Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1903-01-31
SECRETARY aAvnoLDs, REPORT.
II Has Been Submitted to the Gov
ernor With Several Recommen-
dations.

j. w. Reynolds for he calendar years
1901 and 1902, has been submitted
to Governor Otero and in are import
ant recommendations for changes III
the existing laws. The secretary
says as the law requires him to can
vass the vote for members OF the
legislature from districts composed
of more han one county. and issue
q certificate of election, the Office
should be informed as to who are
nominees and the legislature should
take such action as will require the
county committees to forward to tie
office before election day a certificate
list of the nominees for the several
offices.
The greatest volume of business
transacted in any one portion of the
department is from the filing of in
corporation papers. The w years
just c,c.,.I snow a material al 81.
couraging increase. During 1899aand
1900 there were formed 207 compan-
les with an aggregate authorized cap
t~talization of $139, 543, 500, n an av-
erage OF $675, 900 for each company.
The fees collected for the territory
amounted to $f1,325. During the
years 1891 anu 1902 there were filed
1856 charters with an aggregate cap
i~talization Of $23O,343,92 5, or an av-
erage of about $500, 600 for each COM
pany. The filing fees were $21, 1863,
or an increase of nearly 100 per cent
over the fees for the two previous
years. +,
The incorporation law is liberal and
invites outside capital to incorporate
in New Mexico. One of the most at
tractive features is that corporations
pay no annual o franchise tax in
this territory. The law relating to
filing fees as passed in 1899 is I'M
businesslike and unjust in h class
iication. For example if a company
organized for manufacturing or in
capital of $1,000, 900, the filing fee is
$40; same amount of capital organic
ed for irrigating lands must pay a
fee OF $40, while the same amount
oragnized for manufacturing or in
dustrial pursuits must pay a fee of
$4O6,
A law that is uniform in it's require
ments should be passed as the sec
rotary is now compelled to draw the
line between the different classes of
companies and subjects himself to
complaints and the liability OF an ac-
cusation of discrimination. There is
also a demand for a law that will
permit the consolidation of compan-
les engaged in the same or similar
lines of business. st@
At the present time railroad com
panies are the only ones permitted
to consolidate and the law should be
made SO broad as to cover all lines
Of business.
The present law regarding the ad-
mission Of foreign corporations should
be amended SO as not to require the
filing of q certified copy of the general
COI pOl dIlOu law VI Tie SIdLc uLQcI
which they are incorporated. 1t is
recommended that the law relating to
building and loan associations be
amended in such a way hat foreign
associations car do business in New
Mexico under no more onerous bur
dens than are applied to domestic or
CARNATIONS.
The conditions prescribed now
financially prohibit any foreign asso.
citation from doing business in New
Mexico and while this is an advan-
tage to local organizations, the peo-
pie as a whole derive no benefit from
it. A fine should be provided to be
collected from companies doing bus
mess in the Territory without first
complying with the Incorporation law.
There is no necessity for the law re-
quiring all new corporations to pub
lish a certified copy of the articles of
Incorporation of the county in which
the principal Office Is located, but il
the law is to be permitted to stand,
it should be so amended as to spec
ify how many times said notice should
appear. A lew is needed covering the
registration of trade names, trade
marks and labels.
There is a steady increase in the re-
sources of the banks of New Mexico.
The banking laws should be amended
in n fouy nurtiorv1arc nonEc ~ 1icoC,1nt
now report to the Territorial treas
urer and savings banks and trust COM
panies report to the Territorial secre-
tary. The reports of both should be
made to the same person. The law pro-
vides for an examination of a saving
bank, but it is not enforced because
of a discrimination in favor of a bank
Of discount. The necessity for the ap-
of a travelling auditor to
examine the banks is dwelt upon
strongly. The secretary also recon-
mends that a monetary penalty be i'm
posed on any individual, firm or cor
poration who shall receive money on
deposit, whether On certificates, prom
issory notes or subject to check, with
out incorporating under the banking
law. No banking should be done in
the Territory except by legal super
During the two years, commissions
issued to 437 notaries public, and
many Of them are unable to purchase
q full set of statutes as required by
They therefore remain in ignor-
ance of their powers, duties and le-