Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1893-03-08
Savings Bank Tax Bill.


ing The proposition taxing sailing vessels
on net incomes was reported legislation in
e1pedient. The proposition to assess no
poll taxes on soldiers will be reported I'M
fayorably.
Il VAS thought the committee would get
To final vote on the savings bank tax bill,
Two of the committee were absent. To the
consi leraiion of the others was presented
the bill given below. 1t is understood that
Messrs. Bracket. Scott, Lothrop and
Weeks signed the report favorable to this
bill, while Lane and Bradbury were against
it. Following is the bin
Sect. /. Every savings bank. institution
for savings. and trust and loan association
Incorporated under the laws OF the State
shall semi annually on the last Saturdays
of April and October make return signed
and sworn to by its treasurer OF the aver
age amount of its deposits. reserve fund
and undivided profits for the six months
preceding each of the said days together
with a statement in detail of its assets.
loans. investments nj the market value
thereof rs determined by the bank ex-
aminer and the deposits within and with
out the State in separate columns with ag-
gates so arranged rs to clearly show
whether the purchase or acquisition of each
item in such detailed statemant was prior
or snbseqent to January lst ls23. All as
sets. loans or inyestme nts made, purchased
or acquired from the proceeds of assets.
loans or investments held ON January ! st,
and thereafter, renewed. sold cr
paid shall be entered in said state
ment as acquired subsequent to said Janu-
ary LIST. Said returns shall he made to the
state assessors on or before the second
Monday of May and November and for
wilfully making a false return the corpora
ton treasurer forfeits not less than 500
nor more than $4,000.
Sec g The State assessors shall there
upon determine the values of the several
franchises of the said banks, institutions
and associations according to the following
rule From the average amount of deposits,
reserve fund and undivided profits so re-
turned BE- each bank, institution or associs-
ton there shall in each case be deducted an
amount equal the amount of United states
bonds, the shares of corporation stock,
such as are by law in this State
free from taxation to the stock
holders and the assessed value of real es-
tate owned BY the bank, institution or asso-
socia,ion an also an amount equal TO II
of such other assets. loans and investments
rs by said detailed statement appear te
have been acquired prior TO January l.
1893 and also an amount equal to one-teurth
of such other assets. loans AMI Investments
as by such statements appear to be loans OF
persons resident or corporations located or
doing business in this State, investments IN
mortgages on real estate In Maine. securi-
ties of this State public or private, bonds
issued or guaranteed by corporations To-
Gated or ioidg business 10 this State, sever
ally made. purchased or acquired since
January |, and also an amount equal TIC
one fourth the cash on hand and cash de-
posted within this State. Upon the vaire
of each of said franchises so ascertatne !
the State assessors shall Assess an annual
tax Of ene pr cent. one-half of said tax &c
be assessed on or before the fourth Mcnds'
in Nav and one half on or before the fourti
Monday in November. The State assessor
shall tllereupou certify said assessments I,
the treasurer of State, who shall forthwith
notify the several banks, institutions AM
associations interested.
See. 3. All taxes so assessed shall b.
paid sen,i-anualIy within ten days after th'
fret Mondays ia June and December. On'
half Of the sum so paid shall be appropriate
for schools in the manner provided for Ia
or hanks of circulation in sec. III, chap
II of the Revised Statutes, and one half t
the State.
See. l.. Sections 81 and C3, chap. 6 O
the Revised Statutes are hereby repealed.
Sec. 5. Shis act shall take effect wher
approved
lettings.
The legal affairs will report favorabl.
the bill making embexzlement . larceny.
The employers liability act was referre'
to a sub committee composed of Brown
Soldiers and Drew.
The committee on Insane Hospital dh
not include in their appropriation Of sli,
400 for the hospital the putting in Of cleo
tire lights.
The legal affairs committee voted ough
to pass on the bill exempting American eisi
zens who are blind from the provisions o
the hawkers' and peddiers' act.
That committee of conference on the In
sane Hospital met last evening, but n,
agreement could be had The three sena
tors we're on one side and the representa-
tives a the otbes il is understood.