The times. [volume] (Richmond, Va.) 1890-1903, 1901-11-12
GUARD AGAINST WATERED STOCK

The Corporation Committee of the Con-
istitutional Convention met yesterday af-
4ternoon and considered the report sub
mitted by chairman Braxton. He has
been very busy for the past two months
formulating this important paper.
The first two sections We're voted on
ana ADOPTED. The first provides that the
be uniform. and no special laws or privi-
leges shall be granted by the Legislature
to any particular corporation.
Section two provides that no corporation
shall be authorized by statute to issue
any stock as full paid upon which it shall
~ have first received payment to the full
par value thereof in money, services or
property. No,ning but money shall be re-
ceiVed in payment Of stock or bonds solo
or to be. issued by a corporation unless
the valuation and price of same shall have
been 1irst approved by the corporation
commission. The object OF this last sec
ton is to prevent watered stock and q
fictitious valuation to be placed on SER
vices and contributed property to swell
the incorporated assets of the corporation
AMI mislead investors or stockholders.
The report also provides for a corpora
of all corporations, regulate railroads, etc.
1t includes the employers liability bill
Among other important provisions is one
prohibiting any State county or munlcl-
pal officer from accepting a. free pass Tor
riding on a steamboat or railroad
The committee viii meet again tonight
There is a lively fight ahead, but a ma
iority of the committee appear TO favor
the report submitted by Chairman BraX-
caused a commotion among some Of the
members of the convention who heard of
it last night. One of them declared that
the proper thing to do was to have a pro-
vision compelling transportation compa-
nies to issue free passes to all officers.
Education Report Reo2ente'.
The Committee on Education met at
o'clock yesterday morning and was in
session until the convention sat at L
O'Clock.
At O'Clock they met again and COM
pteted the consideration of the final draft
Of the report made by the sub committee.
The plan submitted by this sub-com-
mittee was adopted without material
change. It differs in no respect from the
! full report printed in The Times Saturday
morning.
Chairman McIlwaine will present the
report to the convention this morning.
He kept the committee in session five
hours yesterday. Going TO dinner at !
O'Clock, the interchangeable worker was
promptly on, hand when the Corporation
Committee met a 4:30, and stayed until
it rose atss6:30 o'clock. He was thus in
continual! service fer nine and Il half
hours yesterday, and will be in on time
this morning.
Among the most important changes
,1ccm the present system made by the re-
pert agreed upon are those relating to
sthe library. terms CT boards of visitors,
appropriation to- University, school age.
division OF sc!aeol fund in discretion OF
/. local boards. selection OF. State and coCni-
3ty superintenGents, uniform series OF
schoo! hooks, giving Legislature author-
itv to adopt compulsory education law.
composition of state Beard OF nducatlon'
election ST school trustees my me people
except in cities the trustees may De. ap-
pointed as the Legislature may pfoside-.
3 Tf.is last change is going to ma We rCugil
sleddings in the convention @Seilator M hes-
ze,t s:ays FitGyyill put the schools into pol
;tics an,lSEhe is t.t in arms against it.
..nt.ers declare that what is good for the
,.;t;es IL .ocsi sfo. the counties, and vice
versa.
The judiciary Question Rco2ed.
Il, .ReforeS the adjournment forStle recess
thas Judiciary Committee had agreed On
lis report, and every section had been
5ccmpie ted !, and soni y final draft was slefs
for SIS a5consiEeration. Chairman + Hunton
cal,ea q meeting for last night, and for
two, hours tho committee went over t!,s,
old familiar ground of salaries for the
ii,,i1ges and then bralched into an in
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