The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-03-01

What is proposed W ne uohe, snail ne
published for 30 days and a copy mailed
to each stockholder. calling meeting
of stockholders. But when the stock
holders meet they can propose any kind
of disposition of the property. they are
not confined to the published notice.
Suppose for instance, the notice sent
out and published shall propose lease
of the property but when they meet, if.
instead of leasing, they propose to sell
or trade off the capital stock for stock
in another corporation. they can do so
under this act. The stockholder receiv
ing a notice that 1t is proposed to lease
the property might be willing to lease
and nav no further attention and not
attend the meeting. Those who did at
tend could disregard the notice and pro-
pose a sale, for the bill says that after
electing chairman and secretary,
'thereupon any proposition for the sale
or lease. or mortgage. or exchange, or
disposition for other property. or for
the whole or a part of the capital stock
of anv other corporation. domestic or
foreign. or to otherwise dispose of the
whole or any part OF the mining
ground mills, smelters or assets OF any
description, may be considered and act
ed upon al said meeting You will OBJ
serve they are not confined to the prop
osition made in their notice sent out to
each stockholder Any act thus done at
such meeting, no word or intimation OF
which was put in he published notice.
NAV be carried through as effectually
as if full notice had been given. An alb
sent stockholder is not afterwards no.
tilted of what was done at such meet
ing. although 1t may have been against
his wishes. vet he must come within 20
DAYS and dissent in writing from what
was done. or he is deemed to have as
seuted But the advocates of this bill
say the secretary has to file statement
of what was done at the meeting with
the county clerk and recorder. Yes,
that is true. but when does he have to
file it? So far as this act is concerned.
he may not have to file his certificate
with the county clerk for year, but
the poor deluded stockholder must
make his objection within 20 days or
forever hold his peace.
LET me again appeal to you to con-
slider what you are doing, The haste
with which this measure has been rail-
roaded through both houses ought to be
a warning that something is rotten IN
Denmark It has been rushed through
under whip and spur and every corpo-
rate lobbyist is at It's back. Even our
national holiday. set apart for the OBJ
servance by our people Of the anniver-
sarv of the birth of the immortal Wash
ington. was desecrated by the passage
of this bill That day which recalls the
patriotism and devotion Of Washington
to the cause of his country was not
fitting day on which to pass bill des-
tined to serve the selfish interests OF
corporations and put Il yoke upon our
people more Calling than Egyptian
bondage I had hoped the people of
Montana might be spared, at least for
many years the + lNTer of the Standard
oil lnagnates They control already the
lamplghts of America and by controll-
ing the production of copper they pro-
pose to control the electric lights of the
world, as well as the electric power ana
the thousand other uses to which cop
per is applied If they could, they
would obscure the god of day and deny
us daylight If YOU do not assert your
manhood and independence now and de-
feat this measure, it will be too late
when the tentacle of this octopus have
fastened their fangs on the strong limb
of this fair young commonwealth.
Seeing, as ! do. the dangers in this
bill and knowing full well how vicious
and unconstitutional it is. and knowing
that many Of you are deceived by the
fair phrases in its caption, / write you
thus at length 10 warn you of the dan
gers where you stand. Instead of being
entitled An act to regulate. mortgage,
sell, lease or convey corporate property
and protect minority stockholders it
should be entitled An act to reverse the
supreme court and to encourage and
facilitate the formation of trusts and
combines and to legaliZe the cOnfisca
tion of private property for private uses
in the state of Montana.
For the reasons set forth in this mes
sage, must refuse to give this bill my
approval Very respectfully,
"ROBERT B. SMITH, Governor"
Concerning bill 1874, Governor Smith
wrote as follows;
Mr.. Speaker and Gentlemen of the
House of esentatives-House bill
No. 124 is the 1andmaiden of house bill
1872 Both are being engineered by the
same parties and both are intended for
the same purpose, and that is to give
the wealthy and strong undue adVan-
'tage over the weaker. If this bill only
gave a right of appeal from final
Judgment, or from an order granting or
refusing to grant new trial, or grant
ing or dissol,ing an injunction, or re-
fusng to grant or dissolve an injunc-
ton, or granting or dissolving or refus-
ing to dissolve an attachment, or from
an order appointing or refusing to ap-
point receiver, l would sign it will
ingly. But what follows after that is
the Objectionable part, viz, or giving
ulTG6fllO1lS Will respect 10 Il receiver
ship. If this measure becomes a law
it practically repeals the authority Of
the district court to control property in
its hands A receiver is the agent and
officer of the court and he acts under
the instruction and direction of the
court and gives bond for the faithful
performance of his duty and the prGtec-
tion of all parties interested. But if
this bill becomes d law the district
court cannot order the receiver to take
charge of the property. or collect debt,
or compel an accounting. or pay out any
money, or hire any person to do any
work for tle property in his charge. or
pay the taxes on the property In fact,
no order or direction can be given by
the court to the receiver without the
same can be appealed from and the
case brought to the supreme court and
the whole matter stayed until the su-
preme court can hear it. The passage
of this Law would destroy the efficiency
of a receiver in any case and would en-
tail endless litigation. to such an extent
that none but wealthy people could af-
ford to 90 TO court to maintain their
rights. ''ne old law of appeal has been
sufficient to suit all lawyers and liti-