely before you and ask
for one The fourth section of the act
gives the directors the express power to
do whatever deviltry or villainy they
choose and then says that they shall not
be liable beyond 70 pay for their stock.
The general act OF interpretations is chock
full Of penalties against the misdeeds Of
directors Of interpretations.
It would be grave reflection upon the
intelligence OF the members Of the Legis-
lature showed this bill pass and it may
cause a still graver reflection TO 60 abroad
as to the means used to secure its pas
sage
j.. H. HofIecker said in part: Il am
'egin this bill because it is wrong to
grant the powers asked He took each
section. and like Mr.. Spruance. tore it
apart without mercy, exhibiting Il ia all
its boldness to the members. He de-
clared it an infamous bill He called
attention to a clause allowing the com
pany to pay debts with stock, and said
there was nothing to prevent them from
contracting fraudulent debts.
Mr. Spruance again addressed the
members and said that a few days ago
he understood that some gentlemen who
were advocating this bill before the com.
mittee on Private Corporations, had ex-
hibited 3 list Of supposed subscriptions
amounting to s., 800, 600 On this list
was the name Of John Wanamaker for
$50, 600 One Of the Republican mem
bers had takon the treuble to telegraph
TO Mr.. Wansmaker and had received the
following reply:
PHILADELPHIA Feb. %
MCKENDREE BOWMAN: know moth
ing about the Peninsula Investment
Company and care nothing about it
Andrew G. Wilson said he was opposed
to the bill because he was Delawarean.
and be thought it would be disgrace To
the state TO pass the act Mr.. Spruance
then called attention to the Delaware
Finance Company act and said it had
I,aor aaea~t.d 4La+ flo,c 1,o1 49,. : e-4t