New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-12
THE COMMITTEE ENDS IT'S UORh HERE.
INTERESTING TESTIMONY ABOUT TAXATION
GIVEN BY OFFICERS OF LARGE
CnRI0R

| INTERESTING TESTIMONY ABOUT TAUNTON
GIVEN BY OFFICERS OF LARGE
| CORPORATIONS.
The Joint Legislative Committee on Taxation sat
in Part II Of the superior Court yesterday and ques-
toned witnesses concerning the affair of corporations
doing business In New York state Charles Davidson,
secretary Of the National Lead Company. the first
witness lie said that the company had Onicc
I'm jersey City for the transfer Of stock and the
transaction nf corporation business, in order to meet
tile requirements Of the Jersey laws under which
Il YVES Incorporated The executive olhces he said.
| were in Ncw.York City, and more goods sold
I'm this State than in any other. The capital stock Of
the company was scO.OOO.0OO. The corporation was
composed Of "A number Of smaller companies, some Of
which had once been incorporated In the State Of New
| York. lie sud that the company had been incDrpo.
rated In Ncw-jeraey because II could obtain Il more
liberal charter and not taxed excessively The
witness snid that a most Objectionable feature Of the
New-York corporation Inv that II required
panies to tell too much abon their private business
g. Weaver Lopez Of the National Corriagc Company.
gave testimony concerning his corporation lie said
that the company controlled a large part Of the
cordage business.
Don't YOU practically control the market ?" asked
Senator McCleland
on" replied MIR. Lopez. "not always. would
like get II that man on earth cOud manu-
facture a pound OF cOIyiagc.'
Mr.. Lopez testified that his company had capital
OF S25 OOO, 600. and was incorporated In NcwJersev
lis business largely transacted In New York. lie
did not know whether II paid taxes on personal prop
erty In this State. some of the branches paid
taxes In the States where they situated.
l.. D. Clarke. Of East Orange. y. j.. secretary Of
the standard OIL Company In Ncw-lork state. said
that his company was incorporated under the New
York laws with n capital Of 81, 100000. and owned
real estate I'm Brooklyn, Long Island CITY, Olean
md several tonws In New England. He said that
the taxes paid by corporations were larger in New
York than In any other state.
The secretary OF the American tobacco Company.
W. H. Butler, said that after his company organ
lied In 500, 1t incorporated in NewJcrscy upon
the advice Of It's counsel Mr.. Butler explained that
a, that time. Had the company been incorporated
Gently the directors would have incorporated II in thi,
State as the law had been amended. The National
Tobacco Company had capital OF f3jOOO,0O0. II
maintained an Office In Newark. although It's factories
and its executive Offices were In the State OF New
York. Some interesting testimony was gwen by John
H. Rhoades, president Of the Greenwich Savings Bank
Mr. Rhoades said the bank had S25 100000 OF de-
TOsits and a surplus Of S25000OO. The Witness said
that he opposed TO personal taxation and to tax
Imposed upon money deposited In saving, banks.
The proposition 10 Tax money In savings banks, Ne
said Is Just 10 the poorer classes. Oh course
will admit that there are some people who have
the majority OF those widows and orphans. They
have an estate left 10 them. They are incompetent
TO take care Of 1t and distribute 1t around among
various savings banks. The savings banks should not