The Jersey City news., 1899-11-14
OUR CORPORATIONS.
Mr.. King Of This City is q
Witness Before the In
dustrial Commission.

WASHINGTON,i Nov. IA, 1s99-The In
dustrial Commission resumed its hearings
yesterday, and took up the subject OF cor
porations and combines. The proceedings
were made decidedly interesting by Mr.
C. w. King, of Jersey City, who is the
agent for more corporations than any
other person. Mr. King belongs IN New
Jersey, in which State he has been long
interested for the corporations.
His testimony was confined OF the spe-
cial advantages of New Jersey to. the
corporations and combines seeking cnar-
ters Asked why it was that so many
foreign companies or organizations Sc
lected New Jersey in seeking and obtain
ing charters Mr. King answered that u
was because New Jersey offered special
advantages. in that her charters were
more liberal than those granted by the
State of New York especially. Ine om-
GERS Of the companies chartered in New
Jersey were better protected under us
laws. he thought, and SO were the COM
panies themselves
Referring to the illegitimate corpora
tions applying for charters in New Jersey
Mr. King said the State had placed pen
atty of two hundred dollars for each Of
fense against the laws in the matter OF
tranfers to the large corporations.
The laws of New Jersey, Mr. King
said. required that fifty percent more
stock be paid in than was required py
other states. Citing another advantage
as a magnet of the corporations seeking
New Jersey for charters, Mr. King
said that many corporations came over
from New York and applied for their
charters because New Jersey holds eacn
stakeholder liable, while the State OIL
New york holds the last man.
MI King here claimed that while the
corporations were better protected by the
laws of New jersey the public did not
spffer thereby. On the contrary, the pub
lic was also better protected in the Ne"
Jersey corporation laws than by those OF
New York.
Mr.. Livingston, member Of the COM
mission. said he doubted this assertion
as inconsistent, taking it for granted tnat
trpsts and corporations were a natural
evil to the public.
The witness said that the laws OF New
Jersey relating to these questions were
wen adjudicated and the corporations ar
WAYS knew where they stood. The pub
lie could always ascertain where it stood
in relation to the corporations chartered
in New Jersey if it took the trouble to
investigate
Mr. Livingston said that the people OF
New Jersey who grant these public fran
cbises to private corporations should
know at all times and be informed by
+base companies what they are doing
To this suggestion the witness replied
that to spread the business of a corpora
tion before the public would be giving
also it's business away to competitor
ond that of course would be very i'm
practicable.
The witness was here asked II 1t was
not a fact that the New Jersey laws
were not grossly abused by the corpora
+,ans in the ease with which they can
obtain their charters. He was also asked
in this connection if temporary agents
of combines did not go to Trenton, HE
naners of incorporation and within forty
etght hours after filing certificate with
t,n secretary Of State cease their con-
neet;on with the companies served. The
.,,.-ss said he had no definite knowledge
~ s,,ch occurrences. The last statement
made by the officials at Trenton he said,
IN answer to a question. was that the
state had realized s52S,0OO profit in filing
fees.