The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-01-29

served with a subpoena to appear peIefe
a commissioner and required to produce
all the books and papers OF the company.
The proceedings are carried on until the
director and stockholder of q New Jersey
COMPANY residing in New York is SO much
harassed and annoyed that frequently ne
concludes it better to organic MS com
panies hereafter under the laws OF New
York, or to withdraw entirely from the
New Jersey corporations.
a. What is quite as important, New
York has added to the personal tax OF
every stakeholder in a New Jersey corpof..
alton within its jurisdiction the amount of
stock held by him in a New Jersey corpor-
alton. The deadly Importance OF this
cannot be overestinated, because, as a
gentleman who is in no less than five New
Jersey corporations said to the writer
IF + am to nave added to my personal
taxes the amount of my holdings IN New
Jersey, I shall get out Of every New Jef-
sey company to which / belong
This. then, seems to be the procedure
adopted by New York, ito a~pprehend the
fugitive corporations and return them TO
their legitimate domicile-Within the terri
torialr limits of the State" Whether 1t IS
meant by this word "apprenend ! 70 ?
"catch" or arrest It IS apparent that
both results are sought.
Although, as claimed, "in the New YORK
Legislature there are to be found lawyers
versed in corporation matters whose el7
towards such constitutional legislation as
will be necessary to apprehend the fugitive
| CORPORATIONS and to return them to tnelr
legitimate domicile within the territorial
limits Of the State" nevertheless the Leg
islature of New Jersey has Wltnln It's poqy
lawyers versed in corporation law. ana lne
Legislature, as a body, lrrespecLlVe ~
party lines. is willing to pass such proper
| measures as will protect their own cor
operations against this double YAK, anu lhis
| harassment by New York authorities;
There will doubtless be introduced IN
| This LEGISLATURE an act rendering 1t un,
necessary for corporations organized
;1nder the laws of New jersey TO set
forth in their c~ertif!ca ane OF s ontside Of If
| the State of New Jersey or the adoreSs
Of any stockholder or director, merely
| requiring them to give the ADDRESS OF
| the principal office in New Jersey ana
providing that all notices for the corpo-
| ration or its officers sent to that ADDRESS
| shall be sufficient notice.
The Message of this act will do away
| with the necessity for placing in pubic
! records4information of value only- TO the
tax gatherers of other States, and block
any New York inquiS1tlon pased on we"
| .Tersey's public records.
| New York seems unwilling to take any
| lessons in comfy or proprlety toWaras
corporations. It's press today aimosl
,,nanimously echoes the sentiments OF the
sCommercial America" above set forth,
| its leading dailies constantly refer to the
iniquitous laws of that State towards cor
| porations and the effect that they are
having upon business in driving capital
| ont AZ the State. It's prominent LAWYERS
| and its best corporation lawyers organize
their corporations almost wholly outside
| of the State of New York. Mr.. John y.
| Parsons. one of the leading corporation
lawyersso of New York, said not long ago,
"the legislators of New York, irrespective
| of party, vie with each other in the mad
race for the destruction of corporate In
terests within the State
The State qf New Jersey, however,
! following the trend of modern legisla-
ton, recognizing the fact there is a dis
tinction between quasi-public corpora
tons and private companies, has re-
modelled its corporation laws, seeking
the best system Of corporate laws for the
organization of business companies
Last year New Jersey received over one
| million dollars franchise tax from cor
porations doing business practically
wholly out of the State, and each year
this amount is increasing. The Legisla-
ture of last year passed that now famous
act in defence of it's corporations, and nc
doubt the Legislature of this year will be
equally prompt, alert and wise in its
\ corporate legislation.