New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-29


Chapter 349 (senator wagner's) authorizes the
Board OF Estimate and Apportionment In It's dis-
erection to audit and allow to the persons and
owners interested In the land within the lines OF
Eastern Parkway and Buffalo-ave., In the city OF
New-York. the interest that may be justly due 10
them respectively for their real estate taken by the
city OF Brooklyn on September /. 1896. from the
time when the land entered upon. USED anu
occupied by the city up the date of the payment
of the awards
Chapter IFS extends the time for the beginning OF
the construction OF the canal and work OF the
Newtown and Flushing Canal Company for the
period Of one year from April % 1899 and the
time to finish the is extended and continued
for the period of five years from April p. 1ss
Senator Krum is the author of Chapter i5i whlch
creates a special deputy excise commissioner TOT
the Borough OF Queens He is to have all the
powers duties and obligations heretofore possesSeu
by and vested in the County Treasurer oil the
county OF Queens under the Liquor Tax law anu
January /. 1900. all the powers, duties ana obi
cations exercised by the County Treasurer OF
Queens County under the provisions of the Liquor
Tax law to end.
SAVINGS BANKS INVESTMENTS.
The Governor promptly signed Senator krum
bill extending the scope of investment for savihss
banks and It is now Chapter 62s OF the session
laws The measure is intended TO prevent the re-
ducton in the rates OF interest by savings banks
now go common. 1t provides that they may invest
their funds follows:
In the first mortgage bonds Of any railroad cor
Meeting with and controlled and operated as par
OF the system Of any such railroad corporation Oh
a majority of its capital stock is owned by such a
railroad corporation of this State Also In me NOR.
gage bonds Of the following railroad corporations
The Chicago and Northwestern Railroad COMPANY
Chicago Burngton and Quincy Railroad Comp any
Michigan Central Railroad Company. iliin0s, , oe,i
trail Railroad Company. Pennsylvania Railroad
Company, Delaware and Hudson Canal C9mhP anHi
Company, New-York. New-Haven and Hartford
Railroad Company Boston and Name pro
vided that at the time Of making such investment we;
the said railroads shall have earned ana an pane per an
mum in cash on all their issues OF capital suooh
and provided the capital stock OF any Of said rail-
road corporations shall equal or exceed In amount
edness: and further. provided that all bonds hereby
authorized for investments shall be secured by a.
road and railroad property actually In the posses
sion Of and operated by such company aiso IN a ,d
Goversvllle Railroad Company or in the mortgage
bonds OF said railroad company OF an issue 10 o ne
pany and provided the capital stock Of said railroad
company shall equal or exceed In amount ohe1.nnu
Of the par value of all its bonded Indebtedness
and provided also that such railroad be OF standaTd
gauge OF feet 81 inches. Not more than =, "
per cent OF the whole amount OF deposits OF any
bank shall be loaned or invested in railroad bonds
and not than cent b S S5 re Of Dy one %
road Street railroad corporations shall not be con-
sdered railroad corporations within the meaning Oh
this subdivision.
By Chapter 127 $500 is appropriated from the
tax collected under Chapter 40 OF the laws OF 1887
as amended by Chapter 1917 Of the laws OF 1885. TO
be used by the Controller in enforcing the provi-
sions of the Racing Association law as to the col
lection Of taxes from racing associations now que
and remaining unpaid
Chapter 21s introduced by Assemblyman Cowles
IL In line with aDprOprateS
ed from racing associations. to be distributed
among the rural agricultural societies In the man.
ner provided by Section SIS Of the Agricultural law
as amended by Chapter 9i Of the laws OF 1898 ana IN
the proportion provided FOR the distribution. and II
is to be payable by the Treasurer on the warrant
of the Controller on the order OF the Commissioner
Of Agriculture.
The appointment OF transfer tax appraisers by
the Surrogate of any county upon the application
OF any interested party, including the state Con-
troller. County Treasurers or the Controller or
New-York City. or upon his motion is au-
thorized by Chapter rs Of the new laws. whenever
a transfer OF property is made, upon which there
is or in any contingency there may he. tax i'm
posed the property is be appraised at It's clear
market value Immediately upon such transfer or
soon thereafter as practicable. The value OF
every future or limited estate. income, interest or
annuity dependent upon any life or lives In being
is to be determined by the rule. method and stand
intendent OF Insurance in ascertaning the value
of policies Of life insurance and annuities for the
determination Of liabilities of life insurance compa-
MES. except that the rate OF interest for making
such computation is 70 be per cent per annum.
Senator Elon r. Brown is the author OF Chapter
1888, which directs the State Controller and the
president of the State Board Of Charities subject
to the approval. In writing. OF the Governor to
classify into grades the officers and employees of
the various charitable and reformatory institutions
required by law to report to the Controller, and TO
fix the salaries and wages to be paid such officers
and employees. Differences in the expense Of living
and rates of wages in the localities In which such
institutions situated may be considered.
CORPORATION OFFICERS LIABILITIES.
Directors and officers Of stock corporations are
relieved of individual liability because of the crea-
ton of any excessive Indebtedness, because OF
any failure to make file an annual report
whether heretofore hereafter occurring, by
Chapter 35i Senator Elsbergs):
In case Of any debt to which personal liza
blity OF directors officers may be or shall have
whom he claims. or by any provision of any in
strument creating or securing such debt: or,
renee OF the act the default in respect Of
or officer. such creditor shall have served upon
such director officer written notice Of his nten-
provided, nevertheless. that any such liability be-
cause OF any such default now existing and not
waived above provided. may he enforced by dc-
ton begun at any time within the year 1899, or by
action begun thereafter II within such year writ
ten notice OF intention to enforce such liability
shall have been given above provided.
ANY director officer. who. because Of any such
existing future liability. shall pay any debt OF
the corporation, shall be subroRated to all rights
OF the creditor in respect thereof against the cor
porate property but not against the stockholders
OF the corporation: and also shall be entitled to
contribution from all other directors and officers
OF the corporation similarly liable for the same
debt.
AGAINST Sunday BICYCLE RACES.
Six-day bicycle races are prohibited by Chapter
3l6. Assembyman Collins being the introducer or
an amendment to the Penal Code TO be known as
Section 3S3A. 1t says:
In a bicycle race other contest OF skill, speed
or endurance. wherein one or more persons shall
be a contestant contestants ii shall be unlawful
for any contestant to continue In such or con
test Tor a longer time than twelve hours during
any twenty-fOur hours. The proprietor, occupant
or lessee Of the place where such race or contest
takes place, consenting to. allowing or permitting
,.ina Of the fnreGnng nro1ls!ons OF thls