New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-03
A HEARING ON TAX BILLS.
OPPOSING THE MEASURE TAXING INDEBTEDNESS
OF JOINT STOCK CORPORATIONS.


OF JOINT STOCK CORPORATIONS.
Albany Feb. . (SpeciaD.-The Assembly Committee
on Taxation and Retrenchment this afternoon expected
30 have an important hearing two or three tax bills
which have been introduced and TO which ii is expected
there will be considerable opposition There was Il
misunderstanding however, TO the time when the
committee 10 meet and only three men appeared
10 oppose the bills. on this account there VIII De
final hearing on next week Tuesday, when II is eX-
pected that representatives, OF the standard OH COM
pany the Tax Reform Association and other bodies and
corporations will be here. The bill that is attracting
the attention from the corporations Is one INTRO
duced by Mr. Keeler, OF St. Lawrence. which taxes the
indebtedness OF joint stock corporations. their bonds
stock scrip and other evidences of Indebtedness.
Eugene II. Lewis, OF New-York was one OF those
who appeared In opposition to the bill to-day. lie
said that under the bill it now was instead OF the
bondhoders being compelled to pay the taxes upon inc
bonds the corporations themselves would be compelled
TO pay Them lie argued that the passage OF the bill
would tend 10 drive business corporations out OF tils
state. Mr. House, the representative Of the United
Shirt and Collar Association Of Troy argued that the
bill was unconstitutional. 1t placed extraordinary
powers in the hands of the Controller. william
HOLSTER also OF Troy said TINT the bill was danger
1t gives to the report made by subordinate
OF the Controller the amount Of Indebtedness Of
corporation all the force Of judgment In court OF
law There limitation as TO the powers Of
that lie might see ft.
The members OF the committee listened 10 a short
argument by Assemblyman Dey on his BILL which
provides as follows:
No deductions shall made allowed for account
Of any liability contracted incurred In the pur-
chase nontsxatle property securities, owned by him
held his benefit for account OF any Indirect
liability surety guaranto indCrscr otherwise; nor
for or OF any debt liability contracted Or
incurred for the purpose OF evadirg taxation
The committee decided to report this bill favorably.
Mr. Keeers other BILL which will meet with con-
siderable opposition, not taken up to-day, as there
was no one here TO speak against it. This IS the
measure taxing direct inhertances. Dir. Keelcr
thinks that his two bills would bring In az least
5000, 900 TO the state annually.
THE ACKNOWLEDGEMENT ASKED TO BRING SUIT.
Albany, Feb. 2.-AttOrncy General Resemble gave "a
hearing to-day on tho application Of the Fort Wayne
Electric Company 10 the Attorney-GenerTil pettonng
that suit be brought for the removal
Of Charles e. Bernhcim, Charles Sternbach,
Abram Herman and Lazarus Levi. trustees OF the
Manhattan Electric Light Company, Of New-York City,
on the ground OF incorporation OF funds that the
affairs of the company had been illegally conducted;
and that no accounting had been given 70 interested
stockholders. He also heard arguments on com
panion application OF Jacob Hirsh that the Attorney
General bring suit against the Harlem Lighting Com
pany Of New-York City, and Charles l.. Bernheim,
Abram C. Bernhem, Henry Bernheim. Clarence l..
Cans, Eugene Hammett. Abram S. August and Emanuel
Hochheimer, trustees, 20 dissolve the corporation
w. B. Putney and Judge Dittenhoefcr, Of New-York
CITY, appeared for the minority of the stockholders on
the two applications, which argued together.
W. ~ Cohen and l. Meyer. OF NewYork City, ap-
peared for the two electric light companies The
hearing lasted all afternoon and until late tonight
The Attorney General reserved bis decision.