The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1902-05-22
007 HILE the seyenty-ffth Gene
things which it should not hav

!
should have done. in the main its rec
ord will stand comparison with othe
Legislatures which have preceded ii.
New laws have been enacted whic
will. if the hopes of their authors ar
realized. make practicable still furthe
reductions of the burden of taxation
and place the finances of the State upOl
Il more stable foundation. Already il
the office of the Secretary of State til
results of the new laws are being seen
Over $4,000 has been paid in under tn
provisions of the Willis bill and il 4
estimated that by the last of the montl
half million dollars will have beel
received from domestic corporations
The foreign corporations. which pay il
September, are expected to contribut,
as much and the estimate of $1.000.CC'
from the operations of this statute vii
not he far wrong. \ brief resume o
the more important acts passed by til,
General Assembly will be of interest.
/ Administration Measures.
| The most important measures of the
Seventy-fifth General Assembly whici
have been enacted into laws during the
session are those embraced within the so
called administration measures relating
to annual reports. fees and taxes of do
mestic and foreign corporations. and Ger.
tain compensatory measures extending
the powers ami limiting the liability OF
such corporations.
The Willis law requires domestic and
foreign corporations other than quasi
public corporations, TO file annual reports
and pay annual fees. This law is already
in operation. and n large number of do
mestic corporations have filed annual re-
ports and paid fees in compliance with
the provisions of the act 1t is estimated
that nearly. if not quite. S1.OO0.00O will
he realized from the operation of this
bill.
The Cole law relates to electric light.
gas. natural gas. express. telephone. tel
egraph. messenger. railroad. pipe line,
water works. street. suburban and inter-
urban railroads and other corporations
now required TO file annual reports and
pay excise taxes to the Auditor of State.
The Cole law increases the amount OF
this annual tax from 4 to 1 per cent of
the gross receipts of such companies for
the business done in Ohio during the
year next preceding the first day OF May.
The amount received under the old law
was about S6O0.OO0. and by the increase
provided for in the Cole law it is esti-
mated that the receipts from these cor
rorationS will be more than 81 .30O. 900. a
gain over former years of about $780,
GOO
The Cain law provides for a stricter
enforcement of the Dow tax law. Relia-
bic information warrants the belief that
a large number of persons liable under
the Dow law to pay the tax are evadins
the provisions OF the law. The Cain
law provides for a system of supervision
and inspection. which will largely in
crease the revenues of the State from
these collections.
Affecting Corporations.
The Johnson law requires all foreign
insurance companies 10 pay into the
State treasury the tax on their gross re-
ceipts in this State of two and one-halt
per cent. That law does not increase the
amount Of taxes heretofore paid by in
surance companies. but transfers the
taxes SO collected from foreign insurance
companies in the State treasury. The
amount SO transferred annually is esti-
mated at about S6i0.OO0.
The Moore law provides that an action
upon the liability of stockholders Of cor
porations can only be brought within
eighteen months after the date the obli
CATION shall become enforceable against
said stockholders.
The Longworth law gives the Governor
and Secretary of State the power to re-
NIT penalties against foreign corporations
for failure TO comply with the corpora
ton laws where good cause is shown for
such failure or neglect. The latter dill
also provides that where two-thirds Of
the property or business of the foreign
corporation pays one-tenth of one per
cent upon its authorized capital stock. |
he shares of stock of such corporation |
held in Ohio need not be returned for |
taxation.
The Harding law provides that cor
1oration may purchase or otherwise ac-
luire and hold shares of stock in kin
ired. but not competing corporations,
whether domestic or foreign.
The Thomas law defines the powers of
in the issuing of preferred
'tock.
The Harrison law provides an easy
md inexpensive method whereby exist
Eg corporations may be dissolved, and
llso corporations not in active existence
It the time of the passage Of the act
nay make certificate of the necessary
acts and he taken from the records.
The Cole tax levy law fixes the rate
4 taxation for general revenues for State
purposes at 1.3o mills. being n reduction
rom last years levy of 1.J4 mills.
Constitutional Amendments.
In addition TO these measures, four
mendments 10 the constitution are to
e submitted to the voters Of the State
{ the November election. 1903.
The first is provided for in the Writ
esolution. and is known as the taxation
mendment. and provides that the Cen
raj Assembly shall have greater pow
RS in the matter of classifying subjects
or taxation under general laws OF the
tate.
The Roger resolution provides for :he
ubmission of an amendment TO be
nown as the stockholders liability
mendment. and in effect abolishes the
ouble liability law of the constitution.
The Godfrey resolution provides for an
mendment which shall give TO the Gov !
rnOr the veto power.
The Rannels resolution provides for the l
admission of constitutional amendment
roviding for single legislative districts. {
'nder the present mode of apportionment |
lany counties OF the State are COM '
elled to unite with adjacent counties '
i the election of Representatives of the l
Too Much TO Expect.