New-York tribune., 1899-06-10

the attorney for the collection OF personal taxes
found great many where he cannot col
lect. amounting to very large sums of money?
| Mr. Feitner-Yes. That is one Of the points we
J make before the State Tax Commissioners to allow
a reduction for those losses
| Q.-Fow do you get the data for reducing this
| personal assessment which you make originally!
| A.-That is done by the Tax Commissioners. Each
selves to a sworn examination by the TAX Com
missioners. and the Tax Commissioners decide upon
fact that TeS IN many saBs &
to them mortgages upon their real estate-that Is.
real estate is assessed for its assessable value re-
Yes, 1rsf9 sir u ''e '''' ''''' ''''e -
Q-You do not consider the mortgage at all?
! Q.-You do not for the real estate upon
an equity but you "a asses upon tns sve Pea ony half
equity in the peepert.? A-Yes. sir. =,
which STheFS he is the Sa,saFe
Q-Yes He owes the money? Ayes sir oo
you happen to % shst sae man saH
upon his real estate for 5000 you are tdSns ns nm MN
say is $4,000 and when he comes up on his per
sona tax he asks you to alloy MN N, MS hoeo'eu
ness oAnd ppD yoa yu allow that as debt? AYes sir
9Doss that account for Smouns ds%l 2f the e
ceGsSsaGa consdePabie IN IN the hence Course Of year
Sp h ss. g e @ of the s PfSpfs tho
| Ayes, sir.
USEFULNESS OF A MORTGAGE DEBT
o-And then persons who are owing money money, on o.,
their real estate If they haPPen & TO get are DOWN on
the personal list they may get credit or re-
by sey the am0Snt are entitled e 's to IT.
QTTeating it as personal DEBIT t,,,sd H 70 itS a
yss sT hey eGeSe feeve and arr are entitled
OFF man does not owe any mortgage 4. on anS nls
yo rSa cateb him for the personal tax and he has no
mortgage to relieve himself he mas 70 pay Ne raaI
eSs estate te iPiabilitv. it,S
Q~Do you include mortgages as properly ,ps5 tor
ihs 4Ss. purpose Dr OF assessing '"s 1 D -, r.,. ".
let a n 81 hs of "a this s'5s
somewhere between those figures we VIII h SssSsie p
Somebody else owns mortgage WtSoue TPS any par
ticuar knowledge OF his clrcumstanees you put MN m
down on s2d tns @ ortssae upon which he receiving
4 per cent interest Now he has to stand on that
list q sRsSase al sSy he has $1,000 mortgage? Ayes
'o-And ne cannot get away from It? A-No the
law saws so~hat ne cannot get away from II; :,o oo
9 he Is is getting yo kt PsT Fsoy ffn' for % taxes that
| leaves him one-hfty as his interest on that m1ru- I
gage? AmYes; SoId it aDforca i hsrd'"p a. Out " ~
you do not assess everybody that TV owns tssa
nr r,J ust from THE Record and Guide and assess
everybody that appears in that paper as notu'"e
you make s Of Yes 9s mSnsss's s1 as fS% Saf
''l onfhere IS company in the cit SityN Nr A Moss an
terruptng)-Don't misunderstand me; MT o,a moss oes
| we don't tax mortgages specifically as mor.gase'' ,
We tax them part Of their persona. ptoPetS HAT
| Q-You tax rhe man? Ayes, ana we take '"a'
| into consideration as basis
IT HOLDS THE MoRTGAGEE.
o-And if he happens to have mortgage you
'SSo Of he has bills in bank. bank account. you
i''th dnd that? A|The Commissioners viii be obliged
to take his sworn statement as to that; ha oe-
! sets ii with other debts. we have hlm . -.
Q-But II he offsets it. 1t stands as matter oi
Q-Have you not had cases Of persons assessea saS
for small amounts who have come 10 you anu SO saru; e
fo4 Fl own nv tns fahtS The person is perhaps
abSY WIDOW sHy or Ths is ali my income Have you had
such cases that? A-Mr Moss those D Dse Sssss are
| o II know: but do not such cases come into the
| office? A.-From my general knowiedge; yes' sIr.
| Q.-And is there any way OF heipihs 'he"i A
On Q.~No way Of helping them? No, STR r the
but SGnnSS'Goeno Gan do nothing; @ they are helpless
QBut the rich man who 5 has n eny S Of sePe as
is called. he slips out many and MANY many time! time
A-We the rich man has more thorough no; knGwi ato
non-taxabie securities and thereby evade taxation,
which the poor man can't 90; T. ,hsre NOT o
company in this city which issues mortgages or
| mortgage shares-one of the guarantee companiesy
Mortgage Company, but what their plan IL cant
| @ They will make mortgages or take mortgages
at ; per cent loanng the money say ana tneh
| divide them up into shares A'-fe9'
IGNORANT OF A wELL-KNOwN FACT
oAnd sell these shares guaraneepg per PrrNSis cent
them getting per cent for theIp D, ytoIIie iSot
10 your knowledge as tax Oh othcial! s IA A.
haven't heard of 1t: haven't heard OF the plan am,
! Dwell | going 70 ask YOU II tnat COIL colh,
pany companies like it. possessing notoroHsy
large amounts Of mortgages you sye me the name
Of the company ! will give you those Facts:
United states Mortgage Company and the Title
Guarantee and Trust Company are mtn'Ioi'ep @ RsS a
| those companes I know have been assessed but
what the final holding was can't say from mem
! 6-Have they been assessed on those mortgages?
AThey have been assessed on thfT gross T ,a
| bties their non-taxable securities and everything
Oven .-- the holders of the mortgages Of the
mortgaged securities at the guaranteed rate OF
cent would be liable to the tax rae th drS; .GS
| Of your question. Do / understand these corpora
ti9ns issue those the mortgage ors
nay, sub-dvides it into certificates ana sells sells
at per cent retaining per cent for their trouble.
! A.-And still retain possession or the mortgages
issre certificates on them A.-Wel, those certin-
would consde would be Rgoper,y rT
amining more mlnutey into tn the mater IN rho
QThe MORTGAGES %oud Te oFtsaSes W Would
be- 5iTS assessabIe in the hands OF the company.
O-And the certlfcates. DelnB properly, 100,
! would be sssessable in the hands OF the holders?
A.-With this offset. that the mortgaeees would be
! entitled TO Offset the certificates which they Issue
! as a liability which they must some day redeem
o.-Do you know has it come to your knowledge
| as a tax officer that there Is extensive property
OF that kind which Is not covered In the tax as
| sessment? A-From your statement think ii is
all covered: the tement as II is presented to me
| to-day 7 think II is all covered.
Q-Well we will look at that further Do you
| get any Information from the mercantile agencies?
| ton from them for a number OF years past. and
this last year the president designated me to call
| upon them personally. and | called upon Brad
| streets and Dun's and they refused TO send us
| any information whatever and refused to accept
| us as subscribers.
Mr. Moss-wel withdraw Mr.. McTaggart for
| tho present Mr.. Engelhard will you take the
| stand? Mr. Engelhard did you bring your field
! books with yod? Bring them up Mr.. Fuller, VIII
! you take the stand first?