New-York tribune., 1901-02-04
FIGHT On THE TAX BILLS.
QUESTION NOW As TO RECOMNHTMENT
AND AMENDMENT.

ate meets tomorrow night the Senators VIII ne
asking themselves whether or not the bills for
the taxation If savings banks. trust companies
and insurance COMPANIES will be recommended to
the Taxation and Retrenchment Committee The
Senate adjourned on Thursday last with the dis
position OF these bills. in sense the pending
question before IT; for Senator Grady had made
motion that the bills be recommitted. and that
this motion Tie upon the table until Monday
evening" This motion Of Senator Gradys was
adopted. and therefore he is pledged 10 make an
atteropt to-morrow night to recommit the bils
Indeed he said in the open Senate that he~shoula
do so as soon as Senator Foley and several other
absent Senators were present His motion IN
regard TO the bill taxing savings banks was
adopted by a vote OF % to 20 and therefore there
were seven Senators absent.
whether Senator Grady will have as strong
support in his motion to recomrit the ollis as
he had in putting them on the table cannot now
be determined Since Friday the eleven Kepuo-
lican Senators who voted with Senator GRADY
have been reminded that he Is Democrat and
that they should not surrender the leadership
Of the Senate to a political opponent. The eleven
Republicans who thus voted with Senator Grady
were Senators Audett. Davis. Elsherg. Fuller,
Hin Malbv Marshall. Mills. Prime slater and
wilcox Most ~ these Senators represent city
districts in which savings banks are situated
and just before the session of the Senate begun
two directors in a savings hank in Albany eN-
Attorney General Rosendale and William Bay
ard Van Rensselaer, had been moving ABOUT the
Senate Chamber seeking the members OF the
Committee on Taxation and Retrenchment. and
asking for a hearing on the bill taxing the saw
inEs banks which they said had been amended
the dav previous in way injurious to their
banks The bill originally had provided that
o1 f1E
equal 10 ] per cent on the amount" of its sur
plus The amended bill provided that the tax
should he paid uron the actual value Of the sur
plus and undivided earnings" This provision,
the savings bank directors said would compel
them 10 pay tax on the market value Of the
securities IN the surplus. aud Mr. Rosendale
stated that the savings banks considered the
market value a fuctuating cne. and that the only
lust way of taxing the securities was upon their
par value. In reply to an inquiry Senator krum
said: The Committee on Taxation and Re
trenchment thought the hill in its first form
might be interpreted as taxing the par value Of
the surplus and thought the actual value
should he taxed and therefore amended the bill
Senator Krum however. agreed 10 give the saw
ings banks hearing upon the BILL and has put
down Thursday next the day for this hearing.
CONFERENCES NOT on TAXES.
Republican politicians said to-day that they
thought that hearings would be granted 10 the
representatives OF the trust companies, the saw
inga banks and the insurance companies. but
they doubted II Senator Grady would he permit
ted to retain any position of leadership in the
Senate Several OF the Republican Senators who
supported Senator Grady's motion said after
ward that their action must not be interpreted
as indicating hostility TO the BILL but merely as
an expression OF opinion by them that the Sen
ate Committee Taxation and Retrenchment.
having made important amendments to the bills.
hearings should be granted upon them TN their
A suspicion has been expressed that the
Republican Senators and AsSemblymen have
been holding secret conferences. with 4
tion 10 the taxation bills. but Assembly
man Cooley of WNstchesjer County. said to-day:
There has not word heen said in our con-
ferences about taxation bills, and do not be-
lieve there will be. ! am not at liberty 10 say
what our conferences have been about. for Ne
are pledged 10 secrecy bur they have not been
about the proposed taxation measures"
The conferences. II Is known have been mainly
devoted 10 the consideration OF amendments 20
the charter Of Greater New York. the New York
Senators and Assemblymen believing that they
could hest secure consideration FOR their views
regarding changes in the charter by union.
IL is quite possible that the result Of the
hearings the taxation bills and debate upon
them afterWard in the Senate amendments will
De made 10 them or a radical nature. But what
ever the amendments IL is obvious that Governor
Odeli and the leading Republicans In the Legis-
lature hope that sufficient revenue producing
provisions would he left in the bills 20 enable
the financial officers Of the State TO abolish direct
State taxation and support the State Govern
ment by indirect taxes.
THE CORPORATION TAX BILL
one Of the taxation measures which have not
yet teen reported is the General Corporation Tax
bill, which - IS estimated will put 10000 600 in
the State Treasury. The present Corporation
Tax law netted the State for the fiscal year end
ing September 30 1900. the sum of So 62i SOS %
There would thus he large increase from the
taxation Of corporations The new State taxes
il is estimated would put the following amounts
in the State Treasury:
Savings hanks .....-...-. no ooo
General corporation 6o, C1I
Insurance cofnpaniss 1jo
NEfionai hanks pab ,oo
Trust companies 1870 ON
STATE bahks go 900
Inial SIS I30 90
In the fiscal year ending September 20 1aOo
the indirect taxes brought the following amounts
in the State. the tax on corporations not being
considered:
Tax orFsnizston Of corporations s25s 77s 6,
Inheritance TAX 4 384 S63 p
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