Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1899-09-06
CORPORATIONS OBJECT TO REPORT
ING THEIR PROFITS.
NEW KANSAS LAW REQUIRES 1T
HOW DEERING HARVESTER COM
PANY GOT OUT OF IT.
Changed From Corporation to Co.
partnership - Mccormick COM
pany Sends Representa-
tive to Topeka to See
What Can De Done.

TOPEKA, Sept. 5.-(Special) Foreign
corporations are becoming greatly exercised
over some of the provision of the new cor
poration law. That section which compels
them to file annual reports showing their
profits, and the penalty which deprives d
foreign company of any standing in court
unless it complies with the provisions of the
law are causing all tn excitement. Few
of the companies want to report their
profits, and yet they don't want to be de-
prived of the right to sue in the Kansas
courts to collect a debt.
In order to get around the provision for
reporting profits. the Deering Harvester
Company, of Chicago, has surrendered its
corporate charter and is now doing busi
ness as co-partnership. This change was
| made last Saturday. A concern run by a
co-partnership is not required to report.
Since the DeerIng people have made the
| change, other harvesting companies do not
| like to comply with the new law. They
claim that if they are compelled to report,
| the Deering concern can find out all about
their business without giving out any in
| formation concerning it's own condition
| This will plac them at a disadvantage.
| The Mccormick Harvester Company, of
| Chicago, sent a representative here to-day
| to consult the state charter board concern
| ing the matter. The first question he pro-
pounded was whether the law applied to a
| foreign concern which had no branch
house in Kansas, but which sold goods
| through travelling men. The second was:
| Can the law reach a concern engaged in
interstate commerce? The members of the
| charter board were not certain about the
| first proposition, but thought the law
| could be enforced SO far as the interstate
|
friendly suit may be instituted in order
to test both questions. The Mccormick
company may refuse to file its report and
let the state proceed against it. The case
will be submitted on an agreed statement
of facts. Then the supreme court can
make a ruling on those provisions. If the
law is upheld and all corporations selling
goods in Kansas are compelled to file an
| nual statements the Golfers of the state
treasury will be greatly enriched or there
will be a wholesale change from incor-
porated companies to co-partnership con-
Germs.
The Hooven & Allison Company. twine
manufacturers, of Xenia, o.. also had ar
agent here to-day making inquiry abou
the same matter.
to issue a certificate permitting the New
| York zinc trust to operate in the zin'
fields of Southeastern Kansas This con
cern is Delaware corporation. 1t ha:
a capital stock of 100000, with only S1,OO
paid up. The Kansas law requires 20 pc
cent of the capital to be paid up. Th'
company will have to raise S1S9C00 NOR
and put with its $1,000 already paid il
before it can do business legally in Kan
sas
The International School of Magnetic
Healing. of Great Bend. was finally char
tered. 1t applied several weeks ago, bu
the board held it up for investigation
, The company to-day presented about fort.
| aIfidavits showing that it really had per
formed some cures. and that it was gen
uine institution. Upon this showing tn
charter was issued.
Charters We're also granted to the fol
lowing companies:
I Kansas City. Kas.. capital s29;No
The Sabetha Turnverein. Sabetha, TO
, | mutual Improvement in education, mus
r and gymnastics.
D The Jewell County Telephone Company
: Jewell City, capital 5000.
The Bow Creek Cemetery Association
Sheridan county.
The whitewater Milling and Elevate
e Company. Whitewater, capital $4,000
a The Herrod Mining Company, Kansa
City. Kas., Galena and Joplin. capita
:. The Csnteryille Cemetery Association
e The lola Business college, lola, capita
< The Benevolent Church Aid and Relic
: Society. Wichita, to care for the sick ant
: bury the dead.
: The Hewins Park and Fair Association
: Cedarvale, capital $4,000.
: The Columbus Cider and Vinegar Com
:, pany, Columbus capital $4,000.
n The Peabody State Bank. Peabody, capl
: The Coal Creek Library Association, Win
: land, capital $1,000.
: The Burr Oak Business Exchange Asso
n citation. Burr Oak, capital $1,000.
e The Hurricane grange, Order of Patron
d of Husbandry, Overbrook.