New-York tribune., 1905-01-27
CONFERENCE ON FINANCE
At EXECUTIVE MANSION
MaIby, Raines and Rogers There
Stock Tar Fa0ored
IBT TELEoRArH 70 THE rRIRUNr.1

AIbaay. Jan 26.-Financisl ler,sla+,o, 80.
the topic OF discussion at an important con-
ference at the Executive Mansion last nigh. ans
the presence OF Senators MaIby and Raines and
Assemblyman Rogers Republican leader in the
lowe house. indicated the significance OF the
meeting There was no decision nor anything
approaching decision as TO the form legisla-
ton 10 increase the State revenue should take
That there must be some was agreed. however.
and the proposition 70 impose a tax on stock
sales seemed 10 md most favor at this prelimi-
nary talk. This proposition has already been fully
5tsrussed in The Tribune. II is primarily q
revenue raising plan. A tax Of 50 q hundred
shares Of stock sold. 81 for the sale and 81 for
she purchase. is suggested. By such & tax
revenue Of s.. 100000 at the lowest estimate
7ro.ld accrue TO the State. and this increase
v-ould be adequate TO meet the s2. 300 900 deficit
~ last year and the prospective larger deficit
Of the present year.
In the discussion last night the merits OF this
-lsn were fully outlined. 1t urged that ii
would be tax easily collected, that II proposed
nothing extraordinary. since the federal govern
-,ert had imposed that tax at various times.
-otablv during the Civil War. Moreover. in ad-
5f+fon 70 these merits. # was further argued
,bs+ il would materially affect the practice of
.,-asb ales" several conspicuous examples OF
which have been furnished OF late. Moreover, 1t
--as indicated that IL would also reach bucket
sbors. compelling them TO pay precisely the
same tax as the legitimate Stock Exchange
1-rIs All these communications We're pre-
ss-te5 and the plan found hearty approval from
some OF The conferrees.
F,,r The conference also considered two other
-ossible sources Of additional revenue. namely,
an increased liquor tax and mortgage tax
To The increase Of the liquor tax some objection
vas raised This opposition was purely OF
..oL-frsl character. that is. il questioned
whether further increase might not act to
s.,reasa the number Of licenses taken out and
-te-zfora leave the actual receipts practically
-be same. The belief that Il was open TO question
rhsrher II would be wise 70 disturb the present
satisfactory working Of law yielding Sls,oOO'-
40 vas EXPRESSED and then the matter was
laid over 10 the next meeting Of the conference
a similar preliminary talk was had on mort
eare TAX and this was then LAID ASIDE
II was the general impression OF several OF
hose uresent al least that al the present Tune
-be stock sale tax seemed the most reeSolap4e
mar and that il received the most cohSlueIa-
.o- md suDroval last night. Direct taxation
is eliminated as Governor Higgins has dehnltelE
declared that he does not approve OF any return
10 the ola system In mentioning tte cunt 1
e-ce TO-DAY. the Governor oecllned 10 give any
6a+a1s fuJ declared that ne was receiving IN
irs-elrrerts 2 special report from the Controller
or the state Of the treasury. -
Al The meeting last night a statement was
r,resorted showing the estimated income or the
state this year from indirect sources ana lhe
rrri--a-ed expenditures. The expenditures, II
,res fosIrd would be 81 100000 more than the
s-c0-e While the State could make up THIS
estimated deficit by levying on the NoOVOoFo
s--rlus il was pointed out that next year the
Sts+e would have TO have additional revenue.
therefore II was concluded 70 be the wiser
rolirv 70 put through this year whatever rev
arle raising bills we're necessary SeNeral
PROPOSITIONS were discussed.
II was sad by one Of those present al last
-i-rr's conference that Governor Higgins was
Inclined 10 favor the stock TAX plan, which was
mere presented by Senator John Raines-
Among the plans for increasing the revenue
4~--- liou0r taxation a scheme was discussed 10
~ea65-sr the liquor tax rates for villages and
towns SO that the revenue from that source
would be materially increased. Il is argued
that saloonkecpers doing business in the smaller
places il The state are not taxed proporuonately
IS high IS dealers II the cities. Senator Ratnes
said to-day:
"The conference was called 10 discuss revenue
PROPOSITIONS The stock transfer and mortgage
TAX schemes were taken up; also plan 70 raise
the LIQUOR tax rates outside OF cities. Nothing
definite however was decided"
The general impression seems 10 be that the
objection OF the rural members viii succeed IN
defeating any mortgage tax legislation.