The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-06-01
.|NUsTR|AL NEWS
ALL State BUSY.
Richmond Doing Excellent Work
and Other Parts Of Common
wealth Following Suit.
ALExANDRlA's BIG COMPANY
Many Charters That Have
Lapsed Under a Law Not Cen
orally Understood.

In these days OF prosperity old Wiz,
glnla is right In the swim. Richmond
OF course, leads along Industrial lines,
but all the towns in Virginia are In a
prosperous condition, and The records
show that new enterprises are being put
on foot every day In all parts OF the
State.
It IS understood that the American TO.
bncco Company is soon to reopen twoabg
factories In Danvillc that have been
closed for two years. They are known
to tobacco men as ''stemmeries.'' and
were closed two years ago because tho
company thought they could do the work
OF stemming to better advantage In New
York or New Jersey. II seems they have
discovered their mistake and the Dam
Vile stcnmeries will be reopened in q
week from now. employing some thing like
seven hundred people.
Mission in IT.
Ono OF the largest corporations char
tered In Virginia in years was authorized
BY the Corporation Commission ycster-
day. It was tho American Asbestos and
Fireproofllng Company Unc) Of Alex
fandria.
The maximum capital stock Is placed
at sl6,500,000 The constitution OF the
new concern contains the following as
to It's objects and purposes:
ITO manufacture from asbestos or other
products flreproofiing and heat-reslstlng
articles for use In buildinga; TO acquire
and develop lands containing asbestos or !.
other materials; TO contract for the cree
ton OF buildings or parts OF buildings;S
to construct. repair and operate boats
and vessels OF all kinds; 10 purchase
IA e..
action OF the business OF the company;
to loan and advance money TO persons
and corporations.
The incorporation are Charles 3. Coll
ilier. Ebenezer w. Strain and John w.
Marsden, all OF Philadelphia, Pa.
Forfeited Charters.
The laws OF Virginia provide that every
corporation shall obtain from the State
Corporation Commission a blank form
upon which to report the amount OF it's
maximum capital stock as OF the first
day OF January OF each year, and shall
Ale Its report made upon such blank
form with the State Corporation COM
mission by the first day of February OF
each year.
The failure OF any corporation for two
successive years to pay It's annual regis
tratIon fee or to make such report. shall.
when such failure shall have continued
lCI VIHcly udS 0AtCt tHS SNPH "
such two years operate as a revocat ton
and annulment OF the charter of such
corporation, II 1t be a domestic corpora
ton. or OF It's certificate OF authority to
do business Ir this State II II be a for
eign corporation, and the State Corr
poraton Commission shall publish tho
fact OF such revocation or annulrnent
once week for four consecutive weeks
in daily newspap per published In the
city Of Richmond. Virginia.
1t Is said that several hundred. posi-
bly, as many as thousand. concerns
doing business in Virginia. under char
ters granted by the Legislature or by
Circuit Courts, have failed to comply with
the plain law quoted above. and as n re-
suit their charters stand forfeited. The
forfeiture OF their franchises means tina.
they lose their corporate existence. and
therefore stand now as mere partnerships
or associations. The difference between
a corporation and partnership. espe-
cially In the matter OF individual Ia
bility, Is very great, and the nnnulment
OF the charters means far more than an
i unthlnking man at first would suspect.
This does not mean that these concerns
are going out of bushes for the infor-s
nation at hand Is to the effect that the
most, IL not all, OF them are prosper us
and doing we'll. but It does mean that
they are going to have some trouble
and have to pay some additional fees
that they might easily have saved u they
had been better posted on the law ana
o,,~1 L. mr.