New-York tribune., 1905-01-18
TO PROTECT INVESTORS.
Ne1C Governor Wants Commission
for JerSey Corporations.


honor of the occasion. A grandstand had been
erected in front of the main entrance OF the Capt.
toL from which the newly inaugurated Governor
State officials and members of the legislature re-
viewed the military and civic parade. The parade
was headed by Chief Marshal Frederick Gikyson,
who had assistant marshal D. Harry Chandler
OF Millvine. personal friend Of Mr.. Stokes After
the inaugural ceremonies and parade the Governor
held a reception in the executive chamber An
other reception held in the Capitol at 7:SO
p. m.
In his address Governor Stokes dwelt at
some length the subject of New-Jersey's future
policy with respect to corporations, the attitude
OF the present administration respecting super
vision Of corporate interests and safeguarding the
rights Of the public and minority stockholders the
proposed federal supervision of State corporations
and closed with recommendation that com
mission be appointed to consider what further
steps should be taken TO perfect the State corpo-
ration laws He says in part:
The preservation and growth of state revenues
Importance. The financial condition of New-Jersey
is well known AT the close OF the last Rsea GA o3s az
The ordinary receipts for the same year alloh'e9 90
s. s5i 5IS g. came from railroads and the business
companies domiciled in our State or the ehure
income OF the government, not penny was con- con-
6ged directly M e by the eoP 6 e' their m o nteret
the insane, supporting our prisons and TetoTIn-
ing a magnificent road system, maintaining the
State government and courts OF ]qsuGe e5 a1t Ts
except for our present fiscal policy Last year.
s sSsrg S 90 9r By ds So r
ties and & s. for militia q o e 4be for TetsP9n Pq9S
and 81 % for agriculture. To this extent did the
oYt pcontributing thereto To have raised last year
by direct taxation the income OF the State would
haR rS fouPPtenths uPCSs sS or Reary onshaf cent
To have raised the amount that comes & from 6sad Gt
upon property tax rate of more than three-tenths
The PEI Interpretations in one state for ten months
of last year show active capital OF $!lI ooV; IN
Jersey S3i3 568S go Our State is. therefore by no
means attracting an OF tne GreaL UeS g1 a5d,
ton to this. the recommendations OF the Depart
steps toward national incorporation. when capital I
vii vii SEEK eek the r9EeeGn 2eb Of States All these
fuences threaten the revenue OF New-Jersey As
these tendencies and devise such legislation will
protect the interest Of our taxpayers. Cnso2nd
couraged. but honest legislation which safeguards
the rights of the public and thereby attracts cap-
tai and enterprise. and produces Increased in
come is Ne v-Iersey's aim. - g.
revenue between States where the indueement 10
interpretations is laxity Of law -, ,u4,.,,,,a
the honesty OF her legislators, the unimpeachable
beT fbar the 6 aat that property and Vested interests
can be safely intrusted 10 her hands are the IN
one OF the business companies that filed its arti-
for that service alone $2l O0O ana mas since Deen
paying Us annually $4,000 This same company
liberal chaLtea @ bs uligG[ IN N@TJersev bv paving
the small sum of SO Nor is it revenue alone that
our State derives from these great enterprises
MaGv Of them that have first filed their articles of
Incorporation IN State have subsequently located
bringing with them an army of employees who are
among our most agsgle empovs nP four thousand
hands. another twenty-five hundred and others
These great enterprses as rule beIq7qg' not ito to
the few wealthy capitalists, but rather to most
Of. ~ hold VIII
ma jority of the stock. One of the business com.
BSSS BS fe% cP3Ptast5 has has eighty thousand
holders, and three others nave more than thltly
stances are men of small means and small income
fs ties as an Investment New-Jersey has greater
number of investors scattered Throughout the cou-
intFIsteq IA I thgT ana n The e eorfs Of NewJersey
IT, e a1%2 otber State in The Union This Is a
vote of confidence in by the residents of other
To this extent 90 our laws affect the welfare OF
greater number than do those OF any other Iegls.
our State by choice, should be carefully guarded
Government must keep pace with these changes in
order TO facilitate business progress and develop
be Subject 10 such legal rules and regulations as
shall insure the faithful administration Of their
affairs The rights OF the of single share
counts his shares by thousands But the day Of
wane. Companies with smaller capital are on the
increase. Should not. therefore, changes be made
Smaller @ orgsnzatons NewjeFsey has never hes
tated TO amend her laws TO meet new situations
without doing violence TO established rights.
The revenues of our State her material welfare
of m business c9n96e 9 1o a OF
tered under her laws demand constant and careful
review OF her acts of Incorporation. If in any re-
spect they are weak. let us make them strong: If
they burdensome. let us tighten the load; where
experience shows they wrong. let make them
right; II abuses have crept in. let us eradicate
them Our legislation must not be allowed to lag
be such models Of er2v dHser upon inns Sd0est
Wi III UnffC
but that here It will always be safe and protected
been followed by her sister States and apparently
the federal government Is about to do likewise
way along the path OF enifg6teaed publte eenti M
ment on this important subject recommend the
The question Of taxation is not a new subject
Of discussion. 1t IS a problem that grows with
mands OF civilization increase the expense Of gov
Ievying taxes: that is to raise money 10 maintain
ana ADMINISTER the government in order to pro-
tect the lives, liberties and property of the people
Of our constitution. and il all property was row
assessed for taxes by uniform rules according TO
Its true value all property personal real and cor
porate would share equally in the expense OF the
government.
Equal taxation involves valuation as well as rate:
useless without the other. When the valua-
ton of second class railroad property has. by
proper tribunal of review, been adjusted the
in each taxing district there is no reason WHY il
and the property OF individuals should be taxed for
the same purposes at different rates. Let the
Railroad Tax law be amended so that second class
property be assessed at local rates. This recon-
ried out with an eve single to his beneft I s1Ie-
gest. therefore that in framing the statute in the
discretion OF the legislature IT be provided that the
value OF this property be certified by the State
Board Of Assessors to the various taxing districts
IN which the property lies. that this be added to
the municipal ratab!es already ascertained, and
that upon this aggregate valuation the local tax
rate be struck. In this way and not otherwise,
tax rate and find relief to this from the in