The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1913-01-14
President.EIsci Pleads for Progress
siye Legislation in His Own
State--Many Topics
Treated
WANTS CORPORATION
LAWS MODIFIED
Would Make the Path Of Monopoly
ThOrny--MOre Power for UtI-
ity COmmission--Tax
Reform Urged
Telegram BY United Press.


Telegram by United Press
Trenton, n j.. Jan. i4.-Gov VIII
son today sent mis- second and last
annual message TO the state iegisla-
ture. The legislative session Of 1911.
he says, win long remain memorable
in the annals Of the state for the
number and importance OF reforms ac.
complished" but mot all that waited
to be done was done BY that legisla-
trre, and the message outlines a large
program OF new legislation. The first
topic touched upon Is corporation laws
concerning which the governor says
THE corporation laws OF the state
notoriously stand in need OF altera-
tlon. They are manfestly lnconsist-
ent with the policy Of the federal gov
ernment and with the interests Of the
people in the allimportant matter OF
monopoly. to which the attention Of
the whole nation is now so earnestly
directed. The laws Of New Jersey
as they stand, SO far from checking
monopoly, actually encourage It. They
explicitly permit every corporation
formed in New Jersey, fcr example,
to purchase, hold. assign. and dispose
Of as Il pleases the securities Of any
and all other corporations OF this Of
any other state and to exercise at
pleasure the full rights OF ownership
ID them. including the right to vote
as stockholders This is nothing less
than an explicit license Of holding
companies. This Is the very method
oHforming vast combinations and Gre
ating monopoly. against which the
wfole country has set Us face. and /
am sure that the people Of New Jer-,
sey do not dissent from the common
judgment that our law must prevent
these things and prevent them very
effectually
~ IS our duty and our present op.
portunity to amend the statutes Of
tho state in this matter not only. but
also in such a way as to provide
some responsible official supervision
oi the whole process Of Incorporation
and provide. in addition. salutary
checks upon unwarranted and flctl.
ticus increases ol capital aud the issu-
arce Of securities not based upon
actual bona fide valuation. The
honesty and soundness Of business
alike depepd upon such safeguards.
No Legitimate business viii be iniur-
ed or harmiully restricted By them.
These are matters which affect the
honor and good faith Of the state.
We should act upon them at once and
with clear purpose
'The people OF the state are, at
present, moreover at the mercy Of
investment companies Of every kind
Securities Of any and every sort can
be sold IN New Jersey by irresponsi-
bic persons and the purchasers must
depend upon their own investigations
to ascertain whether they are bogus
or based upon good business. They
SHOULD have the protection Of the law
Investment companies should be pui
under inspection and regulation BY the
state, and no one should be allowed
to sell securities IN New Jersey with
out public license asned from the de
partment exercising the rights Of m
sptction and regulation New Jerse,
is very late indeed in affording hel
people this protection
The method OF drawing grand ant
petit iuries which is enotogIously sub
iect to political Influence in thi
state is severely criticized and th'
Legislature is urged to correct th
same No less severe is the criticism
OF the New Jersey system OF levyinl
and collecting taxes and the governo
recommends reforms which he hope
the special tax commission will re
port. Il is further recommended tina
Aha nuhlic nfilliiea hoard he uivn
pcwer to order the abolition Of grad
crossings The message continues
And while ! am speaking OF raj
MnYA. nnrmil me 10 nrqa annfha