The Providence news. (Providence [R.I.]) 1891-1906, 1903-02-25
EARLY BUSINESS FIRMS.
Interesting Lecture by Judge Sime]n {.
Baldwin Last Evening.

small but interested audience at the
cabinet OF the Rhode Ishland Historical
society last evening. listened 20 lecture
by Judge Simeon Il. Baldwin. associate
justice OF the Connecticut Supreme court.
his subject being American Business Cor
porations Before 1889" lie said In part:
During those early days there were
but six corporations I'm the colonies Each
OF these corporations had It's rights :rom
the sovereign power. for no corporation
could exist without grant from the SOW
ereign power. In Great Britain itself
there were only three corporations. OF
which the Hudson Bay company was one.
THE first colonial corporation was the
New York Fishery company, OF which
the shares were held at f1O each. The
Free society OF traders was Pennsyl-
vania company. though its power came
from England. The capital stock of
e5oOO was promptly subscribed for
Like most trading companies. the prom
ise OF this Free society of traders was
greater than its performance. II WAS
expected that great trade would be had
with the natives. This society in its pur-
chase from Governor Penn included a
very large strip of land In what is now
the heart of Philadelphia. After strug
Cling existence OF 40 years. the company
finally went out OF business. with no as
sets but land that could not sell.
THE next corporation was the New
England corporation. This corporation
issued money OF its own. scattering some
10000 through the colonies. so that
special session Of the assembly to repeal
the charter was necessary. This was
the FIRST purely trading corporation and
the last one.
THE Union Wharf company in 1850 was
next. This corporation was located at
New Haven, Conn, and was formed for
the purpose Of extending a wharf In New
Haven.
The Pennsylvania Insurance company
was Incorporated I'm 176S. The members
held meetings and II any failed TO be
present he was fined so many shillinss,
the proceeds of these fines being used TO
place mile stones along the roads. The
last charter was granted to the owners
OF the Long wharf in Boston, whose posi-
ton was similar TO that or the wharf
people in New Haven.
THE New York Chamber OF Commerce
dates back TO ITO and is the oldest OF any
Engllsh-speaklng community. The char
ter was obtained from England, but In
1884 the state of New York confirmed it's
charter. The first business corporation
after the Revolutionary war was the
First United States bank II is still In
existence and has never missed year
OF dividend paying,
During the last III years OF the 18th
century 200 corporations came into ex-
istence The Potomac company received
similar charters from Virginia and Mary
land and was the first OF the Interstate
corporations that are now so common.
II was formed for the purpose OF encour-
aging navigation Potomac river
Washington first called the attention OF
the state of Virginia TO the advlsability
OF the state looking UP this enterprise.
THE Dismal Swamp Canal company
was Incorporated in Virginia in 1881 and
North Carolina followed her example
three years later.
1T is very easy 10 see why the colonies
created but six business corpora tons. The
assemblies really had no authority TO in
corporate any. The causes, however, for
the pauclty OF state charters are not so
easy TO assign The commercial policy
OF each OF the new states was at first
narrow and selfish one.
There was little assurance that fran
chise granted by one state would be re-
spected In another In the first congress
an attempt was made by four states. Of
which this one. 10 amend the power OF
congress TO grant monopolies TO any com
panies, and the attempt was reversed at
the next session.
I'm 1895 North Carolina gave the
modern world a lesson In political sci
ence For the first time a state offered
a business charter to any corporation.
She limited her offer To canal companies,
but she gave a liberal charter, including
the right OF eminent DOMAIN. other
states soon followed her example