Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-08-23

by striking out in line ten the word
twenty-five" and inserting in it's
place the word fifty" 50 that said
section as amended shall read as
follows:
Section IS. Every corporation in
corporated under the laws of the State
except such as are excepted by section
tWenty-siX of chapter forty-Seven.
shall pay an annual franchise tax OF
fiv" dollars. provided the authorized
capitol of said corporation does not
exceed fifty thousand dollars; of ten
dollars. provided said authorized
capital of said corporation exceeds
fifty thousand dollars and does not ex-
coed two hundred thousand dollars; of
fifty dollars, provided said authorized
capital exceeds two hundred thousand
dollars and does not exceed five hum
drcd thousand dollars: of sevcnty-fivc
dollars. provided said authorized
capital exceeds two hundred thousand
dollars and does not exceed five hum
million dollars: and the further sum
of fifty dollars a year for each one
million dollars, or any part thereof, m
excess of one million dollars"
The effect of the passage of this act
raising as it did the amount Of the
annual tax of corporations Of large
capitalization was questioned by those
who desired to see the State hold its
own in the amount Of corporation
business transacted. There were
those who declared that the effect
would be to decrease the number of
corporations organized in this State,
and on this account the announcement
Of the commitment for the present
year has been awaited with q great
deal of interest. The number of cor
porations organized during the past
year, whose franchise tax has bee II
committed to the State treasurer is
67SS, as stated above, which is li2
more than the number organized in Il
corresponding period the year previ-
Gus.
While the figures have not yet been
carefully analysed. it is believed that
the change Of the law has not only
not decreased the number of corpora
tions. but that it has not had Il very
serious effect on the amount of capt.
talization. except to keep some COM
panics. whose promoters might have a
desire of setting the capitalization at a
sOnablc limits
AS the matter stands the State Of
Maine has proftcd over $l5O,00n by the
operation of the new law. and the
number of corporations has increased
by nearly $50
OF the tax committed to the State
treasurer last year. $70,350 was col
lcctcd. together with previous arrear-
ages which brought the total 1906 col
lection of franchise taxes up to SS7-
5S5. Corporations who do not settle,
forfeit their charters at the instance
of the attorney generals office. By q
rough estimate. about - per cent. Of
the corporations settle. Surprising
that this is the case with the commit
ment of the present year. the income
from the corporation franchise tax will
amount To something over $4,000.
About the quietest department in
the State House is the usual bustlinS
Agricultural Department. Commits
sioner A. w. Gilman and Prof. +. F.
Hitchings are both at the Internal
tional Scientists Convention at Boston,
where they both have a part on the
programs of the affiliated organizations
which hold their sessions at the same
time with the general association.
Among the things whcih are being
done at the State library just now is
the cataloguing of many valuable
pamphlets. which had been bound to-
rether without regard to subject mat
ter and Importance, and were practi-
calIv lost. so far as availability is con-
cerned. This work, begun some time
ago. is being continued with the result
that n large amount of valuable mat
ter. much of it relating to the State of
Maine during the Civil War, is being
made accessible to readers.
The following telegram was received
yesterday at the office Of the adJutant
general
Fortress Monroe. Aug. %. 1907.
Adj Gen. A. B. Farnham. Augusta. Me.
U. s. s. Prairie with ships conf
pany of naval reserves arrived at s. A.
NJ All WELL
SCULLY. Lieutenant Commanding.
The following corporations nave filed
their certificates of organization at the
office of the secretary of State:
The New England Program and
Publishing Co. organized at Portland
for the purpose Of transacting. con-
Quoting and carrying on general ad-
T; vertising business. with $4,000 capital
stock of which $50 is paid in. The