New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-20
Real estate.

For the first time in the history OF this State
special Instructions have heen sent by the CEN
trail authorities of the State to all the local as
SCISSORS to reentessly hunt down every depositor
IN every savings bank in the state OF New YORK,
put him under oath and compel him to state the
amount Of his deposit in the bank so it can be
taxed over per cent. and in some instances as
SCISSORS have been notified that they would be
indicted and criminally prosecuted If they failed
In the performance of their duty according to
their oath Of Office. 7
This is certainly cheerful prospect for the
depositor In a savings bank who at most. gets
only per cent interest on his money, and VINO
VIII have TO pay per cent OF 1t per annum 10
the assessor, leaving him net per cent IN
come. Investments made in the Cass Realty
Corporation by the deposltors will realize u per
cent net. The Corporation pays the taxes on lts
property and individual investors are not as
sessed at all on the amount OF money they have
with the Corporation. The savings banks do not
pay the taxes on deposits in the bank, but nave
made the laws so that each individual Is COM
PEELED to pay the tax on the amount he mas In
the bank.
Heretofore the assessors have not collected
this tax except in special instances. but. begin
ming with this year. as we have stated apoNe
the assessors have been especially lnstIucteu ~
hun; the State over for savings banK dep"sitots
and force them under oath 10 state 'he aio rr,
of such deposits in each indlVidual case ing
real reason for this rigorous enforcement OF the
law against people of small means is pecause
the rich men have been SO successlu III e,uuiiis
their taxes that to collect enough money 10 run
the State and municipal governments the say
ings Of women and children and rainy IA! lunus
of the poor must be hunted down that the eA-
penses Of a reckless ana eNuaNae""' e'
ment may be met ..o ;r.arast
On Monday, July 49, much OF the i nv s
paid by savings banks which was due tne 9 az
positors July will be payable, anu smes1 ana
positors can then withdraw their principal ana
interest to invest with us. The idea OF nIiui's
back the interest money Tor three VIZ" eou an
July and not paying it July !, wheh II leil ~ ~,
| is to make depositors lose three weeks OF In
| tcrest on their money If they Withdraw IL. 10
offset this sharp practice the Cass heaity C ,,h
| poration will accept money during 'he iiG ;a
Of July and credit II, with interest as receiNeu
| July /. We will also receive the savings oalIN
| books Of depostors and collect their prihcipal
! and interest FROM the savings bank, II they SO
wish, giving credit for same as or July u anu
making charge for the service. .
Money invested in the Cass Realty corpora
tion Is much safer than in savings pank' ior
the reason that the money OF me lass H Is,anS
| Corporation is invested in Manhattan Island
high class real estate and in nothing else. prop
erty which is increasing steadily IN Vaiue an
| the time. while the savings banks nave the
| right and use 1t, Of investing peoples money IN
! more than a hundred different kinds OF securi-
| ties spread out all over the United States, on
! much of which they have already lost consldera,
| bic money, because these securities VIII not sell
| to-day for as much as the savings bank pald
for them -,
The splendid new twelve-story building of the
Cass Realty Corporation. On the norm sue o Oh
32d St, between Broadway and 9TH ave" is
about completed 1t represents an investment
of much over one-h half million dollars. and has
been rented in advance to one OF the nihonalres
of the city for 81 years. The title of the prop
erty, however. is in the name or the snarehoiu-
| ers Of the corporation. Thus. while the rentals
come in regularly for Il years 10 our shar',
holders, the increase OF the property as well
| during this long period belongs to them because
| they own it and have only rented IT, rms IN
| crease can be divided among the shareholders
| from time to time in extra dividends
Our shareholders constitute so large a body
| of people that it saves postage to address them