The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-03-08
SAVINGS BANK BILL
To Be Reported in Modified Form
This Morning.
FULL TEXT OF THE BILL TO BE
SUBMITTED.
Adverse Report on Taxation Of Vessel
Property-Conference Committee Can
not Agree-The Druggist Biil-Other
Business.


not Agree-The Druggist BiIl-Other
Business.
Especial to the Press.]
AUGUSTA, March THAT provision so
dear to the hearts of the promoters of
the original savings bank bill is retained
in modified form in the new draft of
the measure acted upon by the taxation
committee this evening. The new bill
makes determination in favor Of Maine
investments, but limits it to investments
made in the future. There were eight
of the committee present to-
night, of whom four-Messrs. Bracket
Scott, Lothrop and Weeks-favered the
bill. Messrs. Lane and Bradbury op-
posed it and Messrs. Roberts and Dear
ing did not vote. The bill will be re-
ported in the morning. 1t is as follows:
Sect. Every savings bank institu-
ton for savings and trust and loan asso-
Citations incorporated under the laws of
the State, shall, semi annually on the
last Saturdays of April and October,
make a return signed and sworn to by its
treasurer of the average of the amount
of it's deposits, reserve fund and undi-
vided profits for the six months pre-
ceding each of said days, together with a
statement in detail of its assets, loans,
investments at the market value thereof
as determined by the bank examiner and
the deposits within and without the State
in separate columns with aggregates SO
arranged as to clearly show whether the
purchase or acquisition of each item
in such detailed statement was prior or
subsequent to January /, 1893. All assets,
loans or investments made, purchased or
acquired from the proceeds of assets,
loans or investments held on January
1st and thereafter renewed, sold or paid
shall be entered in said statement as ac-
quired subsequent to said January 1st,
Said returns shall be made to the state
assessors on or before the second Mon
days of May and November and for will
fully making a false return the corpora,
alton treasurer forfeits net less than
$500 nor more than 5000.
Sect. 2.-The state assessors shall
thereupon determine the values of the
several franchises of the said banks, in
stitutions and associations, according to
the following rule: From the average
amount of deposits, reserve fund and I'M
divided profits SO returned by each
bank, institution or association, there
shall in each case be deducted an amount
equal the amount of q. S. bonds, the
shares of corporation stock such as are
by law in this state, free from taxation
to the stockholders and the assessed
value of real estate owned by the bank,
institution or association, and also an
amount equal to one-fourth of such other
assets, loans and investments as by said
detailed statement appear to have been
acquired prior to January 1, 1898, and
also an amount equal to one-fourth of
such other assets, loans and investments
as by such statement appear to be loans
of persons resident or corporations To-
Gated or doing business in this state in
investments in mortgages or real estate
in Maine, securities of this state public
or private. Bonds issued or guaranteed
by corporations located and doing bust
ness in this severally made, purchased
or acquired since said January 1st, and
also an amount equal to one-fourth of
the cash on hand and cash deposited
within this state. Upon the value of each
of said franchises so ascertained the
state assessors shall assess an annual tax
of one per cent, one-half of said tax to
be assessed on or before the fourth Mon
day in May and one-hah ON or before the
fourth Monday in November. The state
assessors shall thereupon certify said as
sessments to the treasurer of the state,
who shall forthwith notify the several
banks, institutions and associations in
terested.
Sect. 3-All taxes so assessed shall be
paid semi-annually within ten days after
the first Mondays in June and December.
One-half of the sum so paid shall be ap-
propriated for schools in the manner
provided for tax on banks of circulation
in section 1T, chapter IL, Revised
Statutes, and one-half to the state.
Sect. 4-Sections 81 and IS and chapter
6, Revised Statutes, are hereby repealed.
Sect. 5-This act shall take effect when
approved.
Adverse Report on Vessel Taxation.
The committee will report adversely
an the bill to tax vessel property on net
earnings and on the bill to exempt old
soldiers from paying poll tax.
Agree to Disagree.
The conference committee on the Ban
gor hospital met tonight and agreed to
disagree. Another committe may now
be appointed or the matter may die be-
tween the two branches. The committee
on the present hospital this afternoon
voted to recommend an appropriation of
50, 400 to renovate the three dipthe
retic wards and $1,000 to make repairs
on the front Of the main building. The
resolve appropriating $4,000 for electric
lighting will be adversely reported.
Partition of Poland,
The committee on towns will report
six to four in favor Of the parti-
ton of Poland and SO history is likely to
repeat itself. Messrs. Wood, Clark,
Mitchell, Beedle, johnson and Merrill
sign the majority report.
Legal Affairs Reports.
+ The legal affairs committee will report
A ,n1@t<a oS%S