New-York tribune., 1899-06-14
.oon as the committee Is through with 1T. A

80 soon as the committee Is through with II. A.
Yes -.
,ho,diug paper to witness). Will you kindly look
VA see what the company admitted Its own per-
sonal property TO Der A'-Ahefe 10 "o hecessiy oi
doing II at all
OI want YOU TO make some figures on II. A
-Nere is no necessity OF doing II at all.
o-It isn't question Of necessity: It is ques-
ION of getting this matter Strengthened out? A
Il is right there
,b,raction right here. and II we can agree on
omethng Now. put down there the personal
,-operty will read II 20 you. or you osn read It
ourself Are you able to write? Ayes am
able TO write and read and figure.
o-I thought you A.-But you have It
light here without me doing Il.
o-will you kindly do It? A.-No. sir.
O-I will put ven this question then. suppose
7 have inqusltor!al power TO compel you to
write II you don't want TO- ask you 10 take the
,ersonal property return which show you there
will YOU follow these figures? Mr.. Hammond take
his down. Take the personal property item, ST..
eS 7sS ls deduct from that statement OF indebted
ness here loans and accounts payable. S2.2lSSO7 81
Vow, deducting the debts from the assets. what
do you get7 Can you tell me? A.-You have got
o.-Have you hgured i,F Al have not
O-And you don't care TO figure Il? Al have
.os YOU I won't figure IL.
o-You won't? Al won't figure It on that. II
wanted TO- could figure II very quick
NJ Moss-what do you find that makes. Mr.
Hammond?
N- Hammond-s4 Sis.S7 36
Mr.. Moss-Now. you have also said that there
should be deducted from that amount United
states securities $4,000? Ayes
Ny Moss-Just deduct that. Mr.. Hammond
M Hammond-It leaves &iSo.s7s35.
o-Now. Is there anything else there that should
be deducted? A.-Aren't there any other stocks
there?
o-That Is all, isn't it? A.-You have here New
work. State Canal Company and you have here 10
per cent Of that
Mr. Hofman-How many of them are there?
A-N.ss655o %.
CLAIM OF EXEMPTION.
Mr. Moss-Are they exempt? Ayes
o-How DO you know they are? Al know they
80
o-what Is the law? A-State and United
States as well as city, securities exempt as
rule
Mr. Moss-I do know OF any such law. but
put down 81. $50 $50 20
Mr. Hammond-That makes g. 259. 42s O9
Q-Are there any other deductions that you can
figure out? A-Ten per cent of the surplus 100000
Q-Ten per cent OF the surplus? A.-Of the
plus earnings.
Q.-How is that exempt? A.-That is. over 10 per
cent OF the surplus tax. Ten per cent is ex-
empt and If they have a surplus OF over 10 per
cent II is taxable
Q-Ten per cent is exempt? Ayes sir: and over
q per cent is taxable.
Mr. Moss-I don't know OF any law for that but
II that is the claim the witness makes. deduct
500 600 from that.
The Chairnan-Is there anything TO show there
IS 10 per cent? At is right there.
Mr Moss-No there is statement OF any sur
plus at all Where do you find any statement OF
any surplus? Ten per cent OF 100000 is simply
70 per OF the capital stock; that is all A-That
Is right II is taken such
Q-Do you take the ca pital stock a surplus :?
A.No. but the surplus earnings-1o per cent Of the
gross value. over 10 per is all We have to
assess. If there is any surplus earnings.
Q.-There is statement OF any surplus earn
ings there at all. As ,24S 49, the amount of sur
plus earnings
Dwell 10000 is not 10 per cent Of ssOTl 24S 90
: per cent is not 10 per cent OF that amount? A
About that.
Ono A little more.
GA difference Of 800 900. Whatever you figured
in 10 per cent Of the capital. Well. now. let
assume for moment that you had right 10
made a deduction OF 10 per cent the capital
What does that mean?
Mr.. Hammond-One million. five hundred and
f0rty-nine thousand four hundred and twenty
eight dollars and nine cents.
can talk about is q million and half. How did
YOU reduce that to $4,000? Allow much is that
Mr. Hammond-One million. FIVE hundred and
thlrty-nine thousand. four hundred and twenty
eight dollars and nine cents
The Witness-What basis are you figuring on?
Q-On figures you have given. Al haven I
given any figures Mr. Moss. What is your gross
capital there assets?
GRELL MAKES THE TRUST IN DEBT
GraU bav thing
step by step and the figures have been put down
as you read them they were pointed out. Now,
! ask YOU this simple question. After having gone
over this fguration with you. and having al
lowed them 10000 which does not appear to me
10 be a proper allowance. but having allowed II,
We have million and half. and you have &C
oepted by consent OF a valuation Of $4,000? A
Yes sir
Q-Why did you DO II? A.-Why did do It?
O-Yes A-Why II is very plain the figures are
here. Capital and stocks; capital stocks 3l5Vh'-
29; 10 per cent OF the capital 10000 Real estate
tl347eOs7: stocks and other securities. 2slO55O;
makes debt OF S6.7se 5s7. and assets OF S507l24s
Q-Ieaves a debt Of sl5OOoOOO you saw A-No.
the capital.
Q-The capital SIS 10000 and the debt sscoO.oo'
A-Of real estate deduction.
Q.-TpOn that. then. the company was sI7OW"
worse of than nothing? A.-That is true. They
had no assessable property.
Q-who made those figures on that yellow paper?
A-Ihat the chief deputy. That is a return
aA
-who? Mr. Grell? A.-No
Q-Or Mr. Taggert? A.-Yes.
Q-Mr. Taggert. Now. II you start up there with
sl5.0O0c00 and attempt deduct from 1t slS""'-
0co don't you see that you have started on very
inadequate figure. because the company admits its
gross asset TO he 81 90 and not N50ooc? A
Who took this? This is not my figuring al all
This Is Mr. Fetners.
Q-That is Mr. Feitner's figuring? But there is
your signature &c" on 1t. Al know we nave
10 have three signatures.