New-York tribune., 1900-01-26
MORTGAGE TAX DISCUSSED
SAVINGS BANK OFFICIALS CONSIDER
THE PROPOSED BILL-CRITI-
CISMS MADE.

Savings bank officials from various parts or the
State who comprise the Executive Committee OF
the Savings Bank Association or the state OF New
York met Yesterday afternoon in this city for the
purpose Of discussing the proposed legislation I'M
posing tax of one-haIf of per cent on mortgages
on real property. The meeting was held at the
Seamens Bank for Savings, and was attended by
]. Harsen Rhoades president of the committee;
Andrew Mills president of the Drydock Savings
Bank; william G. Conklin, secretary of the Frank
lin Savings Bank; Samuel r. Rainey, secretary and
treasurer of the Hudson River Savings Bank;
William c. Sturges, president of the Seamens
Bank for Savings; Mr.. Stone. counsel OF the
Onandaga Savings Bank; James M Wentz. vice
president of the Newburg Savings Bank; j. Howard
King president of Albany Savings Bank; Bryan
H smith president of the Brooklyn Savings Bank;
Robert S. Donaldson, secretary or the Erie county
savings Bank; Alexander E. Orr. president Of the
sub Rrooklvn Savings Bank and James Nc
Mahon. president Of the Emlgrant Industrial Saw
ings Bank
The gathering was private and lasted nearly
three hours and half The committee took the
proposed bill section by section and discussed all
its provisions In detail 1t said after the
meeting that while some of the members were in
clined to regard the measure favoraoly 1t was
the opinion of all that 1t should not be allowed 10
become a law in it's present shape. Mr. Rhoades
said TO the reporters as he leaving the meet
ing:
The committee has occupied Itself solely y VIII VIII
discussing the various provisions Of the bill WIN
eVery @ section of the new taxation bill and finally
decided, in view of the Importance and far reach
ing effects Of the measure to cal meeting +in Oh i
upon 1t. The date of this meeting was not nXea. 4
but the State organization will be called toseIher
in this city within the next two weeks.
Asked as to the general trend of the opinions ex-
pressed by the different members of the committee
upon the bill he said the discussion was not 80
much devoted to the merits of the measure as
whole as to consideration of its provisions. WINE
admitting that there differences OF views
voiced in the committee upon the principle under
living the suggested taxation Of mortgages he SAID
the committee was agreed that the bill as II was
now drawn up full of incongrultles' was 100
cumbersome and that the system Of collection as
laid down would prove too costly. In It's exist
ing shape he said it could not become a law
Prior to the meeting Mr. Rhoades in commenting
upon the suggested half per cent charge on mort
cages said it difficult to decide just What
attitude the association ought to take on the ques
ton He added
Savings banks must get the opinion OF counsel
to the probable effect OF TAX S on ~ IlSts S5s
turb the relations now existing between me mort mort
gageor and the moTtseg9e s on b,m 1he he must not
forget the advantage which may onset tne puIuer' @
In the first place ne is renewed ot c ban hen r. is
for him to determine whether the proposed eNemp-
tion clause of the bill will or Will not create i suGn
an Increased demand for mortgages as to enable
him to borrow his money at a lower rate than pgs
fore. This, in my opinion Is the man GuesuqPm. P5 ~
for mortgage loans in this State decreases, then
the rate of dividends must necessarily decrease
also Savings bank officers Will have TO declue
whether it is better submit to this tax than to
opnose the bill remain subject to the liability
tunitv has been given consider these questions
carefully the Executive Committee oI the & SaVlngs mss
Ranks Association of the State or NeW-Hork Will
be i'm position to Judge respecting the best course
to pursue.