New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-07
Personal TAX ASSESSMENTS.

The personal assessments of the State, ac-
cording to the equalized valuations OF 1892
amount 10 2.149.O5i. OF this amount S115,
412S15 are not assessed locally for State pur-
poses; so that the total amount OF personal
property assessed locally for all purposes is
SJ56. 136. 239 1t is we'll known that while the
very largely each decade, the percentage of
increase of personal assessments is very
small. The total personal property standing
upon the assessment rolls Of greater New-YOrk
amounts 10 $3.50 100 1879. or about IS per cent
OF the total for the State, while its percentage
OF the states real estate assessment Is but 90
per cent. 1t would appear from this that in
greater New-Tork personal property is assessed
to greater degree than in almost any other
county of the State. Much OF this assessment
in NewYork City is occasiOned by taxation
upon mortgages which should not exist and
which is positive burden TO many and in fire.
quent cases takes at least 90 per cent OF the
income from such property. Power should be
vested somewhere for such treatment Of this
class or personal property III It's contribution TO
the expenses of government as would tend TO
minimize this unjust proportion of payment of
taxes.
The commission appointed in pursuance TO my
recommendation to examine into the laws de-
lays in the greater judicial departments Of the
State has steadfastly pursued its investigation
since its appointment and VIII report TO You
its findings. I am convinced from knowledge
that has been impaired 70 me and from sug
geStions that have been made, that If its recon-
mepdations enacted into law, the result
viii tend to make more certain immediate con-
sideration of litigated claims and bring about
of the State.
The corporation laws enacted in 1901 show
gratifying results Prior to the passage Of these
laws, for the year 1900 there were but 1929
interpretations with a total capitalization of
S306 613,355; while for the year ended Septem-
Der 80 1908, there We're 3.S2S interpretations
with capitalization of 1921 S305OO The num-
Der of companies increasing their capital stock
during this year was 5I2, with total increase
of S261. S34. 100. These figures show that the
recent laws are encouraging corporations to
domicile within New-York
1t is suggested that the Insurance law be so
amended to provide that cooperative insur-
ance companies certificates be filed in the In
surance Department. instead of IN the Secretary
of States Office, as this class II companies is
provided for by the Insurance laws. 1t is also
recommended that certificates OF corporations
incorporated under the Insurance law shall be
filed with the Insurance Department alone. AS
the law stands to-day the certificates OF in
corporation Of such companies are not filed with
the secretary OF state. put subsequent cert1n-
Gates Of such companies are required to be.
The recommendation which I have made is TO
avoid duplication in the filing of certificates.
1t is also suggested that the Code Of Civil
Procedure be amended as 20 protect the name
of corporation when IL is proceeding TO effect
a change of name under Section 2,111 OF the
Code of Civil Procedure.
UNITED STATES LOAN DEPOSIT FUND.
In 1887 the United States government distrib-
uted a certain portion OF its surplus to the
various States under statute which provided
for the loaning of such money to individuals.
This fund is known the United States De-
posit Fund Two Loan commissioners are ap-
pointed in each county, whose duty it is 10
supervise the loaning of these moneys. Under
this law the State is obliged to preserve the |
integrity of the fund, that If any loss occurs
the State must make il good out Of its reve-
nues, II there should not be enough interest |
derived from the fund available for this pur-
pose. The result OF the operation of this law
has been that the interest upon it has averaged |
but 2-1O per cent, while other funds invested |
by the State Controller have average Of |
I5-1O0 per cent. Recent losses In various |
parts OF the State have made it apparent that |
a more careful examination of property upon |
which loans sought should be made before
they allowed. and that power should be |
lodged in one competent head rather than |
distributed among loan commissioners all over |
the State
/ would suggest, therefore. the amendment OF |
the existing statute TO permit the loaning |
OF this fund upon municipal and local bonds in |
order that the State may be more fully protected
and larger rate of interest secured OF course |
IL would not be desirable TO disturb existing |
loans unless investigation should establish the |