New-York tribune., 1906-10-09

appear. Wnlcn ne nae a r1Snt 10 tdhcf
took II to settle for all time that the oues.ion
of the bona fides, the good faith, the necessary
of such an organization, should NOT De passelu @ 81,
upon by jury, but il the forms of law We're on
preserved and If the technicalities or the law
had all been complied with. he was safe' ana
the court so decided.
HEARST ADMITS POINT.
I thought I would carry that investigation
little further.
notice that. after the remarks that had peer
made on Saturday night In Brooklyn TINS MORN
ing's American" which bears the name oi my
opponent on it's face. said: He has no neeo 70
defend corporations as such, since nopooy oeieS
their utility. their necessity.
We are making progress you say Yes NO
body denies their utility or their necessity he
does not deny IT He knows II too well. Hs
knows it He needs that utility ano that ao-
vantage every day.
as we have had In the past, the general tals
about corporations-a corporation government,
corporation attorney and oorpofatI1m sti-,,aa
instead of corporation being thing or ser''0e
and utility
/ was interested in reading in the protest that
made on behalf OF certain corpora'loniis.2 n 80 ~
the president of the Board Of Elections OF Ne"
York this statement at the end OF the protest;
Formal demand is hereby made tnat tne @
Board of Elections cause 10 be pubisheo IN ,Ie,
said New York American New forK %SNeIlIl,s %
Journal and Das Morgen Journal me oesie.% .ha
ton of the place for registry and voune a. 'is
ensuing election as provided In Sectioh ~ "a
the Election law. Yours truly, CiarehcS H.
SheaIl. counsel Tor star OolIpdis' -'N''
Evening Journal Publishing Company ana Las
MorEen Journal Association
sHEARN. CORPORATION LAWYER?
Clarence 7 shearn. the Attorney General OF
my opponents campaign! Should say COZ
poratfon attorney? - ,...o.
thar THE New York American" is publshed py
the undersigned Star Company: that Inc view
York Evening JournaI is puDismuu Iar.I ~ Pmb,;sh
snr Cornpauy and 'Das Morgen Journai is
published by the undersigned Das Aiorseh Jour-
nal Association. Now. what Is the star COM
pany? ~ ,,, so
YOU know who its president is? Do you Know
how 10 find out who its president is? DO you
know whom to serve with process? Do you
know what property II has?
If its wagon runs over you, and you fnd that
The name of the man at the head of the paper
is not the name Of the owner and proprietor In
law, and you must deal with corporation 90
YOU know whether the corporation has got any
thing? Do YOU know whether IL obeys the law!
Whether the corporation is good corporation,
IS good citizen? Well. suppose you try TO hho
out Suppose you try TO see II there are any
reports file in regard to it We might want
TO know whether II pays taxes -
IL seems that a company-the Star COMPANY
was assessed for taxation, and 1t seems llat @
a request was made OF the Department or IaKes
and Assessments that IL be relieved from TAXA
tion. and the statement made IN tnat peltioS' :.
dated February o. l906-the Star Company >
S Carvalho treasurer-was to the following ei-
fect-this i believe. is q correct copy-it mas
been furnished TO me as suCH Ds bIiC oAAc wiz
made il:
HEARST'S CORPORATION TAXES.
~rhe Star Company is a corporation organized
unaer the laws of the State of New Jersey, and.
claiming TO be aggreved by the assessed Vaiu-
alton of its personal property for the year lsOo,
makes application 10 have the same revised ana
corrected
And / find the amount of capital for which
the company is organized is 100000; place
within the state named as its principal place
OF business, No. 140 Nassau street; the amount
receivable on notes and open accounts, moth
ing; value of goods wares and merchandise in
the State Of New York, exclusive of goods in un-
broken original packages imported by the above
corporation from foreign countries, nothing;
value of machinery and plant, nothing; cash
on hand in bank, nothing; the amount of bllls
and accounts payable incurred, nothing; amount
invested in business in the State of New YORK
nothing, amount OF Indebtedness contracted OF
incurred in the purchase of nOn-taxable prop
critics or for purposes Of taxation, see next
page; company not assessed by State Con-
troller ..
Now on the next page we find at the time OF
incorporation the company issued bonds in tne
amount of 81 100000 to purchase the stock OF
certain corporations. It's Indebtedness was not
incurred for the purpose of evading taxation;
A company organized under the laws of the
State of New Jersey, with capital OF SlOOpUO
issuing bonds to purchase the stock OF certain
corpora tons. the Star Company, having no prop
erty except, apparently. this stock. No goods
used in business. but stock Of other corporations
Why that is what We call holding company
That is the device with which all corporate at
torneys are familiar.
THE HEARST HOLDING COMPANY.
In other words, companies organized and
their stock is taken by a company that is organ
szed for the purpose of holding stock ana al, ~
that last company is for is to hold the stock ana
vote on the stock and take dividends If there
are any on the stock, and all that il owns Is the
stock ana Il II issues bonds against the stoch'
somebody, we don't know whom, holds the
bonds
They sometimes organize trusts that way.
in nc Lott of NJ al
that TIE New York American" is published
by the undersigned Star Company. Well. that
IS not this Star Company. This is a holding
company. Where is the other Star Company
that publishes The American? Where its
eny taxes" l should be very glad TO be in
formed of the payment by IL of taxes. And the
Star Company which we have here is a holding
company. which owns the stock of other cor
We go a little further. We find in Mr.
khearns letter thu statement that The New
York Evening Journal" is published by the New
York Evening Journal Publishing Company.
Well in this case we have 2 different name. and
st seems that the New York Evening Journal
Publishing Company was assessed, end il seems
that February 2S 1906. Clarence J. Shearn,
ts secretary requested that the assessments
should he revised and corrected. as the New
York Evening Journal Publishing Company felt
We hnd from the statement submitted that
the total assets including real estate are stated
10 be $50, los 96. We find that the value at
which such personal property IS carried on its
that the Indebtedness accounts PAYABLE are
tlo9, lol W and bills payable $50 99T % maxi
Ing up S2l9 1921. So apparently there Is moth
Ing that can be assessed
NoN-TAxABLE. NoN-suABLE
Then we find "Das Morgen Journal" is nub
lished by Das Morgen Journal Association.
When we take up the statement OF Tas Nor
gen Journal Association in its request TO he
relieved from taxation under date OF February
~. lgO6 by Clarence j. Shearn's secretary the
asset Is stated 10 amount to s1e654 IS and we
iind accounts payable and bills payable amount
ing to S.IS. 80 ~