New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-04-28
LOCAL MISCELLANY.
r.v1vc FOREIGN CAPITAL.


c,v,n,AN AND CALIFORNIA BANKS WITHDRAWING
yur1p LOANS on ACCOUNT OF STATE LEGlsLA-
TON. Ill,
The recent passage by the Legislature OF Pill
taxing foreign capital employed IN TINS o late Ias
Srbich tbe hill is likely tc affect meeting OF hne
agents Of Canadian banks doing business III t .S
CITY was held yesterday morning AT tu JIM 20, hv
Re1k If Montreal. That bank was represented py
its president George stephen. General Manager ,i
Smthers and its NewYork agents Waiter Maitt s;Hhb
and As5SR&ss b Lang Iant tSs bn4 MeTSv the
Merchants' Bank, OF. Canada by Henry H Hage9'
the Canadian Bauk of CommereS by o. o. wbcR Is
supposed to be affected equally with tne CaIt Of
banks by its agent George L. Brander Inc result Of
the conferences was the %o Gal 600 600 The agents
of the Bank of Montreal called IN SI.IoHY%uUI Of Of
the Nevada Bank $3.50 900 OF the i'rltSn I ,11 o
onnnnts II is the intention of the officers toc III
similar amounts to-day and psrnaps 70 Ioo viii
this course until the loans shaI are 81 t6n hanks
drawn entirely from the market some o or funds in
had already decided to Withdraw tuG,I i i'll,
view of the hostile legislation and the br',s niH
of North America particularly nag Dee' re t ,be
its loans for Two or three weeks. 1heIe was ~ guy
meeting no vigorous opposition TO the pioPVVSSeu
One S or t s%S oS%tod that the plan had
prcat advantages, because it gave the banks an
Opportunity to purchase foreign exchanges "' 10"
rates and to retire their loans gradually. ,ho
The total amount of these loans BY 1oreSn n 9anKS
was estimated to be from S23'Ot1 ~ HANKS ks
Of Canada compiled from returns furnishes 20 'o
Auditor of Public Accounts the balance uu O. i foI
other banks agents not ~ Boo 0anada VIZ eb b
ss03 o42 207. The amount for March has nor pe e
gven. This sum is supposed to represent larry .e
OF Canadian bank eaphf e am use Of tie
Nevada Bank of San Francisco, ana OF me DaI 4 VI
California, the Credit Ly0nnalse anu ine II =
Kong and Shanghai Banking Corporation. IL rs Is
not certain that the law applies to c0mmerclal
companies like the Netherlands trading Coinpa ny
The three last-named companies t3ok no P r' III
inoLs SSHIV the Governors signature to become
efccfive are said by the counsel OF th9 foreign
banks to be somewhat indefinite. IL reauS Us Aoi'
lows: " ,,.,, !, Che
State of New-York merchants bankers OF
Heiher specia or otherwise, and resident OF TINS SIaT
shall be assessed and taxed on al sums uSer money
pr credit the same II they were residents Oh aF
State and said tax shall be collected from c6o bev sen
re rho hill should become law it is said that The
foreign banks will withdraw tnelr hnui s s
ago when foreign banks were taXeH unuel Io Id %
of 1855. the Court of Appeals decided IN IavSr %
1 Wn S1nN II. EVarts in behalf of the banks
while the present bill was before IN.
Joint Commits anbtS for eaTnS and It is under
stood that Nv Evarts had been engaged 10 ap1ca
in opposition to the bill. The committee refused u
Nv both branches of the Legislature. Counsel 70
the banks left tho city, last evening 10
Albany, and conference with GGVeEnoi 10 tI
will he held to-day Tie agents OF the torelgr pa
EXPRESSED Yesterday willingness TO pay lnS Yh'
fixed tax, but they declared that the proposed la'
mp0sng Mnd foPeg heM 4 out Of SewYo
The amount of the tax would exceed the prohls Q
the business They were willing &c pay ,a ;be {"
revenues or on capital that might be gwen tnei
nv fbe parent institution, but the proposed tax wa
excessive, and, in iact' prohlOlllVe'