The sun. [volume] (New York [N.Y.]) 1833-1916, 1900-03-11
NEW YORK's NEW CORPORATION Law.
Designed to Make the state the Country's
Fir ancial Centre. says Mr. Dill.

BosToS. March o.-The subject Of great
corporations or trusts was discussed
before the Massachusetts Reform club
this evening. The two principal speak.
ers we're James b. Dill Of New York,
one OF the trainers OF the proposed new law re.
latlng to corporations In New York State. and
Edward y. Keasbey OF Newark. M Nj. Dill
said that the reason for the existence OF the
bill he described was that tho old
CORPORATION laws Of New York were a
failure, and that the EFFORTS Of the
Legislature were apparently confined to an at.
TEN t 10 hold on TO all corporations which New
York then had TO maintain her taxes and to
seek to punish those who went into other
States 10 incorporate, The result wasthat many
financial Institutions were organized under
New Jersey law with New York capital 10 do
New York's financial business, The main ques.
ton arising az the outset was whether tho
proposed act was pro-trust or antitrust in the
CON mon acceptance ot the term,
The answer to this proposition said Mr..
Dill. 'istbat the bill Is framed in conformity
with tho message OF Gov. Roosevelt. who said
that our laws should be so drawn IA to protect
the corporations Of integrity who do their hon
est duty by the public.
New York by this act attem pts 10 attract
capital TO the State. not only to keep
the capital OF New York within her bor-
ders, but TO go outside and attract
capital from other States. While New
York seeks to keep her own capital and
TO attract other capital. she wants only capital
Of a certain kind. She offers no inducement
10 incorporated wind on the contrary. by the
Slater bill to which | refer. she forbids it to
| come within her borders. New York desires
20 induce Incorporated capital Of integrity to
| come within the State. and not only for the re.
turns by way Of taxes 10 the State but also TO
make New York the financial centre Of the
When New York invites capital to ZONE into
New York to Incorporate II must first. "a an
essential feature, be part OF the State Of New
York 1t must be Of New York. and az an hon-
est existing corporation OF New York II may 20
forth into other States to do business. but
always subject to the laws OF those other
States,
authority to form corporations OF ma
tIonal importance. The laws OF New Jersey
are simply for the formation OF COMPANIES,
81 that state as trusts" New York simply
| adopts the New Jersey law and adds To II some
well,dehned; well-meaning restrictions. Tho
State has deat with corporations AS business
enterprises for the DEVELOPMENT OF resources
and has treated them no differently from
tions il treated exactly a. that of partner
ship, He dill not believe the condition ~ a
co poratiOn should be made public at any pre-
else moment any NOR" than the resources, ~
individuals. The directors were rssponslh'a
10 the stockholders and 1t was the stat" :
policy to allow them e. be held Liable
,bs mpnnpr in which big corpora.
lions are formed or iioated under the
New Jersey law and spoke OF some OF The
requirements rs to annual, meetings. Ne. Ho
believed the trust 10 be feared WA, the cor.
p%orntion that combined 10 crush competit'' n
and then increased the price Of It's < ODDS II
the country wanted trust evils remedled. the
State Of New Jersey wanted TO know frat what
! thpy were