New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-23
CORPORATION LEGISLATION IN JERSEY |

Corporation LEGISLATION IN JERSEY.
There arc scores of New-York corporations
INCORPORATED under the laws Of New-Jersey, and
il NAV be of interest 10 those concerned III
them 10 get some idea in advance as to what
changes are likely TO be made by the Legs
lature of cur sister State now in session. For
the next month or so there viii doubtless De
many stories from Trenton about this or that
anti-corporation act. and brief reference to
the existing conditions and the public senti-
ment there may help to better understanding
Of the newspape? dispatches
The regulations governing the incorporation
of companies or syndicates IN New-Jersey are
not oppressive. In fact the principal condition
is the payment Of the Incorporation Zee ana
franchise taxes based on the amount OF author
tied capital stock. The fee is at the rate OF
5000 per 81 100000. and the annual tax Is one
tenth Of l per cent on the capital STOCK De-
tween SO 900 900 and S5.oO0,000. Last year the
fees amounted 10 S152, 400 90, and the net in
come from the tax. interest, etc, footed up
the sum of SS30,GS9 80 There are in all about
ten thousand corporations registered in New
Jersey: something like five hundred year are
wiped out for non payment of taxes. but the
number Of new corporations more than bal
ances this. AS the total State income from all
sources including railroad companies which
are taxed separately was $2,1S6,S1O, il Will be
seen at a glance that the revenue derived from
the incorporation Of miscellaneous corporations
and the taxes levied on these corporations Is
an important element and one not 10 be dis
turbed without due consideration.
With the agitation against corporations. or
even trusts, as SUCH there is little sympathy
In New-Jersey There does exist, however, a
sentiment and it appears 10 be growing stead
ilv. I'm favor of enactng reasonable regulations.
This feeling is the outgrOwth largely OF con
tinued stock imitation by gas, trolley and cleo
tric-lght companies. An illustration or this Is
found in the tenfold increase of the capitaliza-
ton Of the Newark Gas Company within few
years Governor Voorhees, had such operations
In mind when, IN his inaugural address, he
spoke of 1.-The great and increasing value or
franchises possessed and exercised by corpora
"tions who render public services for pay" The
Governor conceded that the public had derived
great benefit from the growth Of these corpora
lions in the way OF better service and lower
rates. but Il was asserted. he said that "this
benefit Is less than IL might have been II OBJ
'1lgations had not been unnecessarily incurred
Ito pay interest on bonds issued TO represent
"the estimated value OF the franchises en-
"ioyed" Governor Voorhees, does not advocate
any specific remedy. but contents himself by
describing as crude the methods adopted In
other States OF fixing maximum rates
Tint the Legislature will be invited 10 con-
slider a choice assortment OF nnti-cOrporatiOn
hills is tolerably certain. There viii be meas
ures 10 reduce the price Of ferrlage between
Now Jersey and New York 10 scale down the
gas and trolley rates and 10 increase the tax.
70 soy nothing Of others declaring all trusts
Illegal. There IS loud demand all through the
State for lower gas charges and 1t Is uncer-
tain lust how the Legislature will deal with
that problem. AS TO the other corporations II
Is not probable that tke lawnaking body Will
travel outside OF the Governors suggestion TO
prohibit overcspitalization. Present Indications