The Beaver herald. [volume] (Beaver, O.T. [Okla.]) 1895-1923, 1901-03-21
Oiiphsnt Recalls . House Hiii.

Guthrie. - Representative Oliphant
on the 9Th introduced n resolution re-
calling from the council House Bill
No iG', which passed the house in The
early days of the session. The bill pro-
vidss for the organization Of trust
company and So innocent did IL appear
ON lis face that II slipped through the
house without debate and by unani.
nous vote. Recently attention has
been called to ALLEGED Objectionable
provisions of the bal. hence the de-
mand for its recall. Under the rules
OIiphant's resolution was laid over.
I he attention Of the members was ne.
directed TO the bill by the following
communication:
House Bill No. Ic7 should not be
permitted to become Jaw in this ter
ritory. II provides for trust Of great.
or powers, more far.reaching and VAR
led than those of the Standard Oil
company Under this bill a single cor
poration is authorized to engage in
any and all business carried ON in the
territory, except cultivation of the soil,
mercantile business, manufacturing
and railroading.
"It is permitted to do banking
business, receive m>ney ON deposit,
paying interest ,heref for, ioaning IL out
and receiving interest therefor; doing
general loan business upon both real
and chsttcl security; permitted to en-
gage in the Insurance busiuess. to net
as II guardian company, making bonds
for all municipal officers. Tor all per-
sons occupying positions of trust, all
bond, required in legal proceedings, to
net as trustee, to act as agent for i'd lots
insane persons, married women and
common drunkar dis; to act a. receivers,
executors, administrations and guard
ians; buy and sell bonds and warrants :
of this territory and Of any state In the
Union; so do an abstract business aud
Ia conr eciion Herewith guarantee IL
tie, aud TO engage in many other
branches Of business too numerous 20
mention herein.
with NIL these powers Il proposes
that no corpora ion shall be organized
under this bill when 10 becomes u law
with less than two hundred thousand
capital, one hundred thousand of
which must be paid in before CON-
niencing business. This provision ef.
fectuslly bars the organization Of To-
cal corporations In the territory for
the purpose Of competing with this
gigantic trust In any Of the branches
OF business enumerated in this bill, as
no local corporation would be able u
recure q capital stock of 5000, 900
$500, 900 paid m. II is apparent there.
fore, that this bill In intended to be
come great monopoly, monopoliz ins
all the business In the numerou,
branches mentioned In this act, to tn,
exclusion of the Organization Of al
other corporations Of like character
1T has been argued that II IL goo,
thing to pass this bill TO bring ioreigr
capital into the territory. II nigh
bring into the territory subscription
Of foreign capital sufficient to create
corporation under this law, but tn
organization Of one such trust as thi
bill contemplated would effectuall,
bar all other corporations of lik
character from coming into this terri
tory, and Il must be understood tina
though u corporation with $500 90
D capital stock may be organized unde
, this bill, that the capital stock woul
: be owned by nonresident individual
and foreign corporations, and the onl
property belonging TO this giganti
trust that would exist In the tcrritor
9 for the purpose Of taxation would b
|: their office furniture.
"whcreas, II the passage Of this bi
Is defeated and local corporations NJ
!. permitted 10 orgs nize IN this territor
with capital stock owned by person
n residing In the territory, ell OF ia
capital stock Of said local corporaticr
? viii bs here in the territory for th