New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-05-11
TAxING TIE ELEV4r TED ROADS.

A PROPOSED BILL TO TAKE FIVE PER CENT OF THE
GROSS RECEIPTS IN LIEU OF TAXATION.
The Sinking Fund Commissioners met yesterday
to discuss bill prepared Ivy the Controller which
is to I've presented to the Legislature To-day to-
morrow. 1t provides that the New-YO ami Metro
pOlItan Elevated hallway Companies, or HE Man
haitian Company as lessee shall pay to tue city FOR the
use of the streets five per cent Oh their receipts
i'm lien Of all taxes their structures which have
been or may lie built within the city. and OH the
rolling stock and stocks and bonds Of these COM
panics except the taxes on real state owned hy
them JOINTLY or severally and not within or over the
streets avenues and public places Ot the city. The
act also provides that within ten days alter the
RESOLUTION complying with its provisions and Tile it
"l Accompanying the bill was a statement by the
Controller 1t sets forth that under the present
law the companies pay to tho city . per cent Of
their net receipts In 1879 the Ncw-York Elevated
Railroad paid TO the city 29, SoO 81. and i'll the ten
years and three months ending April i 1880, there
has been paid total OF s ,93S 80. The Supreme
Court decision declares that tho structure and
tracks real estate and in accordance with this
the Tax Commissioners have placed the following
valuation OH the property of the companies: New
York Elevated real estate, III, 7Gs 400; MetrUpOli
649 $50. Other real estate-New-York Elevated,
$1400OO Metropolitan $3,225,00O grand total,
SI4OI4,S $50 The Controller said AttGr consul
taGOn with the officials Of the roads they have
agreed to accept the provisions Of the bill. have
Amounted last Year to about So 200 900 and this
will be exceeded in 1881. The present law allows
cent the net receipts. Inc 0lfncUty Ot get
ting at the amount of the net receipts is great
| that we cannot tell to what the city is entitled.
This bill would enable;us to tell exactly what the
cityfwoud receive EyenIiflthe structure should be
decided by the Court of Appeals to be roa estate,
do not think we would get more than per cent on
the gross receipts, us provided III this bill. The
Legislature will soon close, and It IS necessary to
| forward the bill at once.
MAYOR COOper--If should vote to send the bill at
All before the Legislature i should want "a clause
added allowing the Legislature to alter, amend
ropea the act The bill i'll it's present shape makes
| IL in effect contract with the companies.
| Controller Kelly think that any such step wOuld
be unwisc because then they could go to the Legs
| lature and ask for modification Of the law. The
| nrooerty would not become more valuable than it
| r. now. Mayor COoper-Do you know what is the
| basis of the valuation made by the Tax Commits
siOners Mr.. Kelly-l can only say that the repre-
sentatves Of the railroad say that the valuation is
| too high.
MAYOR Cooper do not think 1t is sound prin-
ciple of legislation to make contract i'll euEof taS
alton. . . .
| The discussion continued at considerable length
The Mayor said that the city should get more than
per cent of the gross receipts. He moved that y
section DO added To the bill that the right to repeal
or amend the act be reserved 10 the Legislature.
moved that the matter lie for day, in order
that he might ascertain the basis of the valuation
| made by the Tax Commissioners. This was voted
down. as were successive motions made by the Mayor
that the rate of taxation be fixed att 10, 7l2 aud
psr cent and that the amount returned by the conf
pauies be not less than the companies pay under the
present valuation. $50,
The resolution in favor Of the bill was then
adopted. (