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THE MUSIC TRADE REVIEW.
Foreign Corporations
in New York,
Highest Type."
I
* * * *
N his annual report regarding- foreign
mortgage, loan and investment com-
panies doing business in New York State,
the Superintendent of Banks directs atten-
tion again to the fact that companies or-
ganized without the State who have not
complied with the State laws cannot legally
transact business within the State in the
selling of debentures or mortgages, nor ne-
gotiate the same either directly or through
agents or representatives.
He also takes
occasion to repeat what he said in his first
report in reference to intended investors
discriminating in their purchases, and ad-
vising that such purchases be limited to
companies submitting to the laws of the
State and carrying the legal license of the
Department. He cautions investors par-
ticularly against dealing with unlicensed
companies or companies who write from
some other State, offering inducements and
soliciting funds for investments.
In connection with this general subject
it is not without interest to notice a state-
ment given out by the Secretary of State
of New York this week, says Bradstreefs.
In this he recalls the fact that under the.
provisions of the General Corporation law,
sections 15 and 16, as amended in 1892,
foreign stock corporations, other than bank-
ing and insurance companies, which are
governed by other laws, are prohibited from
transacting business within the State of
New York until they have filed certain
papers in the office of the Secretary of State
and received a certificate of license from
that office authorizing them to carry on
business in New York State. Until such
license has been issued by the Secretary of
State the corporation cannot sue in the
courts of this State or make enforceable
contracts there. Since the act referred to
RUSSELL
(Successors to STARK & STRACK.)
PIANOS
MANUFACTURED BY
Hos. 171 and 173 South Canal Street,
CHICAGO.
.-• T H E
Sterling Company,
H. R. ISKNBRANDT has taken the agency
for the piano-cased organs made by H.
Lehr & Co., Easton, Pa.
Maximum
Tone Effects
Of Course. ..
A high-grade piano costs more
than an instrument which is in
that class known as "medium,"
but what a satisfaction to sell a
high-grade piano, and how pleasant
to meet the customer and friends af-
ter the sale is made, particularly if it is a
Just make a minute right here to write
to 215 Tremont Street, Boston, and find
out about it.
Hallet £
Minimum
Cost
MANUFACTURERS OF
Pianos and Organs,
^
BOURNE
took effect, in 1892, several thousand for-
eign corporations have been licensed to
transact business. From an examination
of the books in the Secretary of State's
office, it appears that not a day has passed
without the licensing of several such cor-
porations, but since April 4, of this year,
the Secretary of State lias .been prevented
from issuing any licenses whatever.
This fact has led to the receipt of numer-
ous letters of complaint from foreign cor-
porations that have sent the necessary
papers for the securing of a license. In
reply to these the Secretary says that he is
powerless to move in the matter because of
the enactment of a new law on the subject,
to wit, Chapter 240, passed April 4, 1895,
which act provides, among other things,
that every foreign corporation hereafter
authorized to do business in the State, shall,
before receiving the certificate of authority
provided by law, pay to the State Treasur-
er, for the use of the State, a tax of one-
eighth of 1 per centum, to be computed by
the State Comptroller upon the basis of the
capital stock employed by it within this
State. It appears to the Secretary from the
terms of this act that he is debarred from
acting upon the papers presented to him
until the computation of the tax has been
made by the State Comptroller.
The ap-
plications received from foreign corpora-
tions since April 4, have been referred to
the Comptroller of the State, so that the
necessary computations of the tax to be paid
by each may be made, and that the tax may
be paid as required to the State Treasurer
before the issuance of a license by the Sec-
retary of State. The office of the latter is
at present at a standstill in the matter of
granting licenses, owing to the ^delay^in
making out the computations.
.'£/-"
FACTOIIYI
DERBY, CONN.
Tt is admitted by all that no piano ever put upon the
market has met with such success as THE STERLING,
and thousands will testify to their superiority of work-
manship and durability. Why ? Because they are made
just as perfect as a piano can be made.
THE STERLING ORGAN has always taken the lead, and
the improvements made this year puts it far ahead of
all others. Jt5F"Send for Catalogue.
Pipe Organ Results
Reed Organ Prices
In the Estey Phonorium
*
w
ESTEY
ORGAN CO.
Brattleboro, Vt
GRAND, SQUARE AND UPRIGHT,
Indorsed by Liszt, Gottsclialk. Welili, Hendel, Straus, Soro, Abt,
Paulas, Titiens, lleilbrou ami Germany's Greatest Masters.
Established over Half a Century.
BOSTON, MASS.