D Company

“ Most of those who were for a New Company thought that the New Company ought, like the Old Company, to trade on a joint stock. But there were some who held that our commerce with India would be best carried on by means of what is called a regulated Company. ”

“ Secondly, The directors of a joint-stock company have always the management of a large capital, the joint stock of the company, a part of which they may frequently employ, with propriety, in building, repairing, and maintaining such necessary forts and garrisons. But the directors of a regulated company, having the management of no common capital, have no other fund to employ in this way, but the casual revenue arising from the admission fines, and from the corporation duties imposed upon the trade of the company. ”

“ That two companies of Ringers be appointed—each company being equal in number to the Bells—the one company being the regular Ringers, performing and being responsible for all regular duty, and enjoying all emoluments—the other being a supplemental company, out of which any vacancy which may occur in the first company shall be filled up, and any member of which may be employed by any member of the first company to supply his place during any necessary absence. ”

“ On the one hand, the approved methods of corporation finance may in some measure be resorted to by a private firm, Without formal conversion of the concern into the corporate form; and on the other hand, an incorporated company may continue to carry on its business after the manner usual with privately owned concerns. ”

“ Before speaking of the plan of industrial representation to which our president has referred, I want to say just a few words outlining my views as to what different interests constitute a company or corporation.
Every corporation is made up of four parties: Stockholders, directors, officers and employees. ”

“ In the short space of four years a crowd of companies, every one of which confidently held out to subscribers the hope of immense gains, sprang into existence—the Insurance Company, the Paper Company, the Lutestring Company, the Pearl Fishery Company, the Glass Bottle Company, the Alum Company, the Blythe Coal Company, the Swordblade Company. ”

“ George’s Company is a society established to carry out certain charitable objects, towards which it invites, and thankfully will receive, help from any persons caring to give it, either in money, labour, or any kind of gift. But the Company itself consists of persons who agree in certain general principles of action, and objects of pursuit, and who can, therefore, act together in effective and constant unison. ”

“ George’s Company other than a voluntary association of persons which the law will not recognize as a corporation.
“The Companions of St. George will be capable of holding land, but not as the St. George’s Company,—that is, not as a corporation. Land must be held by or for them as individuals. You may have a piece of land conveyed to, say two hundred Companions; naming each of them; but for the sake of convenience [233] you would have it conveyed to two or three who should hold it upon trust for the Companions generally. ”

“ No officer of agent of any corporation, joint-stock company, or association, and no member or agent of any firm, or preson directly or indirectly interested in the pecuniary profits or contracts of such corporation, joint-stock company, association, or firm, shall be employed or shall act as an officer or agent of the United States for the transaction of business with such corporation, joint-stock company, association, or firm. ”

“ Apart from that is the question whether in fact the economic enterprise is one, the corporate forms being largely paper arrangements that do not reflect the business realities. One company may in fact be operated as a division of another ”

“ Rise of Great Corporations.%—That mechanical progress so astonishing should powerfully affect the business and industrial world was inevitable. Trades, occupations, industries of all sorts, began to concentrate and combine, and corporations took the place of individuals and small companies. In place of the forty little telegraph companies of 1856, there was the great Western Union Company. In place of many petty railroads, there were a few trunk lines. ”

“ There are several factories in Lowell, each of which belongs to what we should term a Company of Proprietors, but what they call in America a Corporation. I went over several of these; such as a woollen factory, a carpet factory, and a cotton factory: examined them in every part; and saw them in their ordinary working aspect, with no preparation of any kind, or departure from their ordinary everyday proceedings. I may add that I am well acquainted with our manufacturing towns in England, and have visited many mills in Manchester and elsewhere in the same manner. ”

“ When any person takes stock in a railroad corporation, he has entered into a contract with the company, that his interests shall be subject to the direction and control of the proper authorities of the corporation to accomplish the object for which the company was organized. ”

“ They have the power of defining how and when and in what shape and under what supervision it shall start into existence and begin to act as a trading corporation.” Such a control over the destinies of the company involves correlative obligations towards it, and one of these obligations is that the promoter must not take advantage of the company’s helplessness. ”

“ The Company provided an agency for assembling adventure capital and supplying able management to enterprises of great moment. It offered an invitation to the industrious to participate in the growing wealth and expanding power of the great English middle class. ”

“ As one of many illustrative cases, the Rubber Goods Manufacturing Company may be taken as a typical instance of a corporation organized in a conservative but up-to-date manner for permanent success and stable value. ”

“ The typical business corporation of the last century, owned by a small group of individuals, managed by their owners, and limited in size by their personal wealth, is being supplanted by huge concerns in which the lives of tens or hundreds of thousands of employees and the property of tens or hundreds of thousands of investors are subjected, through the corporate mechanism, to the control of a few men. ”

“ The aggregation known as the joint-stock company, everybody is willing now to admit, was absolutely necessary in order to secure the machinery, that is to say, the tools, the raw stock, the buildings, and to provide for the permanence of the venture. ”

“ Whether it be the East India Company, or the Hudson's Bay Company, or the British South Africa Company, there is always a Rhodes at the heart of it. And half of its success in the end depends on agents who take their own counsel and work by themselves, thereby extending their company's power, as the company extends the nation's. ”

“ "My idea of good company, Mr Elliot, is the company of clever, well-informed people, who have a great deal of conversation; that is what I call good company." ”

“ A stock company must be incorporated, [139] that is legally formed, under the laws of a State and different States have different laws. A copy of the corporation laws of any State may be had free of charge by applying to the Secretary of State.
Fig. 83. CERTIFICATE OF INCORPORATION How a Stock Company is Organized.—Suppose, now, you and two other, or more persons want to organize a stock company under the laws of the State of New York for say $10,000, although the value which [140] you, and those interested with you, place on your invention and patent may be a great deal more. ”

“ Shares are of various kinds—ordinary, preference, deferred, founders’ and management. Into what classes of shares the original capital of the company shall be divided, what shall be the amount of each class, and their respective rights, privileges and priorities, are matters for the consideration of the promoters of the company, and must depend on its special circumstances and requirements. ”

“ When the employer is in danger of losing valuable assistants, he sometimes gives them a share in the business. In the ordinary partnership, two or more men divide the ownership and duties, agreeing as to the division of control. Coöperation among workmen, though rare, gives an unusual opportunity for the discovery of special talent. The dominant form of organization to-day is that of the stock company, or corporation, the ownership of which is divided among the holders of shares of stock, or of certificates of membership. ”

“ It is undoubtedly the duty of every one of the Company's servants to encourage a spirit of industry among {83} the natives, and to use every means in their power to induce them to procure furrs and other commodities for trade, by assuring them of a ready purchase and good payment for every thing [124] they bring to the Factory: and I can truly say, that this has ever been the grand object of my attention. ”

“ The acts regulating business corporations generally provide that the persons proposing to form a corporation shall sign and acknowledge an instrument called the articles of association, setting forth the name of the corporation, the object for which it is to be formed, the principal place of business, the amount of its capital stock, and the number of shares into which it is to be divided, and the duration of its corporate existence. ”

“ A company incorporated with such ample rights and privileges, did not fail to draw upon it the attention of the speculative, or to enlist the aid of the enterprising capitalists of the French metropolis. ”

“ Every company is a distinct corporation, being incorporated by grants from the crown, or acts of parliament, and having certain rules, liberties, and privileges, for the better support and government of their several trades and mysteries: many of them are endowed with lands to a great value, and have their masters, wardens, assistants, clerks, and other officers, to direct and regulate their affairs, and to restrain and punish abuses incident to their several trades ”

“ The argument supposes the corporation to have been originated for the management of an individual concern, to be founded upon contract between individuals, having private trade and private profit for its great end and principal object. ”

“ The Trading Company.—English pioneers in exploration found an instrument for colonization in companies of merchant adventurers, which had long been employed in carrying on commerce with foreign countries. Such a corporation was composed of many persons of different ranks of society—noblemen, merchants, and gentlemen—who banded together for a particular undertaking, each contributing a sum of money and sharing in the profits of the venture. ”

“ They were empowered to raise among themselves £86,000, in eight hundred and sixty shares of £100 each, with further power to raise a further sum of £40,000, if necessary. The affairs of the company are managed by twenty proprietors, who form a committee, and who are under the control of the general meetings of the company. ”

“ To consult the workmen of the company on technical questions within the range of their regular employment is one thing; to consider the commercial and fiscal policy of the company in its relation with competing companies, and with the consuming public, in a general conclave of all the establishment, would be quite another thing. ”

“ Said corporation is formed for the purpose of conducting a general cotton business, and may buy and sell cotton, and may transact a cotton factorage business, may advance money or supplies for the purpose of controlling shipments of cotton, may take and receive mortgages or deeds of trust upon property to secure said advances, and generally may have all powers conferred by chapter 25 of the Annotated Code of 1892 necessary and requisite to carry out the purpose of said corporation. ”

“ At first, corporations could be formed under the general laws only for a limited number of purposes-usually those which required a relatively large fixed capital, like transportation, banking, and insurance, and mechanical, mining, and manufacturing enterprises. ”

“ Originally a commercial agent; the executive head of a factory. Till some 55 years ago the Factors formed the third of the four classes into which the covenanted civil servants of the Company were theoretically divided, viz. Senior Merchants, Junior Merchants, factors and writers. ”

“ That a joint stock company should be able to carry on successfully any branch of foreign trade, when private adventurers can come into any sort of open and fair competition with them, seems contrary to all experience. ”

“ The company, while it was a mining and manufacturing company and nothing else, voted 'to authorize the building of a railroad . . . for the transportation of coal and other productions to market. . . .
'That a sum . . . be raised for the purpose of building and equipping said railroad, and afford facilities for transportation to market for the mineral and other productions of the company's property; . . . to issue bonds . ”

“ We may compare the French state to a modern industrial corporation, which has a large capital invested in a valuable plant, and has good business openings; but in which the business is wrecked by quarrels among the stockholders, and by such a poor organization that president and directors can disregard the interests of the stockholders, can conduct affairs for their selfish profit, and can waste the company’s resources in enterprises that do not pay. ”

“ Its books are kept separate. All transactions between the two corporations are represented by appropriate entries in their respective books in the same way as if the two were wholly independent corporations. ”