The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-02-09
NO UvInfKOMlSE.
Continued from First Page.

had just been scaled down. john r.
Cobb had been the bank there.
He led lent the money of the. bank to
the John F. Cobb Shoe Co. and he was
with his son and one other man in
the corporation. Mr.. Cobb had
built building for his bank at
a cost of $4,000. s,,
MI. Hersey Said
he was depositor in this bank and his
money had been used to build up Au-
burn at the expense of his own and
neighboring towns The people OF his
section wanted law which should per-
init them to select good man to repre-
sent them in the management OF the
bank, 1t was fine thing to handle
other peoples money and if you started
a movement of this sort to drive the men
who handled it out you found them
flocking to the state house as thick as
snow flakes in driving storm. Mr..
Hersey hoped that the committee would
at least provide that corporators and trus-
tees should be depositors.
MIR. e. p. Burnham,
of the Saco and Biddeford Savings Insti-
tuition. made a good speech as he always
does. MI. Burnham did not object to
making the corporators and trustees de-
positors. Many were such already. AS
to the scheme of giving the depositors
the right to participate in the manage
ment of the bank, Mr.. Burnham said
that while there were many who were
capable of acting wisely there was never
theless certain per centage who, while
honest and Industrious people, did not
possess those elements of knowledge
necessary to the conducting OF business
affairs. Perhaps that was the reason
why they had delegated those powers to
the bank managers. They were people
easily influenced by excitement. They
money Immediately. Some years ago
his bank had had sad experience when
young man, apparently of strict in
tegrity, had run off with some of its
securities. There was great excitement
and had an annual meeting occurred
then in which the depositors could have
acted, the people to whom he had refer
red, in their fear and excitement might
have, been able to do much mischief.
Mr.. e. A. Noyes of the Portland Savings
@ Bank.
It seemed that this proposition to adj
NIT the depositors to the choice of trus-
tees was blow at the savings banks sys-
tenn. Mr.. Noyes spoke of the origin of
the banks. They grew up in this way
In the founding of his bank few of the
leading men of Portland, mostly retired
merchants, had gone to the legislature
and asked for charter that they might
care for the savings of the poor people.
The trustees had since been selected with
view to having on the board men re-
tired wholly or in part from active bust
ness, whose experience had given them
knowledge in financial affairs and the
value of securities.
Byron ID verril1
spoke for the Maine Savings Bank and a
number of other gentlemen made re-
marks. The committee sat for three
hours and will give other speakers a
chance later.
Improvement of Sebago Lake.
Mr.. George P. Wescott Of Portland,
petitions for charter for the Sebago
Improvement and Navigation Company
with authority to construct dams, canals,
locks, breakwaters, piers and such 9TH
er improvements as may be found neces-
sary in Sebago Lake, Long Pond, and
all streams tributary thereto, with the
right to charge and collect tolls and to
transport by steamer OF other power pas
sengers and freight on said waters.
Some Portland Petitioners.
Among the petitioners who ask the
massage of a law which shall compel in
surance companies doing business in
this state to pay the actual loss or dam
age sustained in case of fire, not exceed
ing the amount insured are the follow
ing Portland parties: E. M. Steadman
& Co., Simonton O. Randall, D. W. True
& Co., Cummings Brothers, G. E. Jose
d Co., Loring Short & Harmon, Kenseil
q Tabor, T. S. Laughlin, Paris Towering
Company, Sargent, Dennison & Co.,
Stevens & Co., J. Fl. Mcdonald, c. E.
Varney q Co., Chas. 81. Balm, J. S. Wins
low & Co., Cummings & Winchester, II.
S. Melcher & Co., Milliken, Cousens d
Short, Bolster. Snow 6 Co., The Atkin-
son Company, Stevens. Woodman & Co.,
The Emery Waterhouse Company, A. Fl.
Berry Shoe Company, VIM. Senter q
Co.. i. & c. B. Nash. The Transcript
Company. Bailey & Noyes, A. F. Cox &
Son.. Byron Greenough & Co., Geo. c.
Shaw e Co.. Eastman Brothers q Ban
croft, j. R. Libby, Runnels, Rice & Co.,
O. NJ & D. w. Nash, Joseph W. Sy-
monds, Geo. F, Gould, E. Swasey & Co.,
W. G. Soule, Rines Brothers, Cook,
Everett. & Pennell, D. w. Snow. Chas. S.
Cook, Milliken-T omlinson Co., Clark &
Chaplin Ice Company, Shaw, Hammond
& Carney. G.. M. Stanwood & Co.. The
Twitchell Champlin Company, D. s..
Warren & Co.. F. A. Smith & Co.,
/ Thompson s& Hall, Ryan q Kelsey,
Fletcher & Co., Conant, Patrick & Co.,
Shaw, Son G. Lothrop, A. E. Stevens &
Co., S. A. & S. a. True, Burgess, Fobes
& Co., W. L. Blake & Co., Sturdiyant &
Morton, John F. Rand, c. f.. Morse,
Lewis, Hall 6 Co., B. B. Farnsworth
Shoe Company, L. A. Wa lie, Fred S.
Walker, C. M. Rice Paper Company, c.
NJ. & Fl. T. Plummer, Millett, Evans &
Co., x. John Little & Co., Owen, Moore
& Co.
The Liability of Employers.
Senator Hersey today presented an en-
ployers' liability act under the title Of
IAN act to provide compens ton to EN-
ployes for personal injuries caused by
the negligence of their employers.
| The bill specifies the following as causes
for injuries for which damages shall be
paid, the employe having been exercising
due care and diligence:
III