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

sets and liabilities, receipts or expend-
lures, so that l can know the value
of my property; and this Is designed
SO that any man who has stock in a
CORPORATION may find out from the
treasurer of the corporation the as
sets and liabilities of the corporation,
at least once a year, and only once
year, the date of the last annual meet
ing or at the end of the fiscal year.
That is a fair, honest and just pur-
pose. Any man, woman or child who
has stock in a corporation is entitled
to know the value of that stock, and
a majority of the stockholders have no
right to retain from them information
as to the value of their stock. l have
not lobbied this with a single senator.
have never asked, and never will ask
one vote for any measure of mine in
this Senate wish to be perfectly
fair in the discussion. 1t is said, by
members of the judiciary committee
who have reported this bill, ought not
to pass, that the minority stakeholder
has these rights under the common
law, today, that he can apply to the
courts, and force the treasurer of the
corporation to make such return
and give him such information. 1 have
tried for six months, for clients OF
mine, to get information from majority
stockholders, and have not been able
to do it. You can get your writ OF
mandamus, but, as far as I can find, in
the Maine Reports, there is but one
case, up to the present time, where
there has been a writ brought against
a treasurer of corporation that has
ever been reported in those reports.
and it took two years before the mat
tiers of law were decided. Now, if we
have these rights under the common
law, why not Incorporate them into
a statute, and put them where the
people of the State may know that
that is the law. If the argument which
the distinguished gentleman from An
will make to me is that
we have those rights-why should we
be afraid to put them upon the
statute books, so that the peo-
rights, and can get them without re-
course to the courts, and the delay of
waiting for two years. In that time
they may find the value of their proper
ty so much deprecated that they will
be forced to sell at a much less figure
than the stock is actually worth. To-
lay, we are organizing in this State,
IN immense number of corporations
most of them foreign corporations, and
avs should not be made solely to hedge
about and protect corporations. They
should not be made so that an indi-
vidual cannot get his rights. A public
tion,-a corporation receiving q
charter from this State should have
nothing under the sun that it should |
De ashamed to show to it's stockholders.
by leading men today. Our own Presi- |
lent says publicity is aremedyfor the |
trusts, which are simply gigantic cor
oorations. This is in line with public |
ty. This bill was discussed before the |
committee. I have the most |
respect for the eminent gen |
lemen that constitute that committee. |
Nobody bows his head in more humble |
reference than I dol say it in all Sc
can take the chair
nanship of the judiciary committee OF |
his Senate, but ne must be recognized |
Is one of the leaders of the bar in this
State; and the gentleman from Andros-
oggin, leading corporation attorney
hat he is in his own county, know
lis knowledge upon these questions is
asst and able; and the gentleman from
is also one of the lights Of
he bar in this State; but the practice
# these gentlemen depends to a great
xtent upon the corporations that en-
10y Them and you cannot say word
gainst corporations before the judici-
ry committee but what they rise up in
loly horror, and say: Protect the sacred
White elephant we all worship. That
5 the position we find ourselves in,
When this bill came uD before the jul
iciary, what took place? There were
fifteen lawyers on the other side of this
MEASURE. The members of the judici-
ry,-four Of them remained through
he entire hearing. The rest of them |
anne and went as the discussion took
lace. Mr.. Manley and Mr. Wing were
here through the entire hearing, and
card the arguments pro and con.
nce the report of the committee was
made, a part of the other MEMBERS
hree of them, have said to me that the
ill was meritorious,-but the bill
ONES in with a unanimous report OF
he committee, and it is as all reports |
rom the committee come, simply car
led through by three or four who en-
ineer the matter. and others do not
ee fit to raise a protest. At this hear
ng there was personal alteration
Mr.. Manley and myself. l
ad been misquoted in the papers in
eference to Mr.. Dobson of Pitts
on. 1 said nothing at the hear
ng detrimental to Mr.. Dobson or
he Waverly mill. They are estimable
entlemen, standing high in the COM
nunity. whose private life has never
cen smirched. l thank you for the OPP
ortunity for making this explanation.
he papers misquoted what was said
n that discussion.
The bill is before you. 1t is a fair
Those who opposed it
made an extended speech in regard to
he sacredness of corporations. After
he first man who had spoken had got
through, 1 replied to him; and he said
n that hearing, and 1 will refer it to
srother Wing, if he did not, that the
ill was meretorious if it didn't apply