New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-30
TAX MEASURES ADOPTED.
an ASSEMBLY CAUCUS.
Stock Transfer and Mortgage Bills
Made Party Pledges
LRY rELrGRArH 70 rHE TR1RrNE. :

tBY TELEGRAPH TO THE TRIBUNE.i
Albany. March 29.-The Republicans of the
Assembly. by decisive majorities, afterward
made unanimous. in a caucus lasting from s
o'clock this evening until 1880 a. m. adopted
Republican party measures the two revenue
bills recognized administration measures
one providing for a tax of 81 on each 100
shares of corporate stock securities sold or
transferred. the other prescribing five mill
annual tax on the face value of all mortg ges
The stock transfer tax bill will take effect i'm
mediatey upon passage; the mortgage tax bill
affects all mortgages recorded after July next
These bills are on tAe order of third reading in
the Senate, and in the hands of the Committee
on Taxation and Retrenchment in the Assem-
bly,. The vote on the stock transfer tax bill was
6I to 10 and was afterward made unanimous
The vote on the mortgage tax bill ayes III,
noes %. and was afterWard made unanimous,
except that on this bin Messrs Pendry and
Francisco. of Brooklyn were excused from act
ing in the caucus on the ground Of instructions
by their organiza tions.
At the outset of the caucus rising vote was
taken on the question OF returning to the direct
tax. but the proposition was voted down over
whelmngly.
The action tonight makes both the revenue
bills party measures and puts the Assembly in
line with the Senate as favoring both PROPOSE
that they can, If desired. be passed by the
Senate tomorrow and sent to the Assembly
and the caucus action removes the only objec-
ton existing in the Senate to such action
The sensation of the caucus in the early
hours was the declaration by Assemblyman
Prentice that Governor Higgins was pre-
pared TO concede a reduction of the stock tax
from 81 per 100 shares to 81. the groun''
that the burden would be less onerous, the
temptation to evade less great, and therefore
the net receipts as large. But the strenuous
objections to this seemed to indicate decision
on the part of the majority to caucus both
measures originally framed.
Prior 10 the caucus long and stormy meeting
was held in the executive chamber before tho
Governor. ar which the Finance and Taxation
committees. reinforced by John f. O'Brien. Sec
retary Of State: Controller Kelsey, and the Gov
ernors legal adviser. ex-senator Cuthbert w.
Pound. succeeded. by weight of numbers. in
overcoming the opposition to both measures
manifested by majority of the special COM
r1ittee appointed by the Assembly TO consider
these measures. In opposition to the bill Speaker
< Fred Nixon spoke long and earnestly. and
Assembymen Wainwright and Prentice and
Majority Leader Rogers supported him. OF the
committee only AssembIymen Merritt and Wade
championed the bill
AT the very close of the conference. and in
sponse to earnest appeals. Governor Higgins de-
cIared his position the extent of insisting
that during his administration there should be
return to direct tax.
Further than this the Governor took no definite
stand. but the Senate representatives did. and
certain of the Assemblymen charged that they
had been overborne by the unexpected appear
ance of enough Senators 10 make majority OF
the conference 1t at this conference that
70
tion in the stock tax was broached but the
essential objection this raised that it
would in effect, destroy the results of the Senate
caucus and force caucus on these meas
ures and for this reason II was opposed
After the conference Governor Higgins
pressed his personal confidence that both bills
would pass, and remarked, incidentally. that he
had never regarded their condition as preca-
rous.