New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-04
Comfortable Surplus Shown By Con-
troIler's Report Direct TaU.

5ss from the Stock Transfer tax Corporation tax
Inheritance tax ana Mortgage Tax laws over the
sIItho1gh this may seem to be very large sur
MUS Ia the Treasury the end Of the fiscal year,
ye+ such @ surplus is large, as viii be obs
isTved by the two following and principal instances
'Fqrst-out of the surplus it is necessary to con-
Highway improvements the sum Of S. $O9 s97 60
Of the state government must be taken care Of
which amounted December 10. 1906, to about $780,
900 II excess OF TeceiptS.
TIE total state debt amounted to s10sa0s $50 re-
ducdon OF S625oOO for the fiscal year The total Of
trust and sinking funds was S3. 57S, Isl 80
An estimate OF the receipts and expenditures for
the current year shows that at its end the esti-
mated surplus VIII be a1.1T733 a. OF this the re-
port says:
same as Tie actual surplus hand At the close OF
As result thereof no legislation will be neoes-
saEy during the coming session to Increase the
Il the present laws remain in force.
I must be borne in mind however: that It Is
accuracy the amount OF moneys necessary to b
ordinary maintenance OF the government. vast out
lays authorized by the people in the immediate
E!Hzing flnd PROVISIONS must be made There are
pubic works and institutions under eonStrucu99n'
alterations and rebuilding OF many public build
3ngs. and ether necessities all Of which involve
ton IN determining the questions Of the main
There was no direct tax levied for the year 1905
the first time since the year 1872, as the revenues
FSS g y6 6G0 " ATa h T son H. Of the State
Constitution, II IS provided that where the funds
fiscal year TO provide sinking fund in an amount
direct tax direct tax for that year need be
levied
On other subjects the report says, IN part:
IMPROVEMENT OF HIGHWAYS.
Article VII Section p Of the state Constituting.
came operative by the favorable vote OF the people
at the general election Of 49,. The method Of
.
moneys therefor was prescribed by Chapters +58
FOR the Issue s Of two q classes Of Bonds known as
b Glass anq Class 81 tFe f 60 BE 6% me
state. the latter redeemable from the redemption
the proceeds Of said bonds have been applied TO
The Improvement Of highways as Controller, l
ing per cent interest, TO the amount Of 100000
that in my judgment and IN the opinion of the
Attorney General such issue would be unconstitu-
TIE purpose for ic Glass bonds we're to be
Racea at the cispcsai OF q county or town 70 De
6snSatSd Pg su6a oven spSa RT1Ge9gfe
ing any highways in either county OF town it
Should be Incumbent upon such locality to have
already provided ways and means by ,wf-sh IL
Of st s1 s. s has a a n e hate To BsS oP
eny portion OF right OF way IN the IMPROVEMENT
the existing highway The state should not be
obligated 10 pay anything except for the improve
Tnent OF the actual existing highway and If there
be any deviatons from said highway, the expense
county. town OF locality benefited thereby -.
Of FRssi 81 are spfh WITH the 4S &
pressed above Is earnestly recommended
CORPORATION TAXES
The increase IN the number Of corporations paying
taxes from year 70 year is fully Illustrated by the
porations. while to-day there arg 1908. 80
During the fiscal year ended September 50. 1885,
the revenue from the Corporation Tax law exclud-
Ing the organization tax amounted 70 q s32s42 So
hon sS SouTcS "a any r6 fa S excess 3ni
cSt.s the increeses for two years rather than one
year. as the department had been Obliged during
Court Of Appeals. to credit Companies Of this class
with large amount OF overpayInent based upon
sessmentA These credits were largely used in the
Sfeesed the apparent revenue for the fiscal year
The amendments made to the Corporation Tax
Hw BY the provisions Of Chapter IA Of the laws of
sRss fs t1s law s5 59 but tes
emendnsnts this class Of taxation will be placed IN
pndeT a system nsoessarily complicated end dim
butt OF administration.
TRANSFER TAX BUREAU.
The net income from inheritance e, taxes during
slightly IL excess Of the year previous
A. Curing the previous year. no unusually ! large
many Of the previous years, The only year when
was that Of two years before. when s5,42s.o52
paid into the state treasury. But Of such amount
Paid $1,000 50 that comparison Of the net re-
4esiio 2a 3 rom TyiisbS s 5See ~ The 3i t
actually done 6y this department - ' WIN
The amount received as result OF Chapter Il Of
The Der cent class was s5sSsI41 as against sS-
en7s during TIE year previous.
STOCK TRANSFER TAX BUREAU.
BY Chapter pa, Laws Of 1896. ell transfers Of
Eble. This eet took effect June 2, 1876. and was
smended by Chapter ~ Laws Of 1906.
During the last year the stock transfer bureau
has been thoroughly organized. system Of ex-
eIntnetion OF brokers offices, firms and corporations
foic OF examiners is engaged IN this work in
the various parts OF the state. under tho direction
OF the CONTROLLER The law Is being generally OBJ
served. and most Of the violations discovered have
been from a misinterpretation of tho act
In March. 1906 # was brought to the attention Of
this department that stock transfer tax stamps
manner in the city Of New York. One Of the ex-
arniners detailed TO investigate these reports
frauded Of thousands Of dollars IN this way. A
temporary detective force was established, with the
result that seven OF the chief offenders Were ar
fSgted and the illegal trafclEing IN washed stamps
The fact that canceIng marks could so easily be
removed ana the stamps again used, with such a
oid 70 te ftSe iGu t e f 10 VIII
view to furnishing stamps which could not be
new and improved style OF stamps was made and
issued on october /, 1906, and the original issue
The result accomplished by the new issue has
exceeded the expectations or the department and
but one or two instances have been discovered OF
an attempt TO use washed stamps. It is estimated
t pfior 70 the pacng on te Marcy 81 ms new
sale and fraudulent use OF washed stamps.
upheld by tic Court Of Appeals. but was appealed
70 the United States Supreme Court, and at this
f Is pen aTs befoTe the eonr Of Apdas n
action testing the right to transfers OF shares
Under the - aendnents Of 1905 to the act Of 1885,
AZ The receipt from the tag on stock transfers for