New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-04
Real estate.

The taxing authorities Of the State OF New
York have issued circular to all the assessors
Of the State urging upon these assessors 'ne u'e
Of every effort to discover personal Piope"'
like savings bank deposits. for purpose VI ."""
ton. The Attorney-Generai OF tne n 90
New York has rendered an opinion tnat an saN
ings bank depositors are subject 10 49, 10.
the regular rate (about per cent?. ana tnat oe,
positors in savings banks may De eNaiiin ~.
under oath and be compelled 10 uIsciose ~ hns
assessor the amount OF such deposits. lie mas
aIso rendered the decision that the managers OIL
the banks are not liable for the tax, put inc
same must be collected from the depositors
only. ., hoforo
the neople of the State Of New-York than thus
matter of taxation OF savings pank aePos''s:
The amount Of such deposits IN the Ill 30 30
New York Is about three-quarters or pllloh vi
dolIars-s72O 900 OO0 2 per cent on this vast sum
equals S14,4OO,OO0. This Is the enormous an
nual sum which the managers OF savings pahs
have thrown off their own shoulders on " .ne
backs OF individual depostors ana VINO, WIN
the small interest allowed them on thelr ue
posits, unable TO bear IT, !heIe are i',Iv'
90 savings bank depositors In the State Oh view
York-over one fourth Of the popuiation1sanm1
their accounts do not average much over 9fVo
each While the rich, with thousands anu
millions Of dollars OF personal property IN Costly
furniture. equipages. stocks ana pohus i,o'ea
and mortgages swear off their taxes, or te re q
legal residence out OF the State. or employ EN-.
fent counsel to successfully evade the payInen.
~
OF revenue thus caused by an assessment OF -
on every 500 each year on every man, woman
and child in the State who has saved up iil.Ie
money for a rainy day and put II In saVires
bank more iniquitous proposition was
never before formulated in the State OF New
York and this is saying good DEAL instead
OF enforcing the law. 1t should be repeaied at
once.
Tn the financial world two thirgs are notice
able: one is that scarcely a day passes without
the papers recording the failure OF some savings
bank In some part of the country. the other'
that scarcely day passes that the papers 10
NOT record some real estate transaction on Man.
haitian Island showing a profit IN lew years
all the way from % to 100 per cent. upon orig
inal investment The hrst indicates tnat tne
savings bank business is not on SOUND OASIS.
and the second proves that Manhattan Island
real estate has successfully Withstood the re,
duction Of value common to every other Kln9
of property in the past five or ten years, ana
scores steady advances without regard to the
strngency Of the times.
The Cass Realty Corporation invests its funds
IN Manhattan Island improved. rent-bearing real
estate and nothing else The reason 1t has
prospered while many other businesses nave
languished during the past ten years Is because
its single kind OF investment has steadily IN
creased In value.
The property of the Cass Realty Corporation
has been purchased while times have been very
hard and while values have been very low.
Many people think that the country Is now at
the beginning OF better days financially, ana no
one doubts that Manhattan Island real estate
will be the very first to respond to the influence
Of better times and higher prices. and II TINS DE
so the investors in the Cass Realty Corporation
will have earlier and more substantial reasons
to rejoice at the dawn OF new prosperity than
any other large body of business men ana
women in the country. In the meantime their
property pays a handsome income and steadily
improves in value.
These advertisements have recently been espe-
ciay directed to depositors in savings banks, .or
the reason that these depositors have now
reached one Of the semi-annual periods when
they can get out OF the savings bank without
severe losses In accumulated interest; and IN
addition 10 the reduced dividends and interest