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71). The principal case is cited with approval upon another point in Matter of Clason (5 App. Div., 508).

The term “real estate” under the Revised Statutes was for some purposes held to include chattels real, and this provision was re-enacted in the Real Estate Law, section 240, and estates for years are defined as chattels real. (1 R. S., 750, sec. 10; Real Estate Law, sec. 23.)

The statutory provisions contained in 1 R. S., 722, sections 1 to 5, referred to in Trustees of Elmira v. Dunn, supra, have been substantially re-enacted in sections 20 to 23, Real Property Law, and the statutes and authorities in this State, therefore, seem to authorize an assessment to be made to the person holding the lease.

CONCLUSION.

It may be well said that the method suggested leaves many questions to be determined by the Tax Commissioners, particularly as to the value of the good-will, conduct of the business and franchise to be a corporation, and whatever constitutes the value of the intangible franchise not taxable, which must be deducted. In no case is it

possible to adopt rigid rules of valuation for property, the value of which depends on so great a variety of elements, and such rules can only be general in their character and must be subject to modification in individual cases. A wide discretion is necessarily vested in the officers charged with the duty of fixing values, and absolute certainty is not possible under such conditions.

The language of the court in People ex rel. The Equitable Gas Light Company v. Barker (144 N. Y., 94 [103]), through Chief Judge Andrews, is applicable to the action of the State Board of Tax Commissioners under the present statute. He said: "In making inquiry and collecting the facts, they are not bound by the strict rules.

which govern ordinary judicial proceedings. If they act in good faith upon their best judgment, upon reasonable grounds, and they do not err in the principle of assessment to the prejudice of the taxpayer, their decision cannot be overruled."

George Lawyer, of Albany:

Mr. President, I offer the following resolution, and as the Corresponding Secretary-elect move its adoption:

"Resolved, That the salary heretofore directed to be paid to the Corresponding Secretary, pursuant to the resoAution adopted at the last annual meeting, shall be and hereby is discontinued, and the same amount appropriated annually for the Secretary of this Association, to be paid by the Treasurer upon the order of the Chairman or Secretary of the Executive Committee."

The motion was seconded and the resolution adopted.

George Lawyer, of Albany:

I offer the following, and move its adoption:

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Resolved, That the President for the ensuing year appoint a committee of eight, one from each judicial district, to nominate officers for the year 1901.

The motion was seconded and the resolution adopted. The Secretary:

I am requested by Mr. Jones, Chairman of the Executive Committee, to present the following:

"The Executive Committee recommend that, following the suggestion contained in the report of the Nominating Committee, concerning the retirement of Mr. Proctor, that the Secretary of the Association be requested to communicate with the members upon the

subject, to the end that a substantial recognition of his services may be realized."

E. T. Lovatt, of New York:

I wish to offer as a substitute the following:

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'Resolved, That the Executive Committee be, and they are, hereby authorized to draw upon the treasury of this Association for such sum of money as they may deem proper, as a gift to its former Secretary, L. B. Proctor, in view of his valuable services rendered to this organization, and of his advanced years."

F. M. Danaher, of Albany:

As I understand, the Executive Committee have considered the question as to whether the substantial recognition should come from the Association proper or should come from the individuals who compose it, and have quite decided it should come from the individuals and not from the Association.

I do not believe they are going to change this decision, unless there is a direction from this meeting that it be done. I believe we should do something for Mr. Proctor, but leave it to the judgment of the Executive Committee, and if you want to direct them to give him a sum of money out of the treasury, do so.

Mr. Lovatt:

I will have my motion include that. My resolution means they shall be authorized to draw upon the treasury for such sum, not exceeding fifteen dollars a week, as in the Executive Committee's judgment they deem proper for this particular case.

H. J. Cookinham, of Utica:

I rise to second the motion of Mr. Lovatt. It seems to me entirely proper that, in recognition of the

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most excellent services that this very worthy man has rendered to this Association, we should at once heartily grant to him such recognition as will be of substantial use

to him.

The resolution was adopted.

Jeremiah Keck, of Johnstown:

Mr. President, I move a vote of thanks be extended by the Association to the gentlemen composing the Committee of Arrangements who have performed so well the arduous duties assigned to them.

The motion was seconded and carried.

Mr. Lovatt:

May I ask what committee it is that arranges the program for papers, reading of papers, etc.?

The President:

That work is assigned to the Committee of Arrange

ments.

Mr. Lovatt:

I offer the following resolution, and move its adoption: "Resolved, That the Committee of Arrangements for next year, be requested that such papers as shall be prepared by the parties selected, be printed and mailed to the members of this Association at least two weeks before it convenes."

We have had, at this meeting, very able papers, but have spent two days listening to the reading of them, with no time to discuss a single question in a single paper. To adopt the resolution offered, would start up an interest and give us a chance to have a friendly discussion of matters contained in the papers, in which

everyone could take part; it would add interest to the session, if that could be carried out. We would have a full chance then to read the papers, know their contents, and be able to present views in regard to them. The authors of those papers, being present, would be allowed to participate in the discussion. I made the same proposition three years ago; it was then thought inexpedient for one reason: at that time you hadn't adopted the practice of printing the papers in your minutes; now our 1899 minutes have all the papers, even including the banquet matters, in full, and that suggestion, which was against my motion three years ago, is now out of the way. They can be printed, and, so kept, they can be incorporated in our minutes, without any extra expenses, save the few hundred copies and postage that would be required to send them out. I promise you that for the next session, if this reso lution shall be adopted, you will have here a larger attendance, and you will have here a much more interesting time, because we come prepared. Take the paper presented by my friend, Professor Bostwick, who of us is able to take it up, although we may differ with some of his suggestions, and discuss it? We couldn't do it intelligently, but if we have those papers before us a couple of weeks beforehand, the lawyers will examine them and digest them, and something practical will come out of it. I believe if my motion is carried, it will make a great. difference with the 1901 session.

A Member:

I second that motion. There should be incorporated with it the report of the Committee on Law Reform.

The President:

Do you make that in the form of a suggestion or direction?

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