New-York tribune., 1905-02-15
STOCK TAX MEASURE IN
Il COMMITTEE BILL.
To Be Made Party affair at Re
publican Caucus.
rnY rrLEcRApH TO THE rn1BUxE.l

IBY TELEGRAPH TO THE TRIBUNE.l
Albany Feb. 14-After many delays the stock
transfer measure, first forecast In The Tribune
January s. introduced to-day from the Com
mittee on Taxation of the Senate. This measure.
which was framed to meet the present need of in
creased State revenue and drafted by the legs-
ative leaders after conference with Governor Hig-
gins imposes tax of two cents on all sales. de-
lveries or transfers of stock each 500 OF face
value or fraction. 1t is estimated that this meas
ure which is in all essential features a reproduc-
ton of the federal tax. will raise upward OF
50 OO0 and with minor measures now in prepara-
tion will meet all present financial stringency.
The bill if passed will become effective on June l.
The measure is introduced committee bill, and
will be printed and referred back to the Taxation
Committee which will meet Thursday. The
some bill will be introduced in the Assembly to-
morrow A caucus of the Republican legislators is
soon to be called. and at this the bill will be made
a party measure
The language of the new bill is in part as fol-
lows:
There is hereby imposed and there shall irnmedi-
vided all sales or agreements TO SELL or memo
shares or certificates of stock in any domestic or
foreign association company or corpoTation m & maze
by the books of the association company or cor
99eaef or or by any am or
randum other evidence of transfer or SAFE
neneht o. ] SuGn or the fufTre transfer of any
The payment of such tax shall be denoted by an
adhesive stamp or stamps affixed as follows: In
case of sale where the evidence OF transfer is
shown only by the books of the company. the
stamp shall be placed upon such books; and where
the change Of ownership is by transfer certi1lcate
the stamp shall be placed upon the certincate; ana
in cases Of an agreement to sell or Where the
transfer delivery Of the certificate assigned
in blank there shall be made and delivered by the
seller to the buyer bill or memorandum or such
sale to which the stamp provided for by this artl-
Gle shall be affixed and every bill or memorandum
of sale or agreement sell before mentioned shall
show the date thereof, the name OF the seller the
amount of the sale and the matter or thing TO
which it refers.
Any person or persons liable to pay the tax pro
vided for by this article any one who acts in the
matter S agent broker for such person or per-
who shall make sale, or who shall in pur-
of any sale deliver any stock or evidence or
the sale of any stock bill or memorandum there
article affixed thereto, shall be deemed guilty OF
misdemeanor and upon conviction thereof shall pay
fine of less than $500 more than $1,000 or be
Imprisoned not more than six months or by both
such and Imprisonment at the discretion Of the
court
The Stock Exchange will vigorously oppose the
bill introduced by Senator Lewis at Albany TO tax
sales of stock. It will be represented before the
committee in charge of the bill and will oppose
the passage of the measure the ground that it
is class legislation immoral and contrary to good
policy. Members of the exchange declare that a
State tax of such character would be unjust and
would inevitably divert business to the Boston and
Philadelphia exchanges. thereby threatening the
commercial supremacy of New-fork