The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-02-27
STATE s1r1Nas BANKs.
superintendent Kilburn Opposes the Ret
commentator That Deposits BE Taxed.

superintendent RiIburn Opposes the Rec
commendntion That Deposits BE Taxed.
ALBANY. Feb. 28.-Supcrintendent OF Banks
Frederick ID. Kilburn, In a report on savings
banks and trust companies, which he will ere
sent to the Legislature to. morrow night, OPP
poses the recommendation OF tho State Board
OF Tax Commissioner that savings bank de-
posts be taxed and suggests that that cOm-
mission might better propose a plan for coll
lectinR the tax upon property which Is already
subject to taxation. In criticising the Tax
Commission Superintendent Kilburn SAYS:
II have searched the report with care. but
vainly. for the slightest suggestion that effort
be made to bring any other personally now
exempted from taxation, or that Is any way
escaping such burden, to the payment OF
tribute to the 'taxgatherer, and an amazed
that this board should single out this one in
terest and seek to have S2,000,OO0 per annum
wrested from IL when the COMPTROLLER Of the
State declares that study and observation con-
vince him that not moro than 3 PER cent. OF the
personal property in the State Is assessed.
The Board OF Tax Commissioners has no void
to say upon the question Of bringing brewing
companies under those provisions OF the Corr
p~oration Tax law that apply to electric light
ing. gas and water companies, 80 that they
should contribute S5OO.OO0 more yearly to the
Nbi NiVucuAJ nv W." ~"
bankers ought to be required to nay some fee
annually in the nature Of a license tax and
ignores entirely the question OF declaring
f nsnSatise re-, real nE PT9IGeSTty' IN In order th 69 w G3i%b,
splendid profits are realized. may be rendered
70 the public. II l. not the province Of the
%lation. and | desire expressly to Ilsclalm any
intention to be understood ms. even indirectly
ideas here listed. They are cited solely to
emphastze the inconsistency OF the attitude
assliIing the policy Of tax Immunity for the
savings. banks while disregardinR the exemp-
tio Ion, which so many other Interests enjoy.
inga banks OF the State on Jan. /. 1870, waa
Ss16. l443 e7: and the total resources OF the
their surplus S~i0B.s6s.G53. The increase in
the AMOUNT dne depositors during The year
9l7. and in surplus S~4.47O.430., Of the gain in
deposits S20.527,56 was made in the period
the six Sah months 80 f s11y' J ahg t. 2JJa aSuSTyl Il Tb IN
with that made in 1897, but in each Of the two
about four millions less during the past year
than was made the preceding rear. which in
banks to the depositors in 1893 more nearly
approXimating their earnings than was made
eP nSd' e6 rHs n to- q tot Gt Gne1 7 ,s sfS9g2tS In IN
1897 the increase in the number of open ac-
Deposits in excess Of n legal limit are be-
ing driven out by many banks, restrictions are
enforced to discourage Investment deposits by
men OF affairs. and effort is becoming steadily |
more general and determined to make the
banks as exclusively as is practicable the SER
wants and agents of the classes for whose BEN
eft they we're chartered. and on whose account
the special exemptions and privileges which
they enjoy were enacted"
In 1891. the report says, the resources OF the
state Trust companies increased nearly $780,
OOO,OOO and in 1888 there was a further gain
of $40. 800. 900. At this rate but IA few wears
would be required for these organizations to
outstrip even the savings banks in the aggre-
OF their resources. Tho interest. profits
and commissions earned by the trust com-
nanies during the year were S23.641 $50. and
their expenses SS.SO0.293 for interest on de-
posits, S3,665. 1898 for general expenses AMI
S455.557 for taxes. The dividends declared
by them were S4.4O1. 5OOand nearly $4,000. 600,
of new subscribed surplus, was
added to their surplus account.
Superintendent kilburn recommends that
the minimum amount of capital a trust COM
should he required hereafter to have be
Increased from 100000 to $500 900. He is
opposed to the bill presented in the Legisla-
ture authorizing savings banks to invest in
the bonds of railroads in certain States out
side OF New York. He is also opposed to tho
bills introduced In tho Legislature requiring
savings banks to publish periodically a list OF
accounts. He says that the aggre-
gate OF such accounts does not exceed Sl,5OO.-
NO. which embraces accounts that have not
been disturbed FOR twenty years. and he Is
that the sums held by the savings
banks of New York which will never be called
for are small.