Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1903-03-21

do not think it fair for these dis.
tlngulshed corporation attorneys t.
come here and talk to the individual
members of this Senate-not that yol
would be influenced by them-but dc
1ot think it fair for them to come here
ana attempt to influence us in oul
iction. This bill has no personal bear
ing upon any individual case. 1t is
In honest law. The arguments against
It are simply that it may hurt some
BODY on account of publicity-but pub
lefty is what We want as to corpor-
ltlons. A corporation should stand OF
fall upon its integrity. If it is unjust
and dishonest, it should fall, and our
laws should not be made for the pur-
pose of hedging about the dishonesty
and trickery of such corporations. II
there is no merit in the bill, and YOU
throw it down, l shall be content. If
1t is honest, in behalf of the minority
stockholders, l ask you to support the
bill
Mr.. WING of Androscoggin: Mr..
President, and Gentlemen of the Sem
ate, 1 am most profoundly grateful for
the compliment which has been passed
~ iiiN' piNSoiiC, IL Tie Clletll HAL VI
the judiciary committee We're pres
.nt, he would accept his bouquet. He
IS necessarily absent, and in his abb
'ence, it is my duty, 1 think, to de-
fend the position of the judiciary COM
mlttee in this matter. The senator
from Somerset has well said in his re-
marks that this is his bill. No one
else appeared before the committee in
support of the measure; and a. great
many persons, lawyers, business men
and some members of the Legislature,
appeared in opposition. For myself, 1
can say, that l see no merit in it. I
think it is vicious egislation-uncalled
Tor, unnecessary, unusual-and should
not be placed upon our statute books.
Il can be readily understood that n
corporation which is becoming the
means through which business is be-
ing done, is in the same line as the
except that the interest
which the owner of the stock has in
L general business is greater or less
is the case may be, that it is in the
individual business or in a partnership
business. The people count on success
sion, on account of interruption of
business by death, and prefer to do
their business as q corporation; and
it is within the experience of every man
that there are times in his business
when any explanation which might not
be understood by the public would ruin
hin-actually bring ruin to what might
work out prosperously and all right
Now, the gentleman has stated that
there is only one case in the Maine
RpnOrtS CT fhnt IL, l., 80
knowledge there are cases al \
most innumerable-tha is a very largel
word. 1t ranks with universal, eter-
nifty. and those words; almost innum-
cradle, he states to you, gentlemen, in
Ill candor. Now, if he has found cases
almost innumerable, he certainly has
had an extended practice beyond that
Of any lawyer in any state of this
Now, Mr.. Dill, in his work on
Corporations" and he is leading
on this subject in the United
States, and has stated the doctrine in |
regard to the rights of stockholders, and |
he says: Undoubtedly at the proper
time and for proper purposes, share
holders are entitled to inspect corpor-
lte books. The right is not to be given
to crafty curiosity or speculative pur-
poses, but only when it's exercise is
sought in good faith and for a proper
purpose. Now, if a man wants to see
the books, he has a right to see them
in a proper way, at a proper time, and
the court will intervene and show him
those books, and that too, without de-
lay; and If lawyer who has had ac-
cess and a pen and ink and a piece
Of paper, cannot find a way to look
ut books when he has a right to with
IN 81 hours, where he has these in
Vulnerable cases, it is certainly a mis-
fortune. Now, gentlemen, 1 want to
call your attention to the text of this
bill, and say all the hardship would
be placed upon corporations. ANY
stakeholder of record, no matter if he
only holds one share, at the date of
the annual meeting of the corpora.
ton, may demand of the treasurer of
SAID corporation statement in writ
ing, showing in detail the assets and
labliities of said corporation. If III
mad one share of stock in the Maine
central Railroad, l could go and de-
mand an exhibition of list of every
snovel, every pick, and every piece of
property In that corporation, and what
i cost. If I had a share of stock in
me Portland Company. or in the Bates
MILL in Lewiston, or in any of the
'nartered manufacturing corporations
m auburn, could oblige them to keep
! force of clerks in operation there for
-nree months. Is that reasonable leg
station? No wonder that no one but
ne gentleman appeared in favor of
ms proposition. I suggest to you that
Nhen he failed to get the vote of a |
single gentleman out of the 10 on the |