Albuquerque daily citizen. [volume] (Albuquerque, N.M.) 1895-1903, 1903-01-29
sEcRETARrs REPORT.
Large Increase In the Number Of
Charters Granted.
SEVERAL RECOMMENDATIONS.

The report of Territorial Secretary
J. w. Reynolds for the calendar year
1901 and 19vz, mas peer submitted to
Governor Otero and in II are important
recommendations for changes In the
existing laws. The secretary says as
the law requires him to canvass the
vote for members of the legislature
from districts composed of more than
one county and issue a certificate OF
election, the office should be informed
as to who are nominees and the legis.
lature should take such action as will
require the county committees to for
ward to the ONCE before election day a
certified list OF the nominees for the
several Offices.
The greatest volume of business
transacted In any N portion of the
department Is from the filing of incor-
poration papers. The two year just
closed show a material and encourag-
ing increase. During 1899 and 1900
there were formed 207 companies with
an aggregate authorized capitalization
Of $139, 543, 500, or an average of $685.
900 for each company. The fees collect
ed for the territory amounted to $11.-
325. During the years s1901 and 1902
there were filed 1886 charters with an
aggregate capitalization of $~230,3443,-
SIS. or an average of about $780, 600 for
each company. The fling fees were
FL .969. or an increase Of nearly 100
per cent over the fees for the two pre-
vious years.
The Incorporation law is liberal and
invites outside capital to incorporate
In New Mexico. One of the most attrac-
tive features is that corporations pay
NO annual or franchise tax in this ter
ritory. The law relating to filing fees
as passed in 1899 is unbusinesslike and
unjust in the classification. For ex-
ample II q company organizes for min
ing purposes with capital of 81 ,000, 900,
the filing fee Is $40; same amount Of
capital organized for irrigating lands
must pay a fee Of $110. while the same
amount organized for manufacturing
or industrial pursuits must pay a fee
Of $4OS.
A Law that Is uniform in it's require
ments should be passed as the secre-
tary Is now compelled to draw the line
between the different classes of com.
psnies and subjects himself to COM
plants and the liability of an accusa-
fion of discrimination. There is also
. demand for q law that will permit
the consolidation Of companies engag-
I'd In the same or similar lines of bust
ness
At the present time railroad compa-
niles are the only mes permitted to
consolidate and the law should be
made so broad as to cover all lines of
business.
Ih9 present law regarding the ad-
mission of foreign corporations should
be amended SO as not to. require the
Ming of a certified copy of the general
corporation law of the state under
which they are incorporated. 1t Is rec
commended that the law relating to
Building and loan associations be
amended in such a way that foreign as
s~ociations can do business in New
Mexico under NJ more onerous bur-
dens than are applied to domestic or
CARNATIONS.
The conditions prescribed now finan-
cially prohibit any foreign association
from doing business in New Mexico
and while this is In advantage to local
organizations, the people as a whole
derive no benefit from it. A fine should
be provided to be collected from com
panies and corporations doing business
In the territory without first complying
with the Incorporation law. There is
no necessity for the law requiring all
new corporations to publish a certified
copy of the articles of incorporation in
the county In which the principal Office
Is located, but if the law is to be per
United to stand, it should be so amend
ed as to specify how many times said
notice should appear. A law 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 a few particulars. Banks of discount
now report / the territorial treasurer
and savings banks and trust companies
report to the territorial secretary. The
reports of both should be made to the
same person. The law provides for an
examination of a saving bank. for
which 500 is paid by the bank, but II
lis not enforced because of a d!scrimin
alton in favor Of a bank Of discount
The necessity for the appointment Of g
travelling auditor to examine the banks
is dwelt upon strongly. The secretary
also recommends that a monetary pen
atty be imposed ON any individual
firm or corporation who shall receiv'
money on deposit, whether on certif
Gates. promissory notes or subject tC
check, without incorporating under tho
banking law. No banking should be
done in the territory except by lega
-.tharify and updar Iapai GunprVigiOu