The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1889-08-03
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S2SE Et-r sey& Fxnx sx-a<cgszxEx.
es 4 Corporzffoes .ksu ned sss0
t]ts. IL En t4ess& E1s Sssfs<r~fsxn-
tas.srfa-. ssF slesr x<eseuo@s aer <nas1 ays,
eof F@ssaIson tssEse any h<ssas. ~ ss.hsr ss,s.
kssssass- fsE the LAY aasrf ssf tssess~s exs,r>
- 10y @T ysss Eserts srxxsvesi 80 fxsse
ss@c-s- TIE ssaek al ssssEsaTss.sssGs shall N.
te !sisrssssSl. excesst "a s.zr~a4-sss : OF
gsEer~l sA@. nes ska zaS lar agshariy,
An% Increase OF sock N1shssslz the e.ssssssss
81 le i-ersoEss hofs.swg tse axrxes amount
Ia f--tzsss 81 the stock. aer wlf1<askt sfas
EosAes af TIE pTvp<se. inc-eaSe HAVING beet
Z pres sN9SAsls given Ia sSca snasrsrr a. vea,
u frssTIAed BY las. Al srtsssrTzS "a
vossl 2
M rSE FoE TEg czarSg.
ksa1e2T asovssi - aiss.s.
ssl.ss Esosesi 70 strsks cIs, Every pre-
tasaS ef Ila passancs, be claimed, was
ARE 80 Ia Ia&s vf csSrYz rasiasss
SS'grese wanted 10 know II the ohsees ol
as "a sessssa xss f4s 20 Fsevcas wstsris !
szsses answered that he supposed il was
oas saiesanz stock ess bHsfear tia
psslTle we're .riS Aieas<i az rss;s ssssy.
- IA favored lsxvfas IN the See-
csla, and 80 did Turner
r r. snlliysn sssa this was like ans
ea5es i4N-gooss II ea.ferces ard s.Ad ii not
corp rstions sn1n.a bot be lowrSi d
sccase interest en sts.ex os sls1.sso v be I
,aei; aciaal stock wes IS uto
IA trexr here claimed the right 10 close
tsfe cet.aiS. n chairman OF the CORPORATIONS
eoia 'nfFtee under THE rules.
THE COMMITTEE y A HOLE.
Iae chair ruled that the mover of any
tiatSl q or amendment be entitled 10 Gloss.
The GetsSfe. A wrsn2ae Of weary length
ensg d Finally Coegroye sppxaled from
tfe ecssion OF The chair and il was sns-
taiaS5
? G. Sullivan raised the point of order
here lat l,ction Ia strike cut was no. in
order alter motion 10 adopt had been
maass. The caair ruled that . motion to
stfik tas Ia that csse was Ia the nature
OF az amendment and therefore In or,is r.
Ia aer appealed fr.sn sae decision of the
chair, Moore o. bate enslei, atsd the chair
Wa tnally sustained
Ia pr'ies 70 avoid par.ia 1aensary enfsngle-
mer'S. Warner nloyess that the California
syste5n Dc adopted. Nst seconded.
AGAIN On THE TRACK.
Bus h2Eau asked 20 he heard On the main
question lie claimed that corpors.ions
base srlci- charges upln percentage OF the
sspps ss'i snlonsst et their stoca, not tie
aetnSl gnscQaL
Xii near Supposed ell wagld agree that
STOCK shoasd DC issued only 10 bona fltfs
suose efibers. He referred to the different
prov aons of the section aud declared that
nothing could be urged against them, Tor
tneT ~@rr correct IN principle Experi-
enee sias shown that these are correct prop
osiise ls, and they shcnlc not he left 10 the
Legislature. They should be definitely set
tl-c, sni there is no ether place TO do II bu,
here.
IxgzD II IN THE CONSTITUTION.
''Tie offset of tnis section is of vital I'm
porsa ace 10 the people Of this ssafe," said
Brow se. Let rs, il We can, fix In the
q principle that corporation
canEos ee organized and issue stock with
out ying Tor IT,
THIS 70 g safeguard sgs nst corruption
safe Power. .'lt does Rot allow stock to
pc is led by corpora Nn 'shere il viii
do the mos, good We ali knew what
that leans'
Lii believed that every railroad com
pany ot corporation should have real
value 70 every dollar of stock IT issues
Warner Gid not think the Watering of
stock could be prevented by :hi. section.
S'il. opposed the ssclioa because il lad
no eusi'ess in the constitution. This, il
Is sac. Is directed at railroads. Yon ssy
raii,o as should BOT issse bonds for less
thar Lar value represented in stock All
new railyeai construction will b- stopped
by this. With this proposition ! believe
TIE pi bic will be imposed upon by all
kinsS ef widest eorporstisns."
The question then was Ep9u the motion
of ssfies that the section be stricken out.
Il was lost.
LET ALL STOCK BE PAID IN FULL.
Browne here offered sn amendment TO
the q on which provided that no cor.
porattpn Issue stock ar b0a3s except 10
bona file subs bers. and except for
money, labor or propersy actually re-
lost.
Browne moved ID add stocks" befo
'boads" in the second line.
Objection was made 10 the section on
the ggOuad that whenever corporation
ers te 2sy in the full. aInt unit OF stock. The
motion was. after debate, lost, aud The
section was adopted.
CONFINED TO ITS CHARTER.
''see, :. No CORPORATION shall engage in
any tas.neSs other than that authorized
In its charter, or the Law under which if
asy lave been or Elay hereafter be organ
izea."
Turaer moved 20 strike out. on the
gsoB, 4 tha. II wss purely legislative, and
on tne ground that ii iTnt work an evil.
Corporations often ga outside Of their
chafsers. incur oOiiga,icns aod then en-
desyor 10 repu iiate them because they
b sd ted outside OF their charter.
Baehsnsn was afraid tkat IL the section
was stricken oul IL might enyeEGer litiga-
tion.
Goodman favored the motion TO strike
out
MAKE THEN IRRETRAsf3Lg.
Ktnnear thought IL should be understood
y that corporations shall no. trans
act bus ness outside Of their charter. The
iesisls nre viii by general laws define the
rae 80.
been Urged to many OF tie sections of this
article that this was already the law. Well.
{ he'll sslaee them in the consiitut on " here
they asnot te changed.
Jon $ fully sceotded with the motion To
strige ont. The fact that this is ia the
constitution viii noi prevent its 60, stTuc-
tlsgn by the courts.
Cro,sley thought this section might DO
harm II left ia. Corporations eau never
SO o. side OF their articles anyway.
Stu devant claimed thal the section only
define q what was already the isw.
1T r. POSITIVELY DANGEROUS.
siii declared there was positive
danger ia this section. b casse Il Wen Il
strels, then the power of the corporation 10
eyade rs isbilIties.
.sll.is provision is 10 be found in ether
eonst tutions said K. III. sullivan. "an9
IL was pat there for ason. The constitu.
sion aSted ie settle oil question about II"
Dn' bar dian'i thiak IL was the province
of constitution Ia de6i isrc the Law II
sss mply 20 pace restriction upon the
law-n aAing power. IL is time to stop dc
fninE las
Ths ses-ien wss then stricken ouf.
Ste pess0n NOV 4 that committee arise
and port progress carried.
Dyer y00vSd ~ take a recess until ? this
af serrsnDn, carried.
Afternoon sssAtou.
4 memorial wss read syoa the Board OF
TRAD, os Vancouver. i1dersin. the Article
on 90 poFations submitted ~ Ihe Olympia
Boar al Tesfss, and Prot sting against the