New-York tribune., 1901-06-03
STATE AND NATIONAL BANKS.


Of state AMI national banks throughout the United
states. IN, existing system has grown out of
BANKS IL invested and the provisions Of the rS
tional banking act Ucruittng the taxation Of ma
tioHal bank shares in tho hands OF individuals
rate not greater than thar at which other mnreyed
capital a the hands OF indivduais is faxed (Naton-
al Bank act, lN6t Section IL In Massachusetts
and m. hank rIvs a lax i'm rehoIf nf th4 share
holders a. the average rate FOR State and local pur
poses ON the market value OF the shares. less pro-
portonats deagction for real estate separately as
the REGULAR rate for state a9d local purposes eies
a t9N Of per cent iG- local purposes an the value
tai stock surplus aut undivided profits. and the
tax is paid by the bank IN behalf OF the share
% ~ 'r, PGCih ~ ny com, a' an me artpnI vsb,a
stock paid ir. surplus and undivided profits The
hGaers T Is pH In = @ s % tho nx On both % rea @
tate and shares is fo- local purposes only. Share
actual value Of their shares less proportionate
rately assessed. Only the tax on the shares ~
non-resldcnts Of the state is paid by the bank and
charged 10 the holders.
TRUST COMPANIES
In New-York the real estate of trust companies
pay "a state taN of ! pcr cent ON the amount of
Massachusetts and P"nnsylvauin. in addition to
the taxes To which general business corporations
subject, they pay taxes property held in
trust. i'm Massachusetts they are taxed at the
average rate of taxation throughout the State
trust that would be taxable II in the hands Of an
Individual trustee. and az threc-quarters of this
average deposits that held subject to
withdrawal on not less than days notice. In
cent ON certain eta2ities held in trust and an i
posts bearing u lntrrtSt @ IN Mew.Jtrsey tney, IKE
banks are taxed for Local purposes only The real
estate. are taxed at the local rate.
SAVINGS BANKS
Mutual savings banks are confined almost exclu-
syely to to the New England ana @ Eastern States
estate. they pay tax on deposits. surplus or
York follow the plan of exenpting depostors and
levying tax At low rate on the deposits
Plus. or both deposits and surplus OF the bank In
Maine the rate is Seven-eighths OF per cent and
in Rhode Island two-hfths of | per cent ON both
deposits and surplus in Connecticut il is one-quar
ter Of per, cent ON deposits: in Massachusetts.
seven-tenths of per cent on deposits; in New
Hampshire; three-Guarters of I per cent on de
Of surplus and undivided earnings In ali these
states except New-York real estate separately
taxed is deducted and there usually other de-
auctions. In Massachusetts loans on mortgages
mutual savings banks pay tax of two-hfths OF
per cent on certain kinds, OF mortgages and
earnings or income. Depositors liable to a tax
spoS bsnrIn ' interest savings banks in Ne% l
Jersey are taxed at the local rate on the fun
funds Invested in non-taxable mortgages and other
They are therefore taxable their deposits. but
the depositors are exempt.
INSURANCE..
In the four States insurance companies sub
iect To the taxes on real estate general
business corporations. In NewYOrk domestic life
and fire companies are subject to State of /
! per cent on gross premiums from business in the
State. In Massachusetts domestic life and fire
compa nies having capital stock are. like other
corpora tious. taxed at the average of taxa
ton on the market value of shares. less real
separately taxed. All domestic life companies also
nav State tax of one-quarter of Der ON the
net value of policies held by residents of the State
and mutual fire companies not subject the tax
on the market value of shares pay State tax of
/ per cent on gross receipts from premiums or
assessments received in all States, except those in
which they subject TO like tax In Pennsyl-
yania domestic life and fire companies pay the
sarae taxes as general business corporations. ex-
cepf that in the OF fire companies the tax
capital stock Is at the rate OF three-tenths of
per cent instead Of onehan OF per cent. In add.