Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1902-11-12
STATE HOUSE.
Increase in Corporation Taxes
During the Past Decade.
sm s.,
Names Income from This Source
Nearly Double That Of 1891.
Questionable Home Buyers Assoeia.
ton Seeking Business Here.

pOratiOns for that year was not near sc
large as it was for the year 1901-just Il
years later. The increase is very large
comparison Of the reports for 1891
and for 1901 disclOses many interesting
facts. For instance, in 1891 the saw
ings banks of Maine paid into the State
Treasury the sum of $3i7, 56S.41. Ten
years afterwards, or in 1901 the savings
banks Of the State paid in taxes the
sum of $500. 1902, an increase of $751;
9O251.
In 1891 the railroads of the State paid
d tax of s113,230s9. while in 1901 they
paid 1921. 9l1.8l, an increase Of SITS, $50
%. The telegraph companies paid sc,
200 in 1891. In 1901 they paid 2.S5453.
Il loss Of SO, 345.47. The Telephone COM
panies paid $2.G59.s7 in 1891. and they
paid $14, 210.O2 in 1901. a gain of $12, $50.
Ii. The express companies paid 81, 093.
GIL in 1891 and i'm 1901 they paid $S,674.S0.
an increase of $7,57G.19. The insurance
companies in 1891 paid to the State in
fees the sum of s27,351.06. In 1901 this
tax had grown to the sum of $73 $50. 4S,
an increase of $40, 129.42.
The total tax levied in 1891 upon the
savings banks. railroads, telegraph,
telephone. express and insurance COM
panies amounted to $497. 5Os.S4. In 1901
the State tax upon these classes of cor
porations was $S?1 ,2Oc.5G, a gain in the
10 years of $780,, 693.72.
The income from new corporations in
1851 was $20.S45, while in 1901 the in
come from this source and from the
franchise tax on corporations amour
ted in the aggregate to $So,215. gain
of s64.37O. The fees from increase OF
capital stock in 1891 amounted to 1850;
in 1901 these fees aggregated $2.29o.
This shows gain of $3.50.
To these figures may be added the
tax on trust and banking companies,
foreign banking associations and loan
and building associations. amounting
to 500. 1l5.S2; the tax on collateral in
heritances, S3S.951.4l: fees of the in
surance commission. $16.520.5O; and fees
from the Secretary of State, 1884.
In 1891 the State tax upon corporate
wealth amounted to. 51S.713.S4; in 1901
the income from these sources had
swelled to $1,O61. 672.30.
Thanksgiving proclamations of the
governors of several states nave peer
received at the executive department
and Private Secretary Purinton mas
now quite n collection on exhlDition
In point of topographic beauty the
proclamation of Names governor COM
Mares very favorably with those COM
ing from other states. The Massachu'
sets document is more like half shee'
poster than anything else: and Yer
mont's is in the shape OF a circuiai
letter.
Governor Durbin of Indiana, has IN
iected n word into his proclamation
which probably never before occupied
a place in a State paper. In his ref
erence to Thanksgiving day. he says
II was INSTITUTED by our piigri"
forbears." pilgrim forbears" may pt
more esthetic than Pilgrim fathers
Int It is doubtful If 1t is quite SO com
prehensive to the common people.
During the past few months several
companies calling themselves Home
BUYERS Association, Co-Operative Realty
lCompanies, etc. have commenced opera
lions i'm this State. They claim 10 oiie'
especially easy terms to the members u
purchase and own their homes. Ihe''
most attractive proposition Is that they
charge their members no interest upof
tho advances made, but allow every
dollar of payments to go before the pur
| oh.se nrjce They do, however. collec
| v.rtons sums monthly which they cal
expense charges. which would amount u
|, ar. Than the usual interest charged II
this State.
The hank examiner has given I'M
| on;nion that they come under the pro
v;s;on Of CHAPTER 49, Public Laws 1871
| which nrohibits such associations IRON
doing business in this State until the!
nave made deposit with the State Treas
,rar for the protection of their patron
within the State. As none OF THESE do
sociations have complied with the pro
| visions of that statute they are uoii'
business without authority OF la" am
tho hank examiner will take immedlat
stems TO prevent the extension oil the'
business.
Hon Fremont E. Undertake. stat
bank examiner, yesterday. issued tn
following circular letter whicn ne VIII
send to interested parties:
| Augusta, Nov. il, 1D2.
Dear Sir:--I am informed that sever
on,nanies like the New England HON
pny,rs Association. Co-operau'
realty Trust Company and on'o
Home Purchasing Company are uhoe'
taking TO do business In this STATE.
Cbanter ~, Public Laws 1881. pr.
,;aos that mo person. ASSOCIATION
! corporation shall carry on the ous."e !,
! of accommodating the savings :.
,oanbers and loaning to them such az
n,,mnlations in the manner OF loan an
building associations" until II mas GO, 70.
Formed TO certain requirements OF 'h'
| act. .iiSsstNAssa 49, ottorns
have the opinion OF the a.'o :.
general that the above nameu a ~
tions working under similar r.. p &c
come within the provisions OF the IA
hove cited. As none of these assoe''
,;ons have complied with its requlr
,nants and made the necessary uepoI
with the state treasurer or oOeal"su :. !,
cense from this department .nes h',.
In my opinion. no authority = to ,s DO D "n
ness within the State ana = .
tinue under the present con ..a. rs
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