772 



UNITED STATES OF AMERICA. (NEW YORK.) 



Edgar M. Cullen and William E. Werner, who 

 are judges of the Supreme Court, sitting in the 

 Court of Appeals. 



The term of the State officers is two years. 

 They are elected in November of even-numbered 

 years. The Legislature meets every year in Jan- 

 uary. 



Finances. The State debt on Sept. 30 was $10,- 

 075,660, and the sinking-fund $1,866,526.94, leav- 

 ing the net debt, exclusive of interest (to be paid 

 by the usual annual appropriation), $6,633,473.06. 

 The appropriations made in 1901 for all purposes 

 were $22,307,608.75, the lowest since 1896, a de- 

 crease of $1,600,000 over the figures of 1900. The 

 principal receipts from indirect sources were as 

 follow: Tax on corporations, exclusive of organ- 

 ization tax, $4,966,680.93; tax on transfers, $4,- 

 084,606.87; liquor tax, $4,197,858.72. In the 

 Corporation Tax Bureau there has been an in- 

 crease in the last decade of 200 per cent, in the 

 number of corporations taxed, and an increase 

 of 147 per cent, in the amount collected. More 

 than 6,000 corporations were taxed in 1901, the 

 receipts from them having been nearly $5,000,000, 

 and the cost of collection but 0.6 per cent. Of 

 the collections this year, $2,104,132.42 was re- 

 ceived from savings-banks and trust companies 

 under the new law. The receipts from taxable 

 transfers were the greatest since the passage of 

 the original act, with the exception of the prece- 

 ding fiscal year, when about $250,000 more was 

 collected. It will be remembered, however, that 

 the year 1900 was remarkable for the payment 

 by one estate of nearly $2,000,000. The number 

 of estates paying a tax in the past fiscal year 

 was 3,059, and 368 of these were of non-resident 

 decedents, whose estates paid a total tax of 

 $595,594.06. The holdings of State lands in for- 

 est preserves amounted, on Oct. 1, to 1,372,000 

 acres. About $1,250,000 was expended for main- 

 tenance of the House of Refuge for Women, at 

 Bedford, and the Hospital for the Care of Crip- 

 pled and Deformed Children, at Tarrytown, dur- 

 ing the first year that these institutions have 

 come under the care of the Comptroller. 



The State tax of 1902 was the lowest in the 

 history of the State, -^ of a mill, practically a 

 total abolition of the direct tax, for if there had 

 not been a constitutional provision compelling the 

 payment of the canal-debt interest out of the 

 money raised by direct taxation there would have 

 been sufficient money to pay that also and leave 

 a large surplus. The amount to be raised by the 

 canal debt was $748,071, based on the present 

 State valuations and taxing them at -j^ of a mill. 



Valuation. The State assessors during the 

 year were J. Edgar Leaycraft, George E. Priest, 

 and Lester F. Stevens, each of whom receives a 

 salary of $5,000. According to the report of the 

 Board of Equalization, the tax levy for the year 

 beginning Oct. 1, 1902, was as follows: Albany, 

 $11,350; Allegany, $1,881; Broome, $4,268; Cat- 

 taraugus, $3,021; Cayuga, $4,205; Chautauqua, 

 $4.095; Chemung, $3,263; Chenango, $2,032; Clin- 

 ton, $1,198; Columbia, $3",055; Cortland, $1,528; 

 Delaware, $1,853; Dutchess, $5,641; Erie, $39,244; 

 Essex $1,276; Franklin, $1,387; Fulton, $l.S(i!>; 

 Genesee, $2.995; Greene, $1,642; Hamilton, $376; 

 Herkimer, $2,669; Jefferson, $4,195; Kings, $98,- 

 613; Lewis, $1,220; Livingston, $3,316; Madison. 

 $2,000; Monroe, $17,726; Montgomery, $3,222; 

 Nassau, $3.554; New York, $378,138; Niagara, 

 $5,120; Oneida, $7,289; Onondaga, $13,488; On- 

 tario, $3,737; Orange, $5,428; Orleans, $U):?(i; 

 Oswego, $3.421; Otsego, $2.686; Putnam, $929; 

 Queens, $13,387; Rensselner. $9.158; Richmond, 

 $6,814; Rockland, $1,882; St. Lawrence, $4,241; 



Saratoga, $3,292; Schenectady, $2,691; Schoharie, 

 $1,398; Schuyler, $869; Seneca, $1,912; Steuben, 

 $4,033; Suffolk, $5,663; Sullivan, $755; Tioga, 

 $1,685; Tompkins, $2,046; Ulster, $3,331; Warren, 

 $973; Washington, $2,319; Wayne, $3,295; West- 

 chester, $19,597; Wyoming, $1,880; Yates, $1,353. 



Taxation. The Board of Tax Commissioners 

 reported to the Legislature, on Jan. 29, that " it 

 is probable in the current year it may be unneces- 

 sary to prepare an equalization table, as it is 

 anticipated that the constitutional requirements 

 of a small exaction for canal bonded indebted- 

 ness may be satisfactorily provided for without 

 any direct tax levy." This will permit the State 

 Board, in its annual conferences with the local 

 assessors, to pay more attention to equalization 

 between tax districts and to give instruction to 

 assessors as to local duties. In 1902 the Tax 

 Commissioners made 3,953 separate valuations 

 of special franchises, aggregating $268,017,770, an 

 increase over the previous year of nearly $12,000,- 

 000. On these valuations 164 writs of certiorari 

 were issued, against 221 writs in 1901 and 278 

 writs in 1900. 



Banks. The superintendent's report on the 

 condition of savings-banks for the year ending 

 June 30, 1902, shows that these institutions hold 

 $1,051,689,186 for depositors, which is an increase 

 of $64,067,378. The aggregate resources of tie 

 savings-banks is $1,167,683,337, and the amount 

 of their surplus, figured on the market value of 

 their stocks and bonds, is $115,540,560, which is 

 less by $1,434,686 than on July 1, 1901. This de- 

 crease is believed to be due to a decrease in the 

 estimated value of real estate, including banking- 

 houses. The surplus on the par value of stocks 

 and bonds is $69,737,600, an increase of $4,013,- 

 953. The number of open accounts increased by 

 99,871. The business of the banks shows a slight 

 net loss in the ratio of growth. The total 

 amount deposited was $290,840,380, which was an 

 increase of $14,523,199. The amount withdrawn 

 was $259,674,822, an increase of $16,503,185; thus 

 the net result shows a greater gain by $1,979,986 

 in the amount withdrawn than in the sums de- 

 posited. The figures show an increase from $32,- 

 606,746 in 1901 to $34,189,610, or $1,582,864 in- 

 crease in interest. 



Insurance. The annual report of the Super- 

 intendent of Insurance shows that the gross as- 

 sets of life-insurance companies doing business in 

 New York on Dec. 31, 1901, were $1,879,624,546.08. 

 Of this amount, New York State companies have 

 $1,139,511,409.27, an increase of $97,193,577.38. 

 The total liabilities of the companies, excludire 

 gross surplus of $159.718,603.04 and specif 

 funds of $148,283,050.71, are $1,571,622,910.33. 

 The liabilities of the New York companies, as re- 

 ported, are $934,947,900.42; companies of oth.jr 

 States, $636,675,009.91. For New York com- 

 panies the gross surplus (including $3,290.0ou >f 

 capital) is $93,082,679.89; special funds, $11 1,48(1,- 

 828.96. The aggregate receipts of New York com- 

 panies were $260,186,737.57; other States' com- 

 panies, $177,748,732.40, making the gross receipts 

 $437,935,469.97. The net excess of receipts over 

 disbursements for 1901 was $150,754,424.51. The 

 total premium receipts for 1900 were $316,84( 

 293.11; for 1901, $349,186.052.11. The dHmr- 

 ments of the year were $287,181,045.46. In * 

 $135,674,468.11 was paid for claims, $23,907,411 

 for lapsed and surrendered policies, $23,81 l.iUS.ii'2 

 in dividends to policy-holders, $736,312.60 in divi- 

 dends to stockholders, $49.970,852.49 for commis- 

 sions, $25,123,885.91 for salaries and medical ex- 

 aminers' fees, and $27.956.465.88 for miscellaneous 

 purposes. This classification shows that $183,39:J f - 



