The sun. [volume] (New York [N.Y.]) 1833-1916, 1900-04-22
PORTO RICO LEGISLATION.
House Committee Amends senate Resolst'on
-Re,trictiou. Re gardiag Franchises.

WAsHrNGroY April ~. The House Com
mlttee on %Insular Affairs to-day agreed upon
n substitute for the Joint reso ution passed. Dy
the senate, carrying out the lamentations
OF the President that the Porto Rico SivI
Government act be 40 amended that army
officers detailed for civil duties In III" island
might be temporarily continued In once aiter
May |. when the military government VIII %
abolished. The substitute provides that untli
the of1cer 10 nnl any once provided Tor oy me
Porto Rico Civil Government act snail nav"
been appointed and qualified. the omcer OF
officers now performing the civil duties per-
taIning to such ONCE may continue to perform
tho same under tho authority OF that act. anu
no officer OF the Army shall lose his commas
sion by reason thereof: provided. maj nothing
herein contained shall be held to extend the
time for the appointment and qualification OF
any such officers beyond Aug. ]. 1900.
Since the Joint resolution was introduced an
agitation has arisen TO include in the measure
legislation on the sub ect o' corporation IRAN
day, after an hours discussion, inc OlioWlhs
additions were made to the text:
Section :. Ths, ali franchises, privileges and con
ceSsions mcntinnrd In section ~ Of said act shali DC
approved By the resident OF thu un,,ed S's,c :. ana y, 20
tive until It shall have been so approved.
Sec 4. That all charters OF private corpcfauons
sh III provide that the same shall be s,lblect 70 amend
mrnt alteration and repeal. or shall forbid the, issue
OF stock or bonds, except In exchange for actual cash
or property at fair valuation. equal In amount 70
the rnr value Of the stock or bonds issued; snail LOT
bid the declaring Of stock or bond dividends. and in
the such public service cornora,lons shall provide Iof
tho effective regulation OF the charges thereof AND ioI
the purchase ~ taking by the public aulnofiues
! Of their property at a 'atr valuation. NO corporation
+; shall be authorized u conduct the business OF buying
and selling real rsta5 !ssuing currency oT eng aging
In agriculture o. permitted TO hold or own real es
tate. except such As may he reasonably necessary "a
enable 1t 10 carry out the purposes FOR which u Us
created banking corporations, however. may ~
authorized to loan funds upon real estate security
and to purchase real estate when necessary. Tor tht
estate 80 obtained within I'VE years after receiving
the tile. Corporations other than those organized
In Porto Rico and doing business therein, shall b'
bound hy the provisions OF this section star rs they
are applicant
The first section was offered BY. Mr.. Crum-
packer Rep. Ind aud was agreed 20 without
opposition. The other was offered bv Chair
man Coorer- isep. Wis., and was adopted by a
senator Burrows. by. request. to-day
Introduced a bill authorizing the re-
fundinL to the merchants engaged in the
Of Porto Rico the duties collected
from them by the military authorities, on the
-four, rice, pork, bacon. Goldfish and lumber
Imported from the United states subsequent
TO military occuration and held In stock by
those merchants after those articles wer'
placed on the free list. The amount claimed IL
between $4,000 and $1,000.