New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-02-04
LEADERS. FOR STOCK TAX.
TO BE MADE PARTY BILL.
Measure Agreed On at Recent Com
ference at albany.
[BY TELEGRAPH TO THE rR1BusE.l


Albany, Feb. 3-It was learned to-day that,
despite various conflicting reports the financial
conference at the Executive Mansion last
wednesday night did decide to put in finan-
cial measure, and that this measure will pro-
vide for the stock transfer tax. Ievying So on
every 100 shares sold Moreover. when the
meeting broke up the exact understanding
was that the committee on taxation in each
mouse should draft measure al once. embOdy-
ing this scheme, and that the bills should be
forthwith introduced, not as Individual meas
ures but by the chairman of the taxation COM
mttee of each house. Senator Merton E. Lewis
and Assemblyman Arthur c. Wade thus reIev-
ing the individual members from assuming re-
sponslbility for 50 drastic form of taxation.
1t was further agreed that soon as the
measures were introduced the majority party
should caucus cconference'' was the word used
at the meeting, but caucus the idea), and
that these caucuses on either side should make
the measure party measure. Then the bills
were to go through. backed by the influence
that they would have as embodying the views
Of the party leaders. This was the programme.
To it those present-Speaker Nixon. Senator
Raines, Assembly blymen Hooker and Wade. with
Governor Higgins and his legal adviser. ex-
Senator Cuthbert ". Pound-assented-
The discussion during the evening en-
tirely centred on the stock tax. The mortgage
AK. for example vasshst even considered. For
the stock tax. Assemolyman Rogers following
the lead Of Senator John Raines. made the most
extended pleas. When Senator Raines began to
urge the stock tax his attention was called to
the fact that his Assem6lyman. Jean L Bur
nett Of Canaudaigua, was talking against the
plan, as quoted in The Tribune this week. Sen
ator Raines explained this to the satisfaction OF
the conferrees. The Governor and Assembly
man Hooker favored the plan There was no
dissenting opinion. but Speaker Nixon and As
semblyman Wade, chairman of the Committee
on Taxation displayed enthusiasm for il.
The former acquiesced in the policy of immedi-
ate Introduction and subsequent work to get it
through; the latter said nothing.
1t develops. however. that there is g decided
impression that. once the measures are intro
duced. a strong effort will be made 10 defeat
them in caucus, either by direct vote or by
large number of Republican members staying
away. On the other hand. there is a distinct
feeling that this will be a doubtful plan. for the
rural members. realizing that some taxation
measure must pass, Will insist on this as the
one affecting them least. As between defeating
this bill and having their appropriation bills
riddled by the Governors blue pencil as has
been forcibly suggested from the Executive
Chamber. the average legislators choice is
fairly obvious, for there will be no return TO
direct tax this year. This the Governor has
made perfectly clear At worst the surplus can
be drawn for this years deficiency.
Early next week, then, il nothing unforeseen
happens. the stock tax bill will be introduced
a committee measure. 10 be adopted a
party measure at a subsequent caucus in the
next week probably. If the bill can be sent
through quickly the session is likely to end by
April /; if there is long fight over the bill,
such as attended the fiat mortgage tax measure
in Governor OdeI's first administration. it may
be indefinitely prolonged Friends of mortgage
tax. however, will gain little solace from the
fact that at stage of the recent conference
was there any serious or even respectful con-
sderation bestowed on the several mortgage tax
schemes. Excise increase had a little more
serious attention. but seems entirely unlikely.
1t may be that conferences in New-YOrk City
now in progress may change the situation. but
Just now II seems to be case Of stock tax,
direct tax or using the surplus with the sec
ond consideration eliminated for this year az
least The secrecy that has veiled these pro-
Ceediugs has been due entirely to the fact thar
Governor Higgins somewhat sarCastically re-
minded the conferrees the other night that ct
their previous meeting he had been able 70 get
q full view Of the proceedings from the next
days newspapers.