New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-03-21
ALBANY.
WORK OF THE LEGISLATURE.


PAYMENT OF LOCAL Observation-Disclosures OF
INSURANCE COMPANIES STOCK THE SUPPLY
BILL IN TIE Observation-Disclosures IN BROOK
LYE.
IRON THE REGULAR CORRESPONDENT OF TPE TRIBUNE !
ALBANY, March 20.-The Senate passed to-
day Senator Morrssey's bill permitting the payment OF
assessments for local improvements in NewYork in three
instaments Twenty-Five other bills, all concerning
petty matters, were passed. long debate then
followed Senator Hammonds BILL au-
thorzing the taxation Of the stockholders OF
life, fire. and marine insurance companies Senator Ken
naday said that he opposed to the passage of the
bill. Its object was to secure indirectly the taxation Of
United states securities, and II passed 1t would cause
much litigation 1t would litigation since the in-
companies would pay the tax levied upon
their United States securities until they had tested the
validity OF the tax In the courts. The act authorizing
the issue of United states bonds expressly stated that
they should be free from taxation. Another objection to
the bill that 1t Disseminated against the State insr
ance companies Foreign companies could now come
into the State and transact business by pay
ing merely nominal tax while II the act
passed, the home companies would be heavily taxed
Senator sayre asked If the stock OF insurance did not
escape taxation Senator Harris replied that all the
insurance companies taxed their capital stock
The sole object ~ the bill to reach Government
securities. Senator Gerard said he favor OF the
b nasmucl as 1t would enlarge the area OF taxation
IN just and fair manner 1t bill which the real
estate demanded There reason in his opin
on why the stock OF insurance companies should not bear
its proportonate share oftaxatiOn Senator Wagta said
that he thought the Insurance interest Of the State which
did much for the prosperity OF the people should be
generously treated Senator Hammond said that when
the Insurance companies organized IL express
~ stipulated that they should bear their share of tax
alton The taxes paid for time. and then by making
large investments in United states bonds the companies
escaped taxation. The companies earning princey
dividends but returning little nothing to the public In
consideration franchises they held. In the County
OF Albany to take example the banks paid an annual
tax OF $ss 00O while all the insurance companies paid
only $lsi2 More than 50 per cent OF all the taxes OF the
State paid by real estatca fact which demonstrated
that the Of taxation ought to be widened
In the interests OF justice. Senator BiXby said ne
thought that insurance companies ought tobe axed-the
only question of plan He in favor of tax
ing premiums The passage Of She bill, however, would
weaken every Insurance. company in the City OF New
York would the surplus which each has ac-
cumulated to melt away II the premiums could be
taxed of life, fire, and marine insurance
companies, large sum could be raised. and
raised without doing injustice TO the companies.
Senator Harris said that only the capital but tie
surplus of the insurance companies were taxed The
suggestion made that the insurance companies were
guilty of bad faith investing in Government securities
was understandable. IL might well ne said that all
corporations and all private individuals who invested III
Government securities guilty OF bad faith since in
doing so they escaped taxation 10 the amount
Of their investments. In justice to the insur-
pucc companics IL should be stated that their
officer. Hhc. before the Finance Committee said that
ry bad no desire Their just share OF taxation.
bat thai they protested against being placed IN posi-,
ton in which the foreign insurance companies Wout
have the companies dt Disadvantage On morton
of Senator JIcDDs the bill progressed. Senator
Hammond after ward moved that the motion III com
utcc OF the whole to progress the bIl he disagreed
with and mat the hill be order To a thd reading His
motion was defeated 800
rio v,.uus items of the Supply hill considered
throughout the OF the Assembly Amendments
were offered 10 almost every section 10y Mir. spnOa
lie would make yeInHue speech III favor OF retluc-
inc tli 4pprOpiiaOu under discussion, or Tor cutting
or ogcttr and the Assembly would as soon as he CON
ci,ad siect j. bY a large majority Only two amend
upr My, adopted: AppTU Tatin9 Tl,JOO eacn 10 the
fauir, ul stewart +. ID rand and James iealy, nlel-
hers al tlio Assembly vino di early in the session
SIR Su,dlu pres. MED bill 10 secure uniform taxa
ton of real estate IN brooklyn Ii provides that all real
rs ia that city shall bJ assessed By tie assessors OF
,0o lyu and DG liable 10 taxation at sdch value as
shall De placed thereon by the ASSESSORS ana that All
faxes 80 IMPOSED by the assessors sdll De Hen upon
tl- property taxed, ANA shau De cOllcc'cd ana
maid in tho same manner and at the same
iIuc % IL uuw provided by law. Mr.. McGr Hry
introduced bill authorizing the Park commissioners
- Eroo,lyn to eXpcud $4,000 lcu Of an
.1nrotnla OF 100000 Tor the Ocean PARKWAY from
Prospect Park Concy Island The ConDissoneis N
Ieua with this money "a lay Waterman from PfOs
n. ~ PARK 10 CnncY Island. Through Inis main the
rrous hotels COdcy Island could DC supplied Wlth
fresh water There are often 10000 visitors day III
~, -. b.i.s during the summer, aud they have hereto
iot been compelled to drink very Ofahsh wafer when