New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-21

Of There & every PrC,pGs dr. of the sr1 9
Is said that he will sign II without delay.
FINANCES OF THE STATE.
ANNUAL REPORT OF CONTROLLER wEMPLE-
RECEIPTS AND ExPESDITUREs-THE
BURDEN on REAL ESTATE.
Albany. JAN Gothic annual report Of Controller
Wemple was transmitted the Legislature to day Its
leading features are given below
There was received into the treasury. from all
o9rees during the last fiscal yea inc sum 9 81 ma
s54 s0 To- p"''"S '''' '''' '''''' ''"' WV ~ u.
The actual surplus in the treasury upon september 80
o90. would be S2,754.5s2 40; the actual surplus IS
eGs ss By SOTe e s9 De Of g. f6 large life
is made up by receipts from corporation ,aXes,
of corporations from the United states for the soldiers
and Sailors Home and from arsed appiCpriuoiisS.
There is due the state from the county of o
the State tax Of 1857. due since May !, less also
the Of sll7s COZ oe for part Of It's proportion
OF the State tax Of 1880, due since May !, lo9O
The total sum expended from tho treasury OF the
state for maintenance of the prisons for the last c
$40 $50 90 for manufacturing, 1904 045 81 for all
other purposes Sal o35 o6; Total s52G,o97 70. Re
ceipts tberefrom. slt055 AZ excess OF payments rom
the treasury over receipts. sso7 ,042 %.
For the current year the State tax IS ssoiS74sI1'
and the valuation Of property s3,6 3,oG2.
The total expenditure State and local. for the main.
as Se IF os GSGUs m m o s lS '' ''a
The net debt at the close Of the last two fiscal years
was IS follows: - oo
Sept s. 60 ;G 1ss &C. Sept s a. 80, s 1899 90
Sinking Fund.....-...... 1895 "a 3.l63.722 40
Net debt 50 1S5. 534 SO s1677 SS1 81
The following table shows the gross receipts for
corporation taxes during the last fiscal year, ended
Insurance companies premiums. s99,59I o.
Insurance companies eapita... 2O32l 90 s,,o 40 (.
T,sn:Rs1sSn sSmsGss ssn
Telephone and telegraph com. 90, .soos
Telsphone and telegraph com
pahies' copi'a1 ''''''''''' ' . -'--- 457oo 20
Gas. mining and miscellaneous companies. ono gro %
Foreign banks. on average deposits 5S72s "a
ro,,, s 81 1888 Al
The law provides that the tax upon dividends is only
to be computed upon dividends made or decarea or n
statute is defective in this respect and can be and l.
large ry dydeHds The law ought to b BY
providing that the tax upon capital stock sn9nG ~
1t is important and desirable that the statute be
amended 50 as TO remedy its present deief trd ana
banks and bankers employed in th. State, 50 as TO
include within its provisions all foreign ana non
with ample authority to enforce the same. and recover
the taxes legally and Justly Se the ne S1 n S
Tax law in respect to the taxes imposed and collected
thereundor. .
Ii Is apparent TO my mind that personal property
throughout the State does not bear its equitable ana
fair share Of taxation. The assessed valuation OF tho
property Of the people in this state for purposes OF
taxation for the year 1850 was
Pc onal
IL is. ] believe an ncontestahlc fact that over
So 500 100000 of personal property within the state
escapes taxation.
| have discovered In the administration OF the Cor
poratOn Tax law peculiar result from the issue ana
distr button of bonded securities by corporations liable
10 taxation upon their capital stock under that law
The entire capital stock Of certain classes OF corpora
tons such water. electric and power companies Is
frequently bought up by syndcates Of capitalists thc
stock taken par. and bonds then issued In thc
name the company thereon for large amounts ofteh
several times in excess Of the entire capital Stock
witch are distributed among the stockholders ana
effect of this scheme is to deprcciae II not entirely 10
destroy the value of the stock, that there little
II any basis left levylng tax thereon, while the
bonds cannot be traced or located among Individual
holders and they also escape taxation.
The present bonded Indebtedness OF the corporations
Of thi, state Is near. IL not actually S2OOOOOOooo
Assuming that least nehaf Of those securities IS
held Iy res dents of this State, and that the average
rate OF interest paid thereon is per cent per annul
n fax OF One-Uiarter mill each dollar OF the par
value thereof for each per cent OF the interest paiu
would produce the OF II 100000 annually. Inc
great relief that Such a tax would provide Tor Inc
real estate Of the state Is apparent ana am
sure that it would be acceptable to the people.