New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-23
ATTACK ON TRUST co.
incorporation Concern Holly As
sailed at Hearing.


Arbarv. March 22-sensauonal charges were
made to-day before the Assembly Committee on
ru5iolarv by Frank White OF Albany, against the
/ CORPORATION Trust Company. OF Nev-lork. IN con-
nection with the hearing the Bostwick bill pro
hititing the OF the words trust ana surety
in the name Of corporation organized uhaeF lhe
/ Business Corporations law.
Section OF the General Corporation law, as
originally enacted, merely contained restrictions
relative 70 similarity % names. The amendment OF
1885 forbid6inE the use OF the words bank. insur-
ance indemnity guarantee. etc. except by moneyed
corporations was drawn and advocated by Mr.
White and at the hearing to-day he c0ntended that
the further amendment was necessary 10 prevent
the abuse of the corporation law. lie charged that
the Corporation Trust Company had organized not
only tie United States Shipbulding Company. but
also the Franklin Syndicate OF go per cent fame
IN connection with which syndicate" Miller and
Robert A. Ammon were sent 10 prison
This State cannot afford said Mr White. TO
authorize the Incorporation OF corporations TO go
forth Ike pirate craft with false flag and bear
ms letters Of mE-que from the State 70 prey upon
an UusEspe-tluE pubAc.
You viii doubtless all remember that frghtful
tragedy. the Iroquos Theatre FIRE which trans
formed Chicago lnto a city % mourning De
cember 90 -2-3. when nearly six hundred persons
were launched into eternity by calamity that sent
q thrill o. horror throughout the civilized world.
Relatives o. the victims 81 seeking 90 punish those
responsible IN both criminal and civil actions were
handicapped by Inability 20 get ceiinits knowledge
concerning the company which Cwnee the theatre.
Vain searches were made Of the records OF several
cities Later g. was learned that this company was
Incorporated "a Ncw-Jersey, and that some OF the
men who took part IN SIS Official creation are the
same men who acted dummy directors and
dummy incorporates OF the Ehipbuilding Com
pauy and the Miller 'gct-rich-gu!cS 90 per cent
syndicate. This IrOquOs Theatre Company was
Incorporated in New-Jelsey through me corpora;
ton Trust Company. with authorized capital
stock of 5000 but only 5000 was PAID IN oTiglnal-
co-,- , Tor is5 flea IN tho ofiics Of the New
Jersey Secretary OF state the amount actually
are bonds were p-obsbiv issued 10 meet this ex-
peuse The fac. hat only g.O0J Of the stock was
] Issued shows that the claimants have no chance
itsc!f In the oaicsa, report filed IN Now-Jersey IN
1892 and 1903 Louis j. Daily. one Of the professional
this theatre compeuy. lie is employed in The Jer-
FEnattrss 90 the certificate OF incorporation were
Witnessed by Howard :. Gould as commissioner Of
trust coapsSy5 ,yev-YoTE Office
fossonal dummy directors are crimiual.y Unable for
/ rher acts Sd the issuance Of tha worthless stock
tons 5si and s0 Of the Penal Code provide for The
/ punishment OF such offences against the laws by
Mr. White oone.gded BY urging the need Of a
! James r. Burnett who was present as represent
icg the Corporation Trust Company and VINO wa
/ was calm IA his reply. lie denied that the Cor
porauon Trust company was either performing or
tha- his corporation was associated IN the same
/ same name organized in Sew-Jersey. Maine and
| 3n other States.
''Im not quito sure" said he whether We arc
/ trial for burning the IrOQuois Theatre or for
] yyrecliIg United States Shpbuildng Company.
/ Surely are not responsible for the conduct OF
| corporations in the mere techEicalities Of whose
/ Incorporation have assisted We have fncor-
/ poraued at least $500 companies and but one or
two have G5tcrwRrd shown msmanagement II is
/ absolutely untrue that interested n the
! Franklin Syndicate. We conducted its incor-
poratoa at the request Of reputable lawyer and
were not concerned f. the misconduct OF its affairs
/ w4Ich followed"
/ Ideally tho only affected by the proposed law