New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-30


Mr. Feitner said that he believed the new law
would increase the assessed valuations in the
city about $500. 600 OOO and raise the debt limit
S20OOOOOO higher. With the increase OF valua-
tions in real estate the debt limit will be about
$4,000 600 greater than last year, and the city
might go ahead and issue bonds for building an
underground rapid transit road. There is
prospect that the new law may be put into ef-
feet within a few days instead Of year from
now.
There is a provision OF the law" said Mr..
Feitner. that valuations may be raised in the
middle of the year, on May g. 1 did not think
Of this provision before. for, like great many
others. officials and lawyers who favored the
bill, 1 thought that 1t might not pass. and did
not carefully keep track Of it. When 1t passed.
therefore supposed that the city officials would
have months in which to consider methods OF
applying IT, Instead Of that find that We may
have but few days I have written to Cor
poration Counsel Whalen asking his advice.
Should he reply that we have right to apply
the law on May 8, 1 shall consider 1t my duty to
work night and day to put matters in shape"
OPINION OF THE CONTROLLER.
Controller Coler said yesterday that he re-
garded the new law as one Of the most I'M
portant which had been passed by the Legis-
lature in many years. He said he did not think
there would be much difficulty In fixing the
value of the franchises held by the corporations,
as the Stock Exchange price Of the stock Of
such corporations would be a good basis for
valuation He also said: IF it is held that the
city OF New-York is entitled to taxes on the
business which originates in this city, II will
make vast difference to the taxpayers. 1t
would be impossible at the present time to state
or even approximate the amount which the city
will receive In taxes under this measure. The
amount will, however, be very large. l cannot
too heartily indorse the law, and ] trust that in
working out the details the fullest share of
revenue will accrue to the city"
1t is expected that lawyers OF the large cor
porations will attack the new law on the ground
that 1t does not provide for any method Of deter
mining the values Of the franchises to be taxed
but the city officials say that the city has de-
cided advantage in such case as II can go
ahead and collect the taxes the franchises
and let the companies fight to get the money
back. II the corporations refuse 10 pay the
taxes levied on them, the city tax officers can
seize the property of the corporations and bring
their operations to standstill until the taxes
are paid.
Few lawyers in the city would make any
statements yesterday as to the new law. Law
yers representing corporations declined to make
any statements, for the reason that what they
might say would affect the standing Of the cor
porations in possible litigation. An official OF
the new law, said: THE Manhattan Railway
Company is less hard hit than the other large
traction companies, for the reason that our
structure Is taxed as real estate, and we have
therefore a large Offset against estimate of
the taxable value Of our grants not less than
$50 600 600 No other company can approach
that figure"
ATTITUDE OF CORPORATIONS.
The counsel Of one Of the big street railway
systems said: "Our company is not worrying
about the Ford bill II the Governor announces
that he will grant hearing on the measure. I
that a conference OF representatives
Of some of the interests affected by the bill will
be held within day or two, at which confer
ence arrangements will be made for the presen-
tation at the hearing of arguments against the
measure II he decides TO sign the bill without
a hearing. we shall pursue the even tenor OF our
way Yes, there will without doubt be litiga-
ton If the bill becomes law. The State can't
take our property by legislative enactment any
more than It can permit its destruction In riot
without redress to us"
The massage of the Ford bill by the Legislature
was reflected yesterday by decline In the prices
Of stocks Of corporations which apparently will
suffer most severely by Its enforcement as law.
Metropolitan closed at a net loss for the day OF
~ per cent: Brooklyn Rapid Transit, 3% per
cent; Consolidated Gas, 3s4 per cent; Manhat-
tan. / per cent.
EFFECT WILL BE TREMENDOUS"
RUSSELL SAGE SAYS SUCH A BILL. SHOULD NOT |
BE PASSED IN SO HAsTY A MANNER"
Russell Sage. when asked what he thought Of
the passage Of the Ford bill, said that II was too
soon to give an opinion to It's probable effect
THE bill was only passed yesterday" he
added. "and have not had time yet TO read II |
carefully and digest It. 1t is essentially a new
measure in every way, and one can predict
offhand what Its effect will be. talked this |
morning with several bank presidents and fnan- |
cial men about the BILL but they were all like |
myself in that they had not yet been able to |
make up their minds about the bill. They all |
realized It's great Importance. however. have |
no hesitation in saying that It was by far the |
most important bill passed by this Legislature.
Its effect will be tremendous in whichever way |
It acts. am Of the opinion that bill Of that ]