New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-19

I'm former times it was true that the larger
part Of these companies had simply technical
existence in New-Jersey. They were not obliged
by law to name a principal Office or designate
an agent therein but were simply obliged to
have a technical Office, and hundreds Of cor
porations had no other New Jersey existence
than meeting once a year at Taylors Hotel. in
Jersey City, whence they departed at the close
of a short session, carrying with them their
whole corporate existence This process of
what is known as tramp corporations came to
= sudden end with the decision of Justice Nc
Adam in the Grant coffee process case and fol-
lowing this Immediately after. the State of
New-Jersey, in 1876 revised its corporation
laws compelling corporations to have and main
tain principal Office within the State Of New
jersey. in which there should be kept at all
times their stock and transfer books. and in
charge Of which there should bc at all times a
resident of the state of New-Jersey Of fun age
or a corporation authorized by its charter So to
act.
Later. in 1891 ana finally in 1898 the Lees-
lature Of Ncw-Jersey passed additional law
requiring every corporation organized under the
laws of New-Jersey twice year to file state
ment in the Office of the Secretary Of the state
If New-Jersey naming under oath the agent Of
the company in the State Of New-Jcrsey nam
ing its principal Office by street and number
and providing that in case Of failure so to 30
the individual stockholders should be liable rs
copartncrs. and further providing that in case
of false staten mt the officers should he liable
for perjury and punishable 10y not less than ten
years at hard labor This act resulted in the
exclusion of the tramp and the bubble cor
porations. which forthwith took their fight t.
such States as West Virginia where nothing is
required but paper charter and no further pro-
cecdingS are necessary H. validate" the Organiza-
ton.
The reason for this position taken by The
State was that many corporations We're cvadng
their taxes there was no place where they could
be found. and the courts found themselves m 4
dilemma because. while the laws provided that
Il corporation should do certain things. there
Was no person within tie state upon whom
process IF the court could be served. so that
while the Court Of Chanccry might issue in-
junction after Injunction against particular
corporation. there being no one upon whom 90
serve these injunctions they amounted t. waste.
paper. and nothing more.
An this was changed in 1896 and FROM year
to year since shat time laws have been PASSED
more ana more closely compelling the corpora
tons to come within the decision of the United
States Supreme Court in the Dragon case. by
having an actual hoEa-fidc office in the state
Of NcW-JerseY.'
CAPITAL FROM EVERYWHERE ATTRACTED
The Now-Jcrsey corporation laws as amended
were industriously circulated and the result Of
this has been that corporations have been or
gained from all over the United State From
the state of Illinois the notable example was
.n.. tl,. american tool nd ire
which voluntarily gave up its charter in Illinois
and accepted a New-Jersey charter, with 4 cap
ital of some SGOOO0OOO paying to the State Of