The Sunday tatler and Jersey City express. (Jersey City, N.J.) 1883-1886, 1885-06-07
14xIye THE CORPORATIONS.
What Some Companies Must Pay under
the New Corporation Tax Law.

the New Corporation Tax Law.
TRENTON, June th.-The State Board of
Assessors this week fled with the Comp
troller their returns on 555 corporations
through the State, which it has assessed
under the miscellaneous tax act of 1884.
From these companies which the Beard
has returned this week, the State treasury
will be augmented to the tune of $780,
047.10. When all the returns have been
made of perfectly good, solvent companies,
this tax will amount to about 5000. ZOO,
a slight increase over the amount assessed
last year. The Board could make returns
of companies many of which are of no ac-
count whatever, which would swell the tax
to $500, 900 but, SO far, they have paid
little attention to wildcat mining C M
panies with inflated capitalization ON paper,
these will be tackled later on and in man
ner which will either compel the payment
of their taxes or the surrender of
of these corporations throughout the State
which have been organized here solely for
the reason that they have never been sub
ject to any tax in the State. It is fact
that is probably not generally known, that
there are countless numbers of this
same class of corporations in the city
of New York, upon which the State
levies a tax, but neglect to en-
force its payment. The energetic State
Board of Assessors, here, propose not only
to levy tax, but also to enforce the pay
ment of the tax thus levied or compel the
surrender of their charters, which is really
nothing more than their right to transact
business in this State ; and it is safe to as
sumo that large numbers will have to sue
cumb to the latter calamity. The return
as made by the State Board on these mis-
cellaneous companies is a model of neat
ness and simplicity. In classifying the re-
turn the Board has confined itself
strictly to the letter of the law. Fire and
insurance companies are assessed on the
amount of premiums received life insur-
ance companies Incorporated in the State
are taxed ITO of one per cent. on
the amount of their surplus. There are
but two companies in the State of
this last named class-The Mutual Ben
ift Life Insurance Company, of Newark,
with surplus of So, 139, 437. so, which is
taxed $31, 1894 81; and the Prudential In
surance Company, also of Newark, which
must pay an annual tax of 81, 216.0S, on
surplus of $121, 607.71 There is but one
oil or pipe line company in the State-the
National Transit Company. This is really
but Standard Oil Company annex. Last
year this company was taxed but 81. 100.
This year it must pay $4,821.15 on gross
receipts of $500, 642 TO- It is to be re-
GREETED thatsuch GIGANTIC corporation as
the Standard Oil Company strings
its fiddle to the tune of "We are not pipe
line company, but manufacturers of pet
roleum products, employing labor in the
State, and laughs at the State authorities
should evade the law, and it is to be
hoped that the Legislature next winter will
find some means of reaching them. The
smallest tax levied against any company is
that of 20 cents levied against the $500 of
capital stock of the National Jersey Red
Swine Breeders Association. This COM
pany has increased its capital since last
year, when they paid but Is cents on a
capital of $3.50. The American Glucose
Company which has factories in five diff
ferent states in the Union-was last year
capitalized at sl5,OOO.O 900. This has been
reduced ten times, to 81, 500, 900, of which
81, 322, 500 is paid up. on which latter figure
the tax is levied-S1, 1922 80 The American
Dock and Improvement Company pays
So, 900 on paid-up capital of $4,000, 900.
The American District Telegraph Company
in Jersey City pays SIS on gross receipts Of
$4,000, and the New Jersey Telephone
Company, on gross receipts of $4,000, 900,
is required to pay tax $4,000. The Jersey
City Insurance Company, on premiums of
$50, 7l3 80, pays tax of s30713. The
Hudson Insurance Company of Jersey City,
on Epremiums of 500, 1862, pays tax of
$268. 81, and the Lafayette Masonic Hall
Association must pay s16.85 on capital of
s16,850. The Lafayette Land Association.
of which Washington b. Williams is the
head, is taxed $3.50 on a capital of $50, 900,
and the North Jersey Association another
of Mr.. Williams companies is taxed $50
on $50, 900 OF capital. Charles B. Thurston's
New Jersey Warehouse and Guarantee
Company, with capital of s25, 900. is taxed
S25. The New York, Lake Erie and West
ern Docks and Improvement Company is
taxed 1904 on q capital of 1904 900, and the
North Hudson County Railroad Company
must step up to the Captain. 8 Office and
pay an annual 1.-THE of $489.70 on its capt.
tai of $489, 700.
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