New-York tribune., 1908-06-23
RANSFER Law EV4SIONS.
Glynn Says Many Disregdrded
Stock Tar-UW Investigate.

EIhary June 22-State Controller MaftAh n
e7rn announced to-day that he has begun an IN
esigsricr 10 compel corporations 10 obey ule ID"
'Ssag the transfer Of shares Of capital stock ne
eIsstgz1jon.' says q statement given out py MI
esl1 -l.ss been under way but z few days yet
as results demonstrate that there has oeeh a
riossale disregard Of this law on the part 81
'sporztiong with the attending loss Of large
flsnue II The state
There are about seyenty-fve thousand STOCK
'frpsnies In this which come under the pro
9Sons u the stock transfer tax act. TIE Con-
eslsr says that he intends 10 enforce the eoilec-
Ag q taxes due on every stock transfer MADE
tAee June 1908 when the act went into effect.
" recommendation OF the Controller the last
sEsatUre made provision whereby an aoditionaI
4te OF inspectors could be employed 10 carry on
~ ihEestira Ion The Controllers statement says
he books of = large number Of stock companies
ne examined during The last week. and in nu-
,s-.9as Instances IL was found that as many q
- 9undred and four hundred shares ol s@tocH @ ol "a
go corporation mad been tfanslsIIeu, - <l.I -,
- osses tie entire capitalization OF q company
- - been Issued. without the payment OF sIt' &
- o tax IL each instance the atientioh OF III .aT
.s4sls Of the corporation WAS called 10 the lesal
.sstnesnces for failure 10 pay the TAX, Aho lL
- case of noncompliance found there has peen
s.emise that the necessary revenue stamps, VI.
stsclsse1 At once. re-eH ~
&c &c Ritan the next two weeks 10 SEQ that lhs
'--2ase has beer fulfilled.
- crlcls Is of many corporations plead tLat tlrS
rss'se thar + transfer tax is imposed only "itIe
- Is bought and sold through brokers. Iot Itte
sFose o speculation. and give thai excuse o Vt
,.pas iilsflr. That suppositon Is entlffy 81 =
ts.s EVery transfer Of ownership "l stoch
- 10 Tie Las and every transfer mace VII
1yfaent ~ the comes WITHIN the opsf s,i
- penalty provided for noncompliance WIN
saout relaxing in any degree the super Vlslon OF
~ ss 10 thai the law is obeyed. the lhFsst@lsa @
ssD corporations viii continue unt4 lhe Dooh h1I
- F stock company that can De locSited ", -
4 - oeen examined and payment required ~ 80
-. snare % stock transferred without the Iequl-
i fs Itlenls stamps during the last lhiee !,I-s-
4 .sSs Clothes the inspectors OF the ContfoheI
go ileiil with power tn examine al boohh aLu
4 Is T. Necessary 10 determine whether All 'A~e9
ys.tpe been paid
/ & 49, thoHsanos OF dollars are due the state raas
rss-p from the fact that q large nuhlpeI "a
| &C.,. 9, non-compliauCs with the law nave DeEIi
| sssvsfeo IN one instance the corporation Aa- no.
! st.eS rec twenty thousand shares OF sl"ch ~ -
/ srssap ap tax had beer paid The offclals OF laa H
/ ler Sll2n were compelled 10 purchase Aho alil~ Al
| ra fuheate book $500 worth OF stamps .
/ -. a. tslgstion viii be thorough as ~ Posrl5
4 sSsH be be made. Corporations. both large faIL- CT
las VI be informed individually Of the duty IN
asets,T the stock transfer act, ana VIII pe l "a
= s,ssee " representatives OF the Controller ue
at1,sL Each viii be given opportunity 10 ~
q ~ me state for any taxes que, but IoI 81,
y ss@y EJECT 10 DO SO viii be subjected 10 le i'