New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-20
PASS IMPORTANT TAX BILLS
One Applies to Secured Debts
Another to Inheritance.
rpy telegraph TO The Tribune. I

ID
Albany. July 1.-TWO tax bills OF Senator
Harte, the passage OF which Governor Dix
recsntiy recommended In special messages
to tho Legislature, passed the Assembly
this afternoon. The argument on them TOOK
I'D several hours. and the first ono barely
secured the required number of votes. This
bill would enable the owners OF all securi-
ties, bonds and mortgages on real estate
outside Of the state to have them exempted
forever from assessment as personal prop
erty by the payment to the Controller or
the state Of tax Of one-hah OF per cent
on their face value. stamp would then
be fixed to the certificates.
Tho principal argument in favor OF the
bill was that II would cause the owners
OF millions Of dollars worth Of securities.
who are now evading the personal tax,
TO bring them out Of their strong boxes and
have them exempted by paying the tax
Of one-half Of per cent. 1t was also held
that by this provision the value Of the
securities would be greatly increased Fol-
lowing out this line of thought. Assembly,
man Short used Andrew Carnegie q. an
illustration.
"Mr. Carnegie" he said, NOW pays
personal tax on only 5000 worth OF bonds
and securities, when we all know that he
has $3.50, 10000 worth. This provision would
cause him TO pay a tax on the other s3i5,-
000, 900 II is better that we should get
small tax on all that amount OF securities
than a larger tax on very small part of
f."
Tho vote on the bill was n 70 AZ. tho
Speaker being recorded in the affirmative.
The second bill did not arouse so much
opposition. 1t materially reduces the tax
on taxable transfers and inheritances and
eliminates the double taxation feature OF
the present law. The advocates Of the
measure declare that the present law drove
wealth out of the state and acted as an
obstacle to investments in New York cor
porations by non-residents. Assemblyman
Chanler said he knew Of $40 900 that
had been taken out Of the state as re-
suit OF the present law. The minority
leader, Mr.. Merritt, opposed the bill chiefly
on the ground that the present law had
not yet had a fair chance. only going into
effect about year ago. The vote on the
measure was 50 10 20.
The Assembly passed the bill Of Senator
McClelland. allowing the appointment Of
York City as official referees.
Another measure passed was that Of Sen
| ator Transporter, OF Buffalo. requiring that
light steam engines running outside Of
yards be manned with sgman. besides
the engineer and fireman.
The bill Of Senator Duhamel. removing
| the restriction requiring moving picture
machine operators to have a six months
apprenticeship before they can secure their
licenses, was passed.
Assemblymsn Gray, Of St Lawrence
! County, who has not been in his seat for z
month or more. surprised the Assembly BY
moving TO discharge the Rules Committee
from further consideration Of his bill pro-
yiding for local option on the excise ques-
ton for cities. The motion was lost by a
vote Of "a to S.
The Assembly concurred IN tho Ferris
resolution for the appointment OF COM
mittee Of three Senators and five Assem-