New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-26
THREE IMPORTANT BILLS
INTRODUCED At ALBANY.
Mortgage Tao, BrOnr County and
Rapid Transit Measures.
rBY TELEGRAPH TO THE Tribune

Albany jan 25.-Three important measures
were tonight introduced In both the Senate and
Assembly. They are a measure providing for
the exemption Of mortgages from all taxation
and a hve-miI road tax by Assemblyman BOst-
wick. a measure creating the Borough Of The
Bronx a separate county and providing for a
full set Of county officers by Senator Hawkins,
and the Elsberg Rapid Transit bill. which was
before the last legislature and was passed In
the Senate.
The BOstwick mortgage tax exemption meas
ure is regarded as the first OF several measures
which designed to increase the State reve-
and provide funds for the canal construction,
as was forecast in to-day's Tribune The bill
carries no refundng plan. but provides for the
payment to the State Of all revenue derived from
the record tax. a sum estimated at. about ST.
100000. The Hawkins bill for the new county
of The Bronx has the support Of a number OF
local organizations Of that borough. and is in
troduced at their request. The EIsberg Rapid
Transit bill IS a voluminous and important
amendment to the existing rapid transit laws
Concerning his bill Senator Elsbers said last
night
The rapid transit bill is exactly the same as
last years bill, which passed the Senate but
failed to pass the assembly in the closing days Of
the session. 1t refers in way the rapid
transit IaAroad now under CONSTRUCTION. and APP
as may ce constructed IN the future. 1t requires
pendent operations and not as branches Of any ex-
istirE road.
POWER TO OBTAIN RAPID TRANSIT.
It separates the construction. equipment and
anpIest power to obtain rapid transit railroads
upon the most advantageous terms At present
less than thirty-ive years must be let at the same
the road By Separating the construction con-
tract from tho operating contract It is intended 10
enable the city 70 dc the work as cheaply as pos
sible and 70 enable It to keep for itself the profits
Wl;..h uncer the existing law, as appheG 70 the
eXIs5uhg construction. the contractor VIII neces-
roa o rs gSn to ta city }5P s9 I 5 the pa a
well TO build them. Under the law now The
further provides that II contract for operation
the city may equip and contract for the operation
only for term OF ten years. with ten years, re-
twenty years. with twenty years renewal.
Another, secuGn contains provision giving 70
own property IN case for any reason CONTRACTS
5 Si 52~ 6r oiP2ai N To road NO i6s s S
burden upon the taxpayers.
After quoting from the Governors last mes
sage. Mr.. Bostwick adds:
There are over. two ana half billion dollars OF
Nor isSses recorded IN TINS state and about nye
legislative committee. generally called the Straua-
nan committee. which reported in 1900 estimated
increases the interest rate by az least onc-haf OF
al least twelve and hale million dollars per
The highest estimate OK the amount OF mort
cages actually taxed lu This state was that made
by the legislative committee OF the New York state
Grange. which reported In 1854 IN ,avor of the
cmpuou from taxation Of mortgages This commit
Tee Ll> ABOUT 4J cent or the personnel
property on the assessment rolls consists OF mort
cages The total assessed value OF personal prop
crty ln 1902 exclusive of the personal property OF
corporations not taxable locally COR State purposes
wes $5.aiis.25s II 20 per cent Of this repre-
rents the mortgages taxed AT the average rate OF
per cent. the total amount OF tax paid by mort
Cages was 81 .lI3 40. The revenue which would no
derived rom the SIl / have introduced would
amount 10 about TWO and half million dollars
year, or more than twice the amount now derived
from The taxation 81 mortgages. And vet II would
represent q saving 20 "a, 50 who borrow money
mortgage security o. 100000 annually.
IN the pass The opposition TO the total exemption
or mortgages from taxation has come from dis
trtcts outside the city OF New York. The city
OF New-hork paws two-tEIrd5 % any direct state
tax and the territory outside Ncw-NOr6 onc-third.
The revenue which the state would receive through
the operation % this Dill. amounting TO t2.jo0 O01.
would relieve the territory outside the city OF New
York TO the extent OF Ss33.2G3 IN return for this
locally. ON the basis OF the estimate OF tho state
grange tho revenue they now get from mortgages
IS about S-sQVn0. little than ODe-tnlrd
much they would get by tho terms Of tho
bill. In some counties the reduction IN state tax
due 70 the record tax ON mortgages now proposed
would almost equal the whole amount received from
thu tax on all personal property. The county OF
tax on all forms OF personal property. while its
share OF revenue from this biz would amount 90
$4,000.
NETWORKS SHARE S1.sOOOOO.
Controller Grout stated 20 the committee % the