New-York tribune., 1900-10-28

OF New-Jersey was the act of 1899 which compelled
every corporation TO make annual report and
20 give details TO the amount Of capital paid in
the date OF holding its annual meetings, and the
place where the books could be seen by the stock
holders together with list OF officers and d-
Tectors. This creates a record in public office
in the State OF New-Jersey, from which record
creditors or stockholders may ascertain not only
The place where the books must be kept but the
person who has them in charge and who by law
Is compelled 10 exhibit Them under a penalty
of 500 More than this. failure by the directors
10 nle thls report IS not made matter Of
form, but under the law passed by the Repub-
Acan Legislature every officer and every director
VINO faiis TO file this statement and to make full
disclosure, as. intended by the operation of the
law Is removed from Office and is disfra nchfsed
for year following the next annual election
No such effective remedy and no such effective
enforcement OF publicity have ever been suggested
by any Democratic Legislature.
This late act in the State Of New-Jersey was
introduced by Republican. was passed by a Re
publican Senate and Republican Assembly, and
with the votes Of the Democratic members of the
Assembly recorded against it.
turning TO the question of private revenue from
The large combinations and trusts It would appear
}nai Whatever would be the public attitude of the
leading members Of the Democracy of this State In
thls respect their private attitude is that
nue. Tor personal purposes. The organization of ba
combinations under the laws of New-Jersey has
trust companies which make it their sole business
70 assist in the organization and maintenance of
eble OF these trust companies. and the one most
frequently named by the Democrats themselves as
having been most productive Of combinations and
pany of NewJersev careful ion of m
State Capitol here shows that this company repre-
under the laws cf New-Jersey but doing business
elsewhere, their aggregate capitalization being
man szgUeoVp II further shows that 1t represents
the majority Of the large combinations organized
"a q eIseT ana DONG business throughout the
StatSs, lhcudlng such organizations as the Federal
Steel Company and the Otis Elevator Company
Company at the present time. appears upon the
report Of the company flied at Trenton. Allan
i. McDermOtt, the president: Henry c. Kelsey
ice-president' ard Augustus II. Fanderpoe. treas
Mr.. McDermott as already noted, is the present
Democratic candidate for Congress from Hudson
County. He was the lifelong associate of the late
Court OF Chancery Of New'-Jersey. has been the
Democrattc Corporation Counsel of Jersey City
ard Is to-day one of the most prominent Democrats
IN the State Of New-Jersey- Mr. Kelsey IS one Of
me old time Democratic leaders OF the state, and
Tor twenty-ssyen years held the post Of Secretary
administration of the State. Mr. Vanderpoel is
hand men Of United states Senator James an
Smith. Mr. Vanderpoel was the Democratic NOM
Senate. but was defeated by Thomas y. McCarter.
among the organizers of the CORPORATION Trust
Jersey; Henry c. Kelsey. then Secretary Of State;
Allan L. McDermott. then clerk of the Court of
Chancery. and John McAnerney then president of
the Seventh National Bank Of New-York City and
one Of the political leaders Of Hudson County-aIl
The laws under which these corpora tons are or
ganized formulated by Governor Albeit by
Allan I. McDermott and by Henry c. Kelsey IN
1892 when these men were the Democratic leaders
OF the State.
4 similar Of affairs Is in Delaware,
which Bryan has called one Of the trust producing
States The so-called Trust Factory" Of tnat
State is the Corporation Trust Company Of Della
ware. IN Delaware, as in New-Jersey, the law
which allows the creation OF these organizations
was passed by Democratic Legislature. furthered
by Democratic Governor
The Corporation Trust Company Of Delaware,
which was formed on the lines OF the Corporation
Trust Company Of New-Jersey, was organized By
James II. Hughes. who IS At present Democratic
Secretary Of State OF Delaware and the counsel for
the Delaware Trust Company
The president Of the Corporation Trust Company
Of Delaware is William T. Watson, Democratic eX
Governor Of Delaware: the vice-president is VIII
lam II. Stayner, a Democratic lawyer. Among the
directors eX-Jnited States Senator George
Gray, now United States Judge; eX-Governor
Watson and William n. Ross State Treasurer Of
the State Of Deaware-all leading Democrats. and.
Ike the Democratic officers of the Corporation
Trust Company Of NeW-JeTsey. financially inter
ested IN and deriving large incomes from institu-
uons which foster maintain and create trusts. op-
position TO the existence OF which is the chief raj
lying cry of the National political party with
which they have long been conspIcuously Identified.