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

judiciary committee, IL was becaus,
those gentlemen believed il was not
wise legislation. 1 say to you, in all
candor and fairness, that l do not
think there is a member of this SEN
ate who has been approached wrong
fully by any gentleman this winter.
| l do not believe there is a member
| of this Senate that wears the collar
| of anybody; and | do not believe,
| either, that there is a senator to be
frightened into business proposition
by the cry of White Elephant of a
| corporation" Suppose that a corpor-
alton is in existence doing business,
| and n man might go and demand a
| detailed statement of assets and LA
| bifitieS. That is pretty drastic meas
| ure-where every note of hand Is
placed-where every loan is made
where every secret of the business Is
| contradiction whom? For a man that
might take il, and for the sake of
| hundred dollars of stock, go and trans
| fer it to q competitor, or to a COM
| mercial agency. and dispose of II per-
| haps for 10 times what il cost him for
| the information he had obtained. What
would be the result: and what would
he gain by that? Gentlemen. consider
well this situation. Look at IL i'm n
business way. The common law af-
fords ample protection, and there is
no lawyer who wants the common
law of this land placed upon our
statute books. The supreme judicial
court of this State has a common law
jurisdiction, and has the widest equity
and powers; and it is within the reach
of any man or any lawyer who repre-
sents a man whose rights have been
invaded, or who has had refused to
him property rights to which he In en-
titled; and l trust, gentlemen. that
without wearying you on account of
the details of this affair, that you will
consider the situation carefully, and
relying upon the unanimous report of
the judiciary committee of this Legis-
lature, ACCEPT it's report.
Mr.. CLARK of Hancock: / think
we'll of and shall vote for this
bill under discussion Notwithstanding
the fact that the judiciary committee
have refused it their official cognizance.
1t is one step towards legislation for the
people against monopoly. 1t Is in line
with the last Presidential message
which requires publicity of all corpora
tons, yet does not go so far as his
recommendations: as this bill only al
lows those that have their money in
vested knowledge of the financial
standing of the company. There has
been great deal said here this term OF
the Legislature in regard to the earn
ings and small deposits of widows and
orphans in our savings institutions. and
about laws that we should enact for
their protection. Why not continue the
same principle by protecting the same
people who have their small pittances
invested in a small block of stock of
corporation. What protection has n
person who has only a few hundred
dollars invested in corporation and
what could be more fair than TO COM
gel the corporation to give that small
stockholder a list of the assets and la
bilitfes of the company; which is all
this bill provides for. l do not claim
to have the long legal experience that
the eminent senator from Androscoggin
boasts of. do claim TO have some per-
Sonal experience, however. in corpora
tions. When was but Is years old.
purchased block OF stock. under the
promise that 1t would soon make me
very wealthy. That stock was gotten
up most beautifully, and upon bond pa
per with big red seal, and il looked
well enough for a necktie. When I
commenced to look for my untold
wealth, l went to the directors TO find
what we had for assets and liabilities.
was sent from one to another and
told they would shortly have meeting,
but the first meeting those gentlemen
do have will be in that unknown world
above. Welt tried it once more. and
invested $3.50 in another one. tried to
ind out the assets and liabilities of that
company, but failed. 1 made up my
mind / would not have that thing
staring me in the face any longer, and
tied it to n rock and threw in over
board, but low and behold, was sued
under the State for stockholders La
bility and had to pay S125 in addition.
am glad that the eminent senator has
shifted his position, and is willing now
to resort to the courts, as in the insur-
ance discussion he is willing to do away
with the courts. Sudden changes of
hearts are dangerous. We are facing
a great national calamity where it has
become necessary by legislation to pre-
vent the greed of those leethesi from
sucking the very life blood of our peo-
pie. They have been justly described
as mere shell by which q body of in
dividuals do business. though they
would be more justly described as the
shell game. Everything Is now done
under corporate name, every concep-
ton of man has been incorporated,
bonded and sold, the powers of the air
md water the resistless forces of the
elements, which in the time of the dis
,overer were the terYors of the wrath OF
sod, have been subdued to the services
II man, incorporated. bonded and sold.
some legislation lis necessary because
principles are Eternal and should be re-
'pected. Disguise 1t as you may. the
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