New-York tribune., 1901-11-10

revenue from corporations. Legislative induce
ments by way of private and public statutes @ St, to
Protection for domestic corporations war upon 81,
foreign Is the s nossble for
corporate organization in one state to DO business
corporations. just so long shall we find different
States offering inducements TO caPioal 10 III lnf%r @ =
States giving express permission to their own cor
portations other States what such corpora
tions expressly prohibited from doing at home
STATE POLICY TOWARD CORPORATIONS
legislation respecting Industrial corporations is to
encourage and increase State revenue; rather than
years the State of New-Jersey stood pre.eminent
revenue derived from CORPORATIONS she pracucaiy ny
abolished the necessity for State taxes contributed
matters SUNS of pnbs use and utility At the begin
ming OF this month the State Of New-Jersey had IN
In 1900 the state of New York although it had for
years waged war upon New-Jerseys system OF IN IN
sae Of Its apd thaf of IN
liberality to corporations. 1t amended its cor
poration act upon the theory that the I greatest
nue.. The staid old State Of Connecticut followed
suit and opsnsd its doors Offering Nrb s
followed the example Of New-York and Connecticut
every provision which could be suggested to make
those States successful charter granting States and
comes forward Win nr rhcb shdt II l m
ask and for a consideration minute to be
scarcely worth mentioning. This tendency is not
wisdom OF legislation. but to absence OF re-
striction-to the granting of powers rather than
10 the maintenance of proper control.
On the other hand influenced by the cry against
nonopofies, making distinction between the
combination OF to-day and the monopoIlstc trust trust
their statute books with determinations against
business combinations until ii is almost impractf-
cable to do business within such States. State
legislation is each year growing more divergent.
and we look in that direction with
ance OF any uniformity OF procedure and regulation
of corporations.
The question IS national in extent and breadth
II can be dealt with only by legislation equally
broad-that is national legislation. 1t is suggested
The Supreme Court OF the United States however.
found its way of the same difficulty. when sug
Eestcd in the of the National Banking act.
might be said In the present case that the public
welfare at present more urgently requires a a
tional corporation than years ago 1t required
National Banking act.
matter OF interest indicative OF the features of
a national corporation act which might be acCepta-
tho proposed New-York act of 1900 and 1t pre-
nared by n commission selected under his direction.
and the act although 1t did not pass the legislature
of New-York. contains many elements which
approved both by students of economics and by
practical corporation managers.
| do not wish to be misunderstood as TO the char
the highest order and Is making progress in the
right direction IT has been productive OF great
good in this country It is a direct contributing
States. Theorists social reformers and students of
economies have argued against the character OF
fact that while there are dangerous tendencies as
has been frankly admitted. they are Ills which are
natural to mankind In any position not to be cured
tuperation and abuse. but rather TO be minimiZed
and perhaps ultimately eliminated. by wise. con-
servative examination and decision upon the ques
tion whole. derived from the experience OF the
Deople.