The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-02-05
The ECONOMIC LEAGUE
PROPOSE AMENDMENT TO LEG
r. ISLATIVE ACT.

Aimed to SECURE the Payment OF a
Larger Amount of Taxes by the Wa
ter; Electric Light and Gas Companies.
The Economic league held meeting
in Bricklayers' hall last evening, with
a very fair attendance, considering the
condition of the weather. The meeting
was called to order by President Koran,
after which routine business was trans
acted.
officers for the ensuing year were to
have been elected, but it was decided
by vote to withhold this action until
more members are present.
Under the head of new business L.
Wilson introduced a bill which he de-
sired the league to sanction and sup
port. It was really an amendment to
present statutory provision, substitu-
ton of five words. 1t was as follows:
An act to secure greater equity in the
taxation of public service corpora
lions.
Be it enacted that section 1881 of title
10, taxation, chapter la, assessment of
taxes, general statutes of Connecticut,
revision of 1902, is hereby amended by
the insertion after the words 1.-The sec
rotary, treasurer or cashier of every
bank, national banking association,
trust, insurance, investment" the
words electric light, gas and water"
so that the section, as amended, shall
read:
THE secretary, treasurer or cashier
of every bank, national banking associ-
alton, trust, insurance, investment,
bridge, electric light, gas and water
company, whose stock Is not exempt
from taxation, shall annually in Octo-
Der, on or before the fifteenth day
thereof, file In the office of the tax COM
missioner of this state a statement, I'M
der oath, showing the number of shares
of it's capital stock and the market VAL
ue thereof on the first day of October,
the name and residence of each stock
holder and the number of shares owned
by each on said last-named date; and
on or before the last day Of the follow
ing February each of the corporations
aforesaid shall collect from its stock
holders and pay to the treasurer OF this
state tax of one per cent. on the mar
ket value of each share of its stock, as
such value may be determined under
the provisions of section 1882, less the
amount Of taxes paid by such corpora
ton upon its real estate in Connecticut,
during the year ending on the first day
of said February; all of which real es-
tate shall be assessed and taxed in the
town or other taxing district within
which it is located. Every such cor
poration shall have lien upon the
shares of it's stockholders, respectively,
for the payment Of such taxes"
The advocates of the bill set forth as
follows: IF the bill should be passed
it will as can be readily seen affect the
electric light, gas and water companies
as they would be taxed in the same
way as national banks, trust and in
surance companies are taxed and in
much the same way the railroads, both
trolley and steam, are taxed The lat
ter are taxed per cent, which is, per
cent on the market value Of the stock
Of such corporations as established by
the state board of equalization"
The introducer OF this measure gave
as a. concrete example the fact that the
Fair Haven & Westville Railroad COM
pany is taxed l per cent. on the mar
ket value of its stock and the par
value of it's bonds and it pays a tax
to the state under the consolidation of
about $4,000, which is l per cent. on
So, 10000. The Water company, on the
other hand. pays tax to New Haven
on property valued at 100000. If it
were taxed as the proposed act pro-
vides and in the same way as banking
institutions are taxed and approximate