The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-02-17

Continued From Birst Page.o
pressed the hope that the rate would
not exceed | is per cent of the gross
receipts
Captain Gigom Speaks.
Captain A. h. Guigon, of Richmond.
counsel for the Public Utilities Assoc
citation OF Virginia, made q frank
statement, saying that several OF these
companies are barely making q living.
while some OF them were making
money. He did not deny the right
OF the State to make an increase In
the rates or that there is need for ads
ditional revenue. but he hoped the
committee would be as light as pos
sible In making the increase. Speak
Ing for the utilities, he said they were
willing for a moderate increase
Il ana glad to see some persons who
are willing to pay IN increase IN
taxes. said Senator SaMnders
Real Estate Men Object.
James J.. Pollard, chairman OF the
|legislatiye committee Of the Rich
mond Real Estate Exchange, said that
the real estate men were present to
make protest against disclosing the
name of the holder OF notes on real
estate That was giving the names
OF the clients. The personal side OF
would enter into the BUSH
ness. He favored the placing Of q
stamp on real estate notes, and tho
law at this time proyided that no suit
or foreclosure could be made unless
the tax on the note was paid. The real
ESTATE agents did not object to the
fpayment OF the tax on notes,
Mr.. Pollard said that il the tax
was made rs cents there would be no
very great objection. To force the
disclosure of names would work much
hardship. Mr.. Pollard said there very
many churches which were under
mortgage, and no man would dare
foreclose unless he wanted to be
hanged the next day.
Millions Are IntAxed.
! L4roy Brown. supporting the pro-
test OF MIR. Pollard. said that one con-
Germ in this city had more than 9e.-
900. 900 in mortgages on which not a
,cent OF tax Is being paid. He said
that another concern carried $780,
900 in mortgages which were not pay
ing one cent OF taxes to the State. Ms,
Brown explained the double taxation
on. real estate and real estate MORT
cages. Replying to questions, he satd
that he believed III a tax OF S15 an
nually on $1,000 for the life OF a
mortgage The life OF the majority
Of mortgages was one year.
Put small tax on mortgages. and
the tax will have TO be paid said Mr..
Brown.
Mr.. Brown said that he did not
think the Torrens land registration
system would materially aid the mort
gage business. He believed that the
low tax on mortgages would 50 far
towards reducing tho dcflcit that was
Impending.
Merchants' Ldcelne Tar.
Senator Holt called attention to the
tact that the special busineEs or the
night session was to hear the state
ments of the Merchants Association Of
Virginia.
w. ii. schwarxschild. chairman or
the legislative committee Of the Mer-
chants Association. said he and his
associates were present To protest
against the recommendation " the
State Advisory Board on. Taxation for
sIf incrcaee. He fftfi presented -. -.
Ryland. OF LynchbuFg.
Mr.. RyIand declared there MAS no
desire TO evsde afly just taxes, and
that whenever there might be q shirk
err no would have lees sympathy isr
the association than outside. He said
that he was here TO make protest
against any injustice and 10 protect
themselves. He went into 4 careful
'anaiysis OF the varying rates OF taxa
ton on the several cIpssificattpns and
jndustries. He and others han hoped
that II there was any change IN thu
rate that III would S. siownNard, He
saSe the 6xafes 0f The decrease mi
"a 1f fs ss s{i