The Providence news. (Providence [R.I.]) 1891-1906, 1905-01-31

this Increase in stock was any different
than that OF other corporations We IN
creased one here a few moments ago
without opposition. There has been no
complaint from the city OF Providence
that one share OF watered stock has been
sold. He said he would not care 10 buy
the stock OF the company II that series or
amendments 20 the charter was passed.
Mr.. Fitzgerald said that the amendment
simply provided that watering o. stock
cannot take place. / think that any man
who buys the stock would be pleased at
having a guarantee from the state that
when they spend hundred dollars they
get 800 worth OF value.
The member from West Greenwich
says. "You cannot run corporations on
wind and water" / am trying TO squcezs
out the water
He tells you they have spent consdera-
BILE money for improvements and need
more, but ne does not know how much
or how much money they have 10 meet
that Indebtedness.
Referring to Mr. Hines statement that
Il was better not TO pass the amendment
al all than 10 amend IL like this. Mr..
Fitzgerald charged that he was vocng
the wishes Of the corporation.
Judge Harris retorted thst he did not
say so.
Mr. Fitzgerald said he knew tnat, but
was sure nevertheless that he was eN-
pressing the corporations sentiments.
Mr. Rich Of East Providence called at
tention 10 the fact that the General Laws
provided for corporations increasing their
capital stock This increase will give the
state $1,000
ldr Murphy was heard again. and Mr..
Rathbun said he would speak In the de-
fense of the other members OF the com
mittee, although they apparently did not
need II much.
VALUE OF SHARES.
He called attention 70 the fact the par
value OF the shares was $50. but they sell
for 500 whenever there are any OF them
found.
Mr.. Crafts of Westerly said that 70
some people a corporation was always
bugaboo and go around charging them
like Don Qulxote. ] am not afraid OF
corporations. and do not think that the
rich men need the eloquence OF the
gentleman from Pawtucket or this general
assembly TO protect them from spending
their money for worthless shares.
Mr.. Fitzgerald OF Pawtucket said tho
member from Westerly was no Don
Quixote. but when there was bill 10
allow Westerly the right 10 put in its
own lighting plant he was glad of the
assistance or tne AFORESAID rneInpfr from
Pawtucket
The Narragansett Electric Lighting
company has a monopoly OF the electric
lighting business in Providence. It's
prices are not regulated by competition,
but by what the people will stand.
The gentleman from West Greenwich
says that the par value Is $50 and the
selling price 500 You all know what
that $40 s 1t Is capitalized legislation.
Mr.. Crafts OF Westerly said that there
was no more resemblance between this
act and the one introduced for Westerly
last year than there was between a horse
chestnut and n chestnut horse.
Mr.. Harris and Mr.. Murphy both spoke
and Mr.. Burchard spoke at some length
OF the quandary in which he was placed
70 know what way to vote. He said he
was honest when he asked for the figures
and was certainly surprised when he
learned the committee did not know.
lie moved that the matter be referred
TO the committee
Mr. Allen of East Greenwich told Of
several ways the corporation could have
taken 10 evade this law and called at
tention To the "absurdity OF being afraid
OF watered stock OF the Nara gansett
Electric Lighting company"
Mr.. Murphy spoke again and finally
the amendment was lost and the original
the committee.
Pending further consideration OF the
calendar the house adjourned at 1:01 on
motion of Mr. Rathbun OF West Green
wich.