Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1899-07-16
NEW YORK BANKERS.
In Session Hear Complaints Concerning
New York's Tax Methods
ALEXANDRIA BAY. N Y Julv I

ALEXANDRIA BAY, N. Y, July Is.
frank NJ. Eastman, of Harrisburg,
Pa, addressed the New York State
Bankers Association here to-day on
the Pennsylvania system Of taxation
for State purposes, with special refer
ence to the taxation of banks. He de-
scribed the taxation laws Of PennsyI-
vania at considerable length and Sc
verely criticised the methods of taking
corporations in New York State Re-
garding the remedy for alleged existing
evils in bank taxation, Mr.. Eastman
said: IF you contemplate agitating
change as / understand is the case /
would assuredly recommend to you
something like the Pennsylvania plan,
embracing the following features: Ex-
emption from all local assessment and
from al local taxation, except upon real
estate. State taxation by means OF
sworn reports made by you to State
officers of Albany, said officers to have
the right to examine your books and
papers whenever they may deem it nee
essary to verify your reports. The
rate of tax should of course be fixed
otherwise you would not only gain
every doubtful privilege of being taxed
on real values while other corporations
were taxed on assessed ones. You can
either impose the taxes as we do on
the aggregate of the paid in capital sur
plus or undivided profits, or you can
impose it upon the actual value of your
stocks as shown by the average price
of sales for a year or some similar
method. It seems to me that the lat
Z > i - no 70 nd
perhaps to all parties. Tax trust COM
panies precisely as you tax banks,
though | think we are quite right in
taking them at higher rate than We
tax banks, but you will probably do
we'll to limit yourselves to bringing
them up to your own basis OF taxa
ton"
Judge John R. Mcpherson, of the
United States Court, Eastern district OF
Pennsylvania, was the other principal
speaker at the morning session. His
subject was Suggestions Concerning
Taxation" Judge Mcpherson followed
somewhat upon the lines of Mr. East
man. He discussed the Pennsylvania
tax system infinitely and advocated its
adoption in case of a change in New
York's method. He declared himself
In favor of exempting banks from local
taxation except On real estate. He dis
agreed with Mr. Eastman regarding
taxation Of trust companies. maintain
ing they should be taxed under the pro-
posed statute higher than banks. The
franchise of a trust company, Judge
Mcpherson said. was more Valuable
than any other except those OF public
and semi-publie corporations such as
Transportation companies
At the Afternoon session w. s. Wit
ham, of Atlanta, Ga, addressed the
consention upon Branch Banks" Mr..
William was brought from the South
BY the New York bankers because he
is President of over twenty banks in
his State. He described the system up
on which branch banks were started In
Georgia He stated that these institu-
tons were all independent one Of the
other ard maintained that this was the
right method TO manage them. He
enumerated the advantages OF such in
stututions as follows.
There is no capital stock to pay tan
on, they increase the deposit OF the
parent bank. they save a considerable
amount of expense, they meet the po-
litical demands in keeping rural dis
tricts supplied with cash that would
otherwise be concentrated in cities II
IS almost impossible to create run on
these country banks"
Some discussion followed upon this