Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-01-28
PROHIBITION LAW BEFORE
THE REPUBLICAN CAUCUS
Continued from Page One.)

talnlpS in Portland in September 1910
the National Grand Lodge, I. o. G. T.
Senator Baxter Of Portland intro
duCcd an act to amend Section q,
Chapter 81 Revised Statutes, relating
t" Increase of stock of railroad cor
porations 50 that the section shall read
AS follows:
Sec. 21-WheneVer Il railroad corpOr-
alton. which is in actual possession of
and operating a. railroad increases its
capital stock under the provisions of
the preceding section the new shares
shall be offered porportionately to it's
stockholders at such price, not less
than the par value thereof as shall be
determined by its stockholders. The
directors upon the approval of such
increase as provided in the preceding
section shall cause written notice of
such an increase to be given to each
stakeholder of record upon the books
of the company at the date of the vote
to increase, stating the amount of the
increase, the number of shares or frac-
tons of shares to which, according to
the rrOpOrtionatc number Of his shares
at the date of the vote to increase he
is entitled, the price at which he is en-
titled to take them, and fixing time
not less than Is days after the date Of
such vote to increase within which he
may subscribe to such additional stock
which shall be paid for in cash before
the issuance Of certificate therefor.
Provided when the increase in capital
stock does not exceed four per cent of
the existing capital stock in the cor
pcration. the directors without first
offering the same to the stockholders
may sell the same at auction to the
highest bidder at not less than the par
value thereof IT, after the expiration
OF the notice above provided for, any
such shares of stock remain unsub-
scribrd for by the stockholders en-
titled to take them, the directors may
sell the same at auction. The method
OF sale follows the present statute and
to the section is added the following
rasraph:
Provided further that the determi-
nation by the board of railroad COM
m:ssiOners. under the provisions of the
preceding section as to the amount Of
such increase shall be based upon the
price at which such stock is to be is
sued as fixed by the stockholders, and
also provided that said commissioners
shall refuse sto approve any particular
issue of stock if in their opinion the
price fixed by the stockholders is so
low as to be inconsistent with the
public interest.
Senator Reynolds of Kennebec in
PRODUCED an act to regulate fishing for
black bass, white perch and smelts iii
the Belgrade chain of lakes in the
The act provides that it shall be I'M
lawful for any person to take more
han six black bass. or more than 10
white perch in one day. from these
lakes, or that it shall be unlawful to
take SmrltS at any time from these
lakes. Bait casting for black bass is
prohibited from the time the ice goes
out in the spring to July l of each
year
Senator Shaw of Kennebec intro
duced an act to extend for two years
the charter of the clinton Trust Co.
Senator Staples of Knox introduced
a resolve carrying 100000 for 1909 and
$40. 900 fer 1910 to provide for Il power
plant, construction of new buildings.
new sewers. water supply. running eN-
penseS, salaries and wages for the
Maine School for the Feeble Minded.
Representative Pattangall of Water
vile introduced an act relating to the
common school fund and the means for
providing for and distributing the
same. Section 1 provides that a tax of
Az mills shall annually be assessed
upon all the property in the State. ac-
~, a
shall be known as the tax for the
port of common schools. Section
provides that this tax shall be assessed
and collected in the same manner as
other State taxes and shall be paid into
the State treasury and designated "a
the common school fund Section )
provides that one-t third of this fund
shall be distributed by the treasurer of
State on the first day of January an
nuaIly to the several cities, towns and
plantations according to the valuation
thereof as the same shall be fixed by
the State assessors for the preceding
wear. Section 4 provides that all Of
said fund not distributed or expended
during the financial year shall at its
close be added to the permanent school
fund, Section 5 provides that all mon
eys received by towns apportloned by
the State for the support of common
schools shall be expended for the main
tenance of the common schools estab-
lished and controlled by the towns by
which said moneys are provided or to
which said moneys are apportioned.
Representative Pattangall OF water
Vile also introduced an act to estaollsn
a State highway fund and to provlde
for the distribution of the same Sec
ton 1 provides that tax OF three mills
on a dollar shall annually be assessed
mon all the property in the State ac-
cording to the valuation thereof, ana
shall be known as the State highway
tax Section 2 provides that this tax
shall he assessed and collected in the
COMO manner as other State taxes and