The Providence news. (Providence [R.I.]) 1891-1906, 1898-02-25
DO THESE GENTLE MEN WANT THE
EARTH?

To the unsophisticated view, at least,
about the most unique, not 10 say neryy,
proposition for charter that was ever
| introduced into the Assembly is just now
sailing under the title of an net
to incorporate the proyieent Disability
| Insurance Corporation of Providence,
X. ]"
| The Senate, which has passed the bill
| for this act seems TO have been satisfied
that the powers conferred upon the two
gentlemen named in the act, their sue
cessors and assigns forever, are all right
] and maybe they are. But the said powers
are so large. so numerous and so varied
as to suggest that the proposed Provident
| Disability Insurance Corporation. once
| it gets into working shape, will usurp
! most of the functions of trade and COM
merce in these Plantations, even If il actu-
of governing the towns. cities and the
State, authority for which seems to be
suggested by this wondrous act, even If
il Is not actually granted.
The act is very brief and very much to
the point as TO what the incorporators
would like to have. They want to carry
on the insurance business in any and all
its ferns as affecting the human body.
life, sickness and accident, and, further
more. to 'form. effect, organize, or reor-
gspize and carry on the business of asso-
Citations. organizations and societies
wherever such insurance on co-opera-
tive or assessment plan is the vogIe;"
and. moreover ito acquire by purchase
or otherwise the good will rights fran
ohises, - etc., Of any organization doing
such an insurance business; and yet
again, "to hold, own and acquire by pur-
chase or otherwise either real or personal
property, and to mortgage, sell and
convey tho same. etc., and Furthermore
"to ordain, make and constitute rules,
regulations and by laws - and "to alter,
rescind aud ameno" tine same as they
may from time to time sec flt.
The capital stock of this consummnts
corporation is limited TO half million,
and the principal Offices and bank ac-
count are to be in Rhode Island, though
1.-THE directors may hold meetings out
side."
OF the two incorporators named in tho
act one Is found in the Providence dlreo-
tory and is classsd there as "hookkeeper. "
1t is said that he was formerly a deputy
insurance commissioner In Massachusetts,.
The other is a lawyer whose residence is
in New York, but he Is reported to be in
Europe where also, under the provisions
of this interesting act of incorporation,
future meetings of the bonrd of directors
of the Provident Disability Insurance.
Corporation may also be held.
1t would seem that members Of the Leg
islature might feel inclined to find out
something about this proposed concern OF
the grand ambition, before voting it the
varied and imperial powers asked for. es-
pecially as 1t seems likely that the capital
provided may be invited in Rhode Island.
IL may not be pertinent TO recall tho Re-
hoboth Gold Brick, otherwise the:Colum.
bia life Assurance Company, that run
glittering course in those parts some few
years ago The powers conferred upon
that Institution were comparatively
modest but they were sufficient TO make so
much trouble that folks hcrsabouts arc
disposed TO look askance at now charters
for home life insurance companies.
And this proposed provident Disability.
etc. corporation OF half million dollar
capitalization Il 50 imposing as. with the
superb powers 10 mouestly Graves. TO seem
calculated 60 bc almost TOO big for u iittic
! state like khedo Island. anyway. sort of
oycrpowering a. IL were.
The Govsrnmenrs Domain
/ ~. lrs. A. f.ri.. .,,..r 80 AZ. - go a,