New-York tribune., 1901-02-01
MAY AMEND TAX BILLS.
l. SENATE TABLES THEM; RECOMMIT-
MENT PROBABLE.
GRADY WINS IN CONTEST FOR DELAY
HEARINGS FOR BANKS. TRUST AND
INSURANCE COMPANIES.

INSURANCE COMPANIES.
Albany. Jan. 81 CspeciaD.-The Senate took
action to-day which indicates that the bills tax
ing trust companies saving banks and insurance
companies which were favorably reported oy
the Senate Committee Taxation and Re-
trenchment this morning. may be Iurther
amended before they actually come before the
Senate for it's action. Acting under the leader
ship Of Senator Grady, the Senate placed the
bills upon the table. instead of upon its calendar
where they might have been advanced soon to a
position where they could be passed. Senator
Grady also has the bills in such position that
by an affirmative upon a resolution he intro
duced they will be recommitted to the Commit
tee on Taxation and Retrenchment.
1t was plain from the statements made by
leading members Of the Legislature this morn
ing that the directors of the savings banks ana
insurance companies were greatly stirred up last
night by the report, which apparently tele-
phoned TO them from Albany, that the taxation
bills affecting their concerns had been favoraoIy
reported Ex-Attorney- General Rosendale, who
is a director of one of the leading savings banks
of Albany. was upon the floor of the Senate
Chamber this morning soliciting a hearing on
the bill taxing the surplus of savings banks
Why said he, they propose in this taxation
bill to tax the securities in our savings banks at
the market rate. In other words, they propose
to tax security which is constantly huctuatlng
in value"
The savings bank directo- argue that the
securities OF the savings banks should De taxed
only on their PER value Senator krum' the
chairman OF the Committee on Taxation and
Retrenchment, said to Nr. Rosendale that the
bill taxing the savings banks would be recon-
n1itted early in the week to that committee.
with his consent for a hearing upon its merits
on Thursday next Senator Krum, it is said. re-
oeiyed 80 dispatches from insurance companies
asking for hearing the bill taxing those
corporations \ hearing. he said. would also be
granted 10 the insurance companies on the bill
taxing them
HEARINGS To BE GRANTED
Directly after Senator Krum had presented
the favorable report upon the bills taxing the
insurance companies, savings banks and trust
companies. Senator Grady moved that "the said
bills be recommitted TO the Committee on
Taxation and Retrenchment for a hearing, and
that that motion lie upon the table until Mon
day evening" He then said that no member OF
the Democratic minority was present az the
committee meeting at which these bills were
favorabIy reported The committee meeting.
moreover. was held at an unusual hour. and
while announced by the clerk the Democratic
members did not know the meeting was 20 be
held In justice TO the Democratic minority
the bills should he recommltted 20 the commit
tee and a vote be again taken upon them" he
said.
Senator Krum said there had been irreg-
ular meeting OF the committee. and one OF the
Democratic members. Mr.. Cullen, had been
aware Of the session. The bills had received
proper consideration for over eight days. Il
have received no application for a hearing from
the insurance companies" he said. and the
men representing the savings banks did not
call til yesterday. After the committee had
acted upon the bills taxing the insurance COM
panies there were many applications for hear
ing II we had not acted do not believe these
corporations would have done anything for
thirty days. We hope the Senate will not take
any action which will delay action on these
bills. They should go on our calendars and get
a good position. We will grant hearings 10 the
interests affected Why. the General Corpora
ton Tax act affects every corporation in the
State. Can give a hearing 10 all?"
1t is net fair" answered Senator Grady, ito
have these bills. after consideration Of only
eight days get upon our calendars. and in such
position that they could be passed next Friday
week. They are measures Of vast Importance.
The Senate should take time for their consid-
Grafton"
BILLS TABLED TILL MONDAY
1T is the intention of the majority" answered