The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-06-13
Laboring Classes Pay the Larg'
est Share of the Heavy
Assessment.
ABOUT $25O,oOO IS INVOLVED.
Secretary Robert Tobin of the Hi.
hernia Savings Bank Makes
Plain Statement.

The semi-annual dividend to be paid the
10000 depositors in the local savings
hanks in July next will be nearly quar-
ter of million dollars less than the
amount received by them during the same
month of 1895.
This enormous falling off is due to the
excessive tax levy of the present year,
the banks being called on to pay nearly
three-quarters of a million more than in
1895. Last July the savings banks paid a
dividend ranging from ~ to AZ per cent.
January 1, 1896, this was reduced to per
cent, ana for the six months just ending a
further reduction of at least one-quarter
of 1 per cent is expected.
This means that the depositors-the
laboring class being most largely affected
will receive the smallest return on their
hard-earned savings ever paid in the his
tory of local banking.
Ten savings banks in San Francisco
have on deposit about one hundred million
dollars divided among 123, 900 people. On
some the loss viii be light, because their
accounts are small, but large percentage
will be sorely disconnected at the unex-
pected cut in their income.
"The enormous tax levy is principally
responsible for this reduction" said Rob-
ert J. Tobin, secretary of the Hibernia
Savings and Loan Society, last night.
Last year we paid to the City and County
of San Francisco $500, 900, and for the cur
rent year the assessment reaches the enor-
nous sum in round figures of $500, 600.
The rate, as is well known to every one,
jumped from 81 go to 81 %. The poorer
classes are the principal sufferers because
of the obnoxious law which subjects money
to taxation.
Here we are called on to pay $500, 900
more than in 1895. That year we paid
dividend of AZ per cent. 1t is impossible
at the present time to say what percentage
will be paid in July-possibly 4, and it
may be a great deal less. In any event
the man who earns his money by the
sweat of his brow is the real sufferer The
rich are able to eYade the law by kiting
their accounts from bank to bank, or
else doing business in another State.
OF course these methods are not
strictly honorable, but it saves taxes
and that is about all many of the present
generation seem to care for. Even if saw
ings banks were inclined to do wrong
there Is no way in which fraud OF the
kind mentioned could be successfully
carried out.
1.-THE result is seen, therefore, in the divi-
dend about to be declared. The poor man,
the fellow who saves few honest dollars
by hard toll and sacrifice, is practically
doubly taxed. The pilferers, however,
have fixed the levy, knowing that these
people would be called on to bear the bur-
dens, and they must perforce accept the
situation gracefully.
1--WE hope to pay a per cent dividend,
though it may be considerably less; no
man can tell at present just what 1t will
be, though the outlook is not encourage
ing"
The Hibernia Savings and Loan Society
is the largest institution of its kind in the
City. 1t has about $31 10000 on deposit
and nearly $4,000 depositors. What is
true of this institution in the matter of
taxes and decreased dividends applies to
every savings bank in San Francisco.