Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1889-02-28

DhnkiuH anu HchIohuinK. Wuetu ~ tllorc L
anything that shows what business these
corporators are to DO engaged 10 2 They \
may buy the stocks Of companies, or |
merge, unite, consolidate with, TO, CON- |
psnies engaged in ''similRr business" |
with nothing to indicate what this similar |
business IL. A majority of tine stock
preseut at any meeting can procsed 10 !
water stock; issue new stock, or do nearly |
anything. BY q previous change Of name
thia may be accomplished without the
knowledge or presence Of the bulk Of the
stockholders. Why should this Log
islature, in passing such an in.
famous law, override the general
law Of the State regarding cor
porationsl Consider also the scope OF
the provision that this company NAV
Issue stock In payment OF any debts. The
directors could contract bogus debts,
have portion of the assets sold. ont, aud
fall back on the provision that they were
not liable; they could conooot tina most
| devilish kind of fraud and then fall back
on the immunity provided for. There
may be innocent stockholders who have
gone Oh in good faith and put down their
faith. The directors can sell them out
whenever they sac at. There is 10 re-
sponsibility on the directors for any
rasoality they may father, Ia o corpora.
tion that may change its name, its bust
ness, its location at pleasure. Aud il
they do not care for anything in Della
ware they can, under this charter,
swallow, or make combines with corpora
tions, individuals, any creature, real or
unreal, in other states.
Mr.. Spruanos then took the floor, to
read telegram from John Wanamaker to
Representative Downham, as follows:
1 know nothing about tho Psn'nsular
Investment Company, AID have no Interest
| 10 It whatever.
[slgnedl. JoHs wANAMAKER.
| Mr.. Wanamaker's name was down on
the subscription list exhibited in the
committee room for $50, coo OF stock. Mr.
| bpruauoe wanted to hear this explained.
As this did not bring response from
any OF the Addieks lobby, Mr.. Honecksr
directly challenged anybody to say any
thing in reply to what had been said.
There was no one to take up the
gauntlet.
Andrew G. Wilson then spoke. It
would be unfair; it would be like the
issue of letters of marqua to run pirat.
ical cruise against every vested interest,
banking and railroads excepted, in the
United States, to enact Euoh charter as
this. Even assuming that this be le-
gitimate corporation, why should these
men be given powers that have never
been granted to citizsns OF Delaware
TIE FINANCE COMPANY.
Then there IL the Anfenger bill, re.
sumed Mr.. Spruancs. It has besu given
ont that there is no connection bstwesu
these bills. / learned to-day, upon the
very highest authority, that they ore yet
one and the SAME thing, aud that the COR
porators who are asking for this bill, II
they can't get 1t, will hops to get tbs
other passed. The Anfenger bill is "ar
anchor to windward." II You don 7 lei
this bill pass, don't let the Anfenger bill
pass, or You will have the Peninsular In
, vtstment Compony,,after all.
George w. Stone said he should conf
IDENTIFY expect that this thing will Dc dis
posed of in short order.
Representative Downham sarcsstically
expressed some amusement that this del
eEation came too late; since the sup
porters of the bill had given ont that il
lhey could not get 1t through last weel
=. il would be OF no use TO them. He sheer
, ingly supposed that they would nov
h Withdraw the bill.
f. George W. Bush Thought it would no
i be prudent to assume that this corpora
o ton would not seek to operate In Della
. ware. They might swamp and swallos
8 the Wilmington Gas Co.. for illustration
d il given foothold, and then put up tn
price OF gas to their own figures.
q Where were the defenders OF the bill
: Zeke had slid out. James Pennewill ha,
: slid out. Wolcott had not been in. Til
I lieutenants Of Addicks were in Dover
d but they had not shown no. The gage 0
!, Of conflict thrown on the floor by Measrs
Q Spruanoe and Hoffscker Jay thare undis
! turbed. There was no one to pick it up
s Tue Addicks bill is dead. And tn
IS Anfenger bill has entered on the slsel
!; that knows no waxing.
2 AND INSURANCE TOO.
After this Ferd Giipin, George s. Ca
pele and Phil Burnett went into tn
/. Senate chamber ard tackled Mr.. Blob
|. ardson's valued policy insurance bill
n Representative Biggs came to Mr. Rich
! acllson's aid and q spirited discussion on
n sued, while other members gathere'
h around to get the benefit of the argu
y ments pro and con that few back an
h forth as the bill was attacked on tho on
v hand and defended on tho other.
Among the auditors was INSURANCE
y Commissioner Pratt. His unsparing con
Il domination of the inherent temptations
Y ineendiarism and fraud which have bee
"a shown in the states that have tested th
. valued policy system has been given i
e his biennial report. His idea Of what
% advisable ID that the license fee should b
= reduced from $50 to $40; that it shout
il be made the business OF local agents
y inspect risks, and that owners of proI
A. erty seeking insurance should be require
II to make affidavit to the value OF sue
! property. Probably also, no suggests,
may be advisable to require the refund
N ing OF the excess where premium hi
- been paid on a value beyond the fire los
a, in case Of its destruction By IRE.
No IA wANANAKER IN?
t. Representative Downham received II
IN following telegram from Mr.. Addi3ks Il
~ day: "Please say TO House that Mr.. Wal
70 maker is subscriber of $50 900
it Boston gas syndicate which will
a. merged in the Peninsular Investmei
D. Company IL the charter is granted II
k. telegram read in the House from Wan
is maker ia genuine, has been obtained fro
u him By misrepresentation Of facts"
% Dover, Feb. 26.--There are indication
a that the Peninsular Investment bill ma
~ bring to toe front bigger game than eve
Mr.. Addioks, John Wanamaksr'a telegra
1t to Mr.. Downham, Notwithstanding. D
D. not be too much surprised If II should
70 developed that Mr.. WAnamsker is II
~ tereBtei In the Addicks bills and doe
Ill know something about ii.
" when Nr Sp1uanos declared last niel
in ,.nnnn the verv bigbeat authorityn III,