Reports Proceedings of the Annual Meeting of the Association . Volume 16 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated.1895 Excerpt: ... PRIVATE CORPORATIONS WARNER M. BATEMAN. Mr. President and Gentlemen of the Association: The subject that has been assigned to me for discussion today 1s that of "Private Corporations." I am too entirely mindful of its magnitude and complexity to attempt a discussion of all, or even a very considerable portion, of the topics the subject suggests. They involve the management of the greater portion of the business of the country, and the most difficult question is of public policy which our people today have to solve. 1 can only hope to make some suggestions that may possibly afford some aid in solving some of the problems as to legislation on the subject of corporations, and changes that are pressingly needed in the law regulating them. This is an age of corporations. It is estimated that there is, today, four-fifths of the entire wealth of this country in their hands. They have become the instrumentalities of almost all business enterprises, not merely in the department of transportation and the operations of public uses, but in agriculture, in land-holdings, and in ordinary mechanical, manufacturing and mercantile business. Legislation began, under the constitution, with a careful specification of the purpose for which corporations should be organ ized. These were steadily increased, until by Act of April 6, 1894, when section 3235 was amended so as to authorize corporations for all purposes, except for carrying on professional business, but limiting corporations for buying and selling real estate to twenty five years. Under this authority, there is no conceivable business purpose, from the manufacture of a pin to the construction of a trans-continental railway, from the sale of Ayers' Pectoral or Thomson's Eye Water to the largest mercantile establishment...