New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-31
DILL ON OHIO'S ATTITUDE.
HE DISCUSSES MONNETTS MOVE
AGAINST FOREIGN CORPORATIONS.

HE DISCUSSES MONNETT'S MOVE
AGAINST FOREIGN CORPORATIONS.
Orange N. j., May 30 (specaD--A Tribune
reporter saw James B. Dill last night at his
home in East Orange In reference to the pro-
posed attempt of Attorney-General Monnett OF
Ohio to impose double stock liability on for
eign corporations doing business in Ohio--that
is. to make them liable to creditors in double
the amount OF their capital stock.
Mr. Dill said "Ohio. and more recently Ken
lucky, stand almost alone in the double liability
imposed on stockholders In companies incor-
porated in those two States.
This with the decision of the Ohio courts that
the question of the value of property taken in
payment Of stock may be determined by a
jury and that at any time after the transaction,
has resulted in such palrable hardship on stock
holders that the tendency Of l5te has been for
Ohio capital to organize under other laws. The
laws OF the State of Ohio are not supposed to
impose a double liability corporations except
those Of Ohio They impose other and different
liabilities on corporations foreign to Ohio seek
ing to do business in the State corporation
foreign to Ohio which has complied with the
laws Of Ohio as to foreign corporations is not
by the State Of Ohio supposed to be liable to any
other terms conditions penalties than those
now prescribed by the Ohio statutes with re-
spect to Ohio corporations.
THE State Of Ohio seems to be following the
lead Of the State Of New-York in passing legis-
lation antagonistic to corporation capital, and
with the same result, that the corporation cap
ital is leaving the State. Some OF the best law
yers Of Ohio have recently organized important
companies under the laws of New Jersey Among
others are the American Saddle Company. or
ganized by ex-Attorney- General Harmon, Of
Cincinnati; the American Shipbuilding Company,
organized by Mr.. Hoyt, of Cleveland. and the
National Metallic Roofing Company, organized
by Major Lloyd OF Cincinnati Other examples
could be given Of large business enterprises
which have surrendered their Ohio charters and
have taken out New Jersey charters, have gone
back to Ohio, compiled with the laws there as
10 foreign corporations and are doing busi-
ness wholly in Ohio. for the purpose Of escap-
ing the double liabilities the excessive taxation
and the uncertainties Of the stockholders pos
sessions as determined by the developed laws
Of Ohio.
Attorney General Monnetts position as to cor
norate capital is well known. His honesty is
unauestioned, but his zeal his anti-corpora ton
attitude and the whole trend OF his official ac-
ton Is against corporation interests In attempt
ing 10 attack foreign corporations doing pusi-
ness in Ohio he will be obliged TO confne him
self to the law as ii now stands and fresh legis-
laton will be necessary before he can obtain
remedies against foreign corporations additional
to those now imposed by the statutes OF Ohio
THE Ohio Legislature will undoubtedly follow
the same course the NewYork Legislature.
Having up TO date turned it's principal energies
against domestic corporations II has not appar-
emily occurred to the Legislature that Ohlo cor
porations would go TO New Jersey and organize,
and then come back foreign corporations to
carry on business In Ohio subject only TO the
restrictions which the Ohio laws have thus far
imposed on foreign corporations.
''New-YOrk in the same position until
the year before last. when she passed a separate
and distinct statute making foreign corporations
subject only TO the same liabilities as domestic
corporations II remains yet for Ohio TO do
this II may prove that Attorney-Ceneral
Monnett's attempt TO do this through the courts
will he held 10 be premature until he succeeds
in obtaining such legislation