New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-03-24
OPPOSITION TO SENATE BILL 40 ST..
1T AIMS TO GIVE OUTSIDE CORPORATIONS PRIV
LEGEs THAT ARE DENIED NEW YORK IL
DEITY AND SURETY CoMPANIEs-
pT.,1~r.s INTFEEsT IN IT.

IT AIMS TO GIVE Outside CORPORATIONS fhlNi-
LEGEs THAT ARE DENIED NETWORK Fl
DEITY AND SURETY CoMPANIEs-
PLATTs INTEREST IN IT.
The fidelity and surety companies Of this city are
opposed to Senate bill No. %7. which has been
drawn to amend the act relativ" TO sudrdn'ors ana
sureties, and which is held II he an unjust dis
crimna ion against the corporations doing surety
business in this State THE bill is evidently drawn
in the Interests OF an out-oftown corporation, Vas
what 2 president OF surety company said ycster-
day. and he added that the fine hand OF Thomas 9.
Platt could b. behind the b!il on Tuesday
Elihu Root will 20 70 Albany to appear against the
bill. which Is in Governor Moiton's hands. Mi.
Root would not discuss the measure yester lay on
account Of the pressure Of other business. bui he
said i; was aimed al domestic corporations. and
might seriously interfere with their business II u
became a law. Nj Root Will appear before Tho
Governor representing the New-York surety com
panies.
This bill was rushed through the Senate AMI As
sembly with greet speed and secrecy. and Thomas
G. Plat Is using his utmost Influence o. hav" ih"
Governor sign 1t ON Friday Frank Ii Plati. q son
OF Thomas G. Plat appeHod before the Governor
and asked him 10 Sign the measure. AMI others ~
the Plat men have also urged the Governor - af-
prove it, The bill Dcrmiis an out-of-iown corpora
ton to conduct various branches Of business which
are prohibited by New-York State 20 It's o|u cor
poraton~ The bill Is said 10 De iu The Interest or
company In Maryland. OF which NJ. Wafnelt i@
president This company is authorized % carry on
fidelity and surety business. 20 fcccIV" dcpos-
It's: u DO an exchange business 100 every Kind
and description OF property. both rca! ana per
sonal: to act a. trustee and agent, 10
transact any Kind OF guarantee business. ana 10
receive bonds and Valuabl"s for custody AMI SAFE
keeping 1t is therefore trust company. a deposit
company. a surety company ana Il saf"-d"I"sH
company with power TO conduct various classes ~
business when prohibited by Nc"-loIk 10 us
own corporations
MIR Warhcld 1t is said. has taken steps IN case
the bin becomes law to establish an agency Hli
do all kinds Of business In il.s state %m,h me
State OF Maryland permits to be done MI. ar
field was on the bond OF Mr.. Platt receiver % INC
Newly ork and New England road to the amount or
$4,000 &O0.DD Mr.. Plat IL anxious to repay nus
lawyers transact The business OF tn" company
one OF the opponents OF the bill insists that "hil
Ncw-York recognizes the fact OF this country be-
ing one country. and holds that it, policy should
be as IL has been always to extend To any sister
state for It's corporations any privileges winch such
State might give In return to New-lork stat" cor ,
poraiions, yet. since. is well known Maryland
refuses this. common justice demands that Now,
York shall give such advantages az proposed
By this bill. 1t s held by son.e eminent lawyers
that the bill In itself j. unconstitutional. There -.
IL is said instance on record OF privileges being
given TO corporations OF other States when rccip-
rOcal privileges are denied.