New-York tribune., 1899-07-15
STATE BANKERS MEET.
PRESENT SYSTEM OF BANK TAXATION DE-
CLARED UNJUsT-A CRITICAL PERIOD
ACKNOWLEDGEMENTS ACTION
TO RE TAKEN.

Alexandria Bay. N Y. July 1.-THE New-fork
State Bankers Association assembled for its sh.h
annual convention at Convention Hail. Aiexahuiia
Bay. this morning with l25 members from ali pa''s
of the State In attendance The convention was
called TO order promptly at 10 a. IN. by President
Charles Adait of Hornellsvllle The programme
for the first session included the annual message
by the president the reports OF the secretary ana
treasurer and the nomination OF officers Tor the
ensuing year.
The pivot topic OF discussion for the several ses-
sions is the present system Of bank taxation In the
State and the formation OF the lines OF attack
upon this system before the Commission. appointed
by Governor Roosevelt to suggest feasible modi-
fcatlons of the existing laws, The ADDRESS Oh
President Adsit was wholly devoted to this ques-
ton He said In substance that the present laws
were oppressive. prejudicial to sound and saie
banking methods, and that with the constantly
cheapening value of money to-day the banks could
not pay the present high taxes and exist and that
the time had come when fight must be made
He produced a complete and carefully compiled
mass of statistics and the sworn statements OF the
Bank Controllers Of the State TO show the unjust
ness of the existing laws and the load under which
the banks are struggling From these statistics he
showed that the average profits Of all the banks
outside of New-York City and Albany were Sis per
cent last year. and of the banks In these cities o2
per cent from which the taxes, amounting to ia
per cent must be deducted. This meant that the
smaller banks throughout the State paid one-haf OF
their profits to the State in the taxes. and the
larger banks of the metropolis nearly one-third.
The trust companies paid only one-third Of the tax
paid by the banks. which unjust discrim-
nation Mr.. Adsit said the banks OF the state
showed no appreciable change In fifty years. and
declared that present conditions demand a sweep
ing reform.
TO PROPOSE A NEW METHOD OF TAXATION.
The Council Of Administration of the Association
will lay these facts before the Bank Tax Com
mission ard propose that a system of taxation.
modelled after the Pennsylvania idea. OF Indirect
taxation which has proved successful. be adopted
In New-York. By this method the bank and the
customer share the without grievous burden
being placed upon either. This system. or modi-
fcation of It, will be insisted upon by the asso-
ciaton 1t is asserted that the banks have reached
a critical period, and there must be an alteration
In the law.
The report of the secretary. William l. Taber, Of
Herkimer showed a substantial increase OF mem
bership during the year The association now has
AL enrolled members representing over so per cent
of the National banks and private banking insti-
tutons of the State, and with It's subdivision into
groups each with It's working committee.
is the most completely organized association In the
State. The. report OF the treasurer George w;
financial condition of the association: The main
addresses before the convention Will be delivered
authority upon taxation In that State, and John r.
Mcpherson, former Judge Of the Tax court IN IN
tax laws of that State. lately appointed to the
United States Court of the Eastern District OF
The only candidate now in the field for president
Of the association Is Henry c. Brewster OF hoches
ter president of the Traders Naonaif BamE hnT,
accompanied by their wives. en)oyed water
ambe the famous Thousand ssn Isandbs Is; fG Se
Thousand Islands Yacht Club.