The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1897-04-01

liable to defend any lumber of unjust
lltlgations brought on contracts.
The law has excited much fire. at AL.
bany. A despatch published In the New
York World this morning says:4
That the raid on the New Jersey Leg
islature was carefully planned for the
purpose of influencing the Legislature al
Albany against n sort tof action re-
garding foreign corporations is apparent
doubtless be revealed in the arguments
which Messrs. Francis Lynde Stetson
before the judiciary COMMITTEES. tomor-
row.
AS this New Jersey law is understood
here reass,a i means not only e bio foE IN
but also that a clever device has been
adopted for robbing the New Jersey
New Jersey corporations. But thai is
a matter for Jerseymen to settle: with
their W iawgivers and with Governor
It's intent is believed to be to rob the
New York creditors of New Jersey cor
g9rati4ns Of similar legal prixlleges;
the two States is Interrupted is held to
be one of the effects of this p~reeipitate
IT looks like bluff legislation, with
consequences more serious to ~Jerseymen
than New Workers" was the comment
of one lawyer here today.
1t has the appearance of being a club
wherewith to beat out of existence the
one section. of the Trust Committees
proposed amendment to our own corpor-
alton law which places foreign corpora
tons on practically the same footing as
New York corporations as regards the
n sanfaaion q s. an asaai reports and the pre-
corporations dc not like to make public.
No doubt the cry will be heard that this
New Jersey law is a vivid example Of
Hesitation affecting the corporations;
trusts s-asgregations of capital"
paas - ye faTs 8 s. iaeoFrp 3f MS,a and 10 bust
vented or account of the drastic nature"
OF Our laWsasF5 @G@
Sucha a cry, backed by some Doodle.
might }Iavera very influential effect upon
the biisJ n@HTreGdy to be put on their
Massage. IN b Senate. Presumably
these bills if they become law must have
2 wholesome effect in regulating foreign
corporations, Or there would be no dis
position en- the part of prominent New
} a or ,s taWyeTs to make an argument
Senator Lexow has received numbers of
letters protesting against the drastic
treatment proposed for foreign corpora
tons. The Sugar Trust a its arolo-
slsts as we'll as its critics. 1t has been
intimated very plainly hat these New
Jersey corporations would abandon the
conduct OF their business on News-York
soli-Would. have no offices or agencies
m this State where. nder the terms of
the Trust con1mittee's bill they would
Pc Obliged to keep books for the .nspec-
ton OF curious stockholders ard the SUI
pervisinn OF the State.
IN place Of these offices or agencies
would be substituted BROKERAGE Offices.
where orders would be taken whien would
pc executed in New Jersey, refuge being
fasen in the fact that the courts or thsT
State have held that an order for goods
given in New York and accepted outside
,he stare CONSTITUTES a FOREIGN contract
WITH which there can be no interference
5y tie authorities of this state.
Lawyers svho fave given sarncs atten-
Ton to ffese matters can see no ferr'-
lying facts in sneh a conditioa az
aEd directors ct NEST of These New ,Te~-
Ssy corporations -esics in New Nor;
state Unless they conclude 10 abar-
mosquito State and oeny themselves al
privileges and pleasures xntch annertain
70 citizenship in New York State. trey
who retain theif hahifafinns n tic 1asa
OF the PATRONS descendants and of ire
modern plitocra--
There are more ADVANTAGES in IN IN
corporation under the laws of this sts4e
IMAM some persons would havn peo,le
pelleve. In the .ianic of 1898 sew ~at CO..
Germs Incorporated in New Jersey and
p ps business IN New York w7rases1s-
trouble. Attachments were sac,,rad s,,d
the cnerations of this class of ,es-ot -,
mics being instantaneous. the oonearrs
M yer thrown TITO bankruFtev-se1fe
NAG they been New York corporations
These facts have NOT been loas on
numbers of New Workers who ara Gajng
business under New Jersey @cnsrtars,
and the records OF the office Of the
Secretary of State in Albany show
that many of these foreign charters
have been abandoned and re.neorrora-
the result. ~
1t seems further to be the fac4 tho+
the hasty New Jersey law is INTENDED
tor New workers. who may hereafter
pc SO unfortunate as 70 become creditors
OF New Jersey corporations In that
view OF the case it remains for a New
York Legislature to place upon our own
statute books such laws as will be retoI-
iatory IN fact as well as in name. This
is a point to be well considered~b v SEN
ators and Assemblymen whose fears are
fated to be terribly aroused BY New
York lawyers during the next few DAYS.
The construction further to be placed
upon this New Jersey law is h an
execution issued in this State against
one OF the New Jersey concerns viii
pc denied any sort Of legal RECOGNITION
IN New Jersey. Heretofore the courts
comfy between the States. have faeiii-
tated the execution of Judgments OBJ
tanned in this State. All this is now
wiped out an it looks as Ii New
Workers might whistle for their lust d1es
whenever u New Jersey corporation is
In other words, New York corporate IN
terests seem to have copspired aga!nst
the interests of the c.tigens of New
generally by using an ignorant and
yenaa body of lawmakers in New Jersey.
must shoulder the responsibility If
the effect of their audacity is to embrol
lne SISTER States in serious trouble in the
Immediate future.
What the legal representatives Of the
New Jersey corporations now doing busF-
ness m New York city desire IL either the
elimination altogether or the Modification
or that section Of the Trust Committees
requiring annual reports from for
eign corporations, with all their tell-taie
data.
The wires and the mats have been
nrougtht into play, and the members Of
Lnls Legislature can expect to be bonn
paroeu With earnest appeals to strike out
tns offensive section. Great pressure has
peen Drought to bear on Lexow for this
very purpose. Frank Platt, of the Arm Of
macy, Boardmann & Paatt, was here YES
IN connection with this and Other
legbslatfon IN which the firm is inHeresfed
LexoW Z has not made up fhts MIND
Wnetner ne Will suggest a modification of
parttcular section. He IS fhinkine
very seriously about the matter He real,
yes tnat TINS is the one feature of, the
comm1ttees bin which diferentiates fbis
proposed Legislation from any other evar
or suggested. The trusts a.
not want It, and he is on the verge Of ; |
SIuauaon which will Indicate to the nuJhlac
ne ts the man that he poses n
tllred. c9Is SSn PIC
The vents Of the next few laws will
aetermine ms fate. He would for poad-
II seems to be retributive i~a1sfsne t5at
the trusts which have foataS 49, tiat