The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-04-07
,MODERNIzED LAWS
Necessary to Enable Minnesota to
Keep Up With the Procession.
THE VIEW OF E. A. MERRILL
He Says Law Should BE Better
Adapted to Modern CONNER
cial Methods.

A rapidly increasing sentiment, has
Egrown up among the business men Of the
state in favor Of changes in the state
laws to make them conform to the mod
ern business methods which have dis
placed the old. Many OF the state laws
in regard to corporations and the control
of business have been on the statute books
for years, and they have in large meas
ure ceased to cover the needs to which
they were originally we'll adapted. In dis
cussing this question and it's remedy E. A.
Merrill of the Minnesota Loan and Trust
company, says:
The last ten years have made great changes
in the business and commercial world and the
methods of their control. Everything is now
tending toward the formation of corporations.
Whether we agree with this practice in theory
or not. it is essential that, TO the welfare Of
our state in its competition with other local
tiles, we adapt ourselves to the new order OF
things .l sHssatt
T. Minnesota from It's location is fitted to be-
come one of the great cenrers, commercially
and financially, in the Mississippi basin. On
the east we have the great state Of Wisconsin
with all its vast resources and on the south
| the wealthy state of Iowa. To the north and
west is the great domain Of what might
Justly be termed the new northwest includ-
ing the great wheat fields of our own fertile
state end the rich plains Of the Dakotas and
the great sweep of country in Manitoba and
western Canada, which is SO rapidly opening
up. AL the business of this vast region should
ultimately he tributary to the twin cities
which from their situation and exceptional
railroad facilities are the natural commercial
and financial center for this country. 1 may
say that with the exception of what business
is nearer Chicago in Wisconsin and Iowa we
should get everything in the middle north
west -.-
Of 4bo9,
given to the growth of the business Of cur
country would be the passage of laws in Min
nesota which would be more favorable to cor
porations In the state Of New Jersey for
| instance, the laws are up to date, and suited
to modern business conditions. AS result
there are more corporations in that state than
| in any other portion Of the Union in propor-
ton to its size and population. The fees
which go into the state treasury for the super
vision Of these enterprises pay a large portion
OF the state tax. S@>s-
When asked what changes in our pres
ent laws he would recommend, Mr.. Mer-
rill replied:
! 1t is, of course, difficult to outline off-hand
| a complete lien Of changes which are neces-
! sary, hut there are a few which are in my
opinion most pressing. In the first place I
| should favor law which would relieve the
| stockholders in corporations from double LA
| bilites We have some such law now in re
| gard to manufacturing corporations but this
| does not cover other corporations The whole
| theory and operation Of the double liability
! is WRONG. If "a firm fails it is almost univer-
! sally the case that all the big holders forsee
! the crash and get out in time to save them
selves while the widows and orphans who are
lacking in business foresight fail to sell out in
time and as result they not only lose their
own holdings but have to pay the liabilities
| as we'll, which works great hardship. The re-
peal Of the double liability Law would bring
many new enterprises to this state where they
might flourish and enjoy the natural advan-
| tages which the great state of Minnesota
| offers to it's citizens.