Omaha daily bee., 1902-12-06

of the bank was one Of 5 per cent in July
last, which would indicate 10 per cent a
year, but the average for ten years past
had been but 6 per cent. He said he
wanted the assessment Of the bank reduced
to 100 cents, but that as it had been placed
by the tax commissioner it represented
$S7, 900 more than there was involved In
the business.
Mr.. Davis said It was fair to presume
and 1t was true that any banks assets
were not worth 100 cents on the dollar.
The banks of this city, he said, had been
paying Ave times as much in taxes as they
should.
Mr.. Drake, speaking on the subject of
over-assessment of banks, said that last
year Mr.. Fleming had said the assessment
was to be made on the basis Of 40 pen cent
Of the true value Of property, and after
some negotiations with the Board Of Re-
view at that time the banks had agreed
to a certain schedule Of assessment. 1t
was then found that the bank assessments
were from 200 to 300 per cent higher than
those of any other class Of business con-
Germs. He referred to the double liability
upon bank stock as one important detrac-
ton from its desfrability as an investment,
which was greatly increased by heavy
taxation.i
MT. WRttIes Expresses Regret.
Mr.. wattles deprecated the fact that
under the present method of taxation the
banks were placed in the position of be-
ing compelled to submit quietly to an I'M
just standard Of taxation or to conn before
this board n disclose for publication facts
which would make IL appear that their
stocks were not worth the values placed
upon them.
Mr.. Yates said that the plan of assess
ment followed by the tax commissioner in
fixing the bank assessments was one which
he himself had suggested some years ago
and he still believed 1t to be the most
practicable method OF dealing with the
question. He felt that the banks were the
victims Of an injustice which was due to
force OF circumstances rather than to any
unfairness on the part of the tax COM
missioner or fault in the method of assess
ment.
Mr.. McGrew pointed out that the banks
we're compelled to make a complete disclos-
ure Of all their property of whatever sort
and could conceal nothing, while mercantile
houses might make just such statements
as pleased them. 90
Mr.. McGrew inquired II in case the banks
were to unite and file sworn statements as
to the value Of the stocks those statements
would be accepted by the board as tn"
basis Of taxation. This proposal the board
rejected.
Mr.. Barlow spoke at some length in an
effort TO explain the improbable features
Of the banking business, setting forth that
a great proportion Of tho undivided profits
were still to be earned and that there was
a percentage of loss on the bills receivable.
Mr.. Davis also argued that there should
be soma reduction for the losses on bills
and Mr.. McGrew said that the amount
would run as high as 3 per cent at least.
At its afternoon session the board adopted
the following resolution:
Resolved, That for the remaining days OF
Its session the board will give no more
hearings to compliments skim reductions
of assessments, hut Will conhne itself u
the work Of review and hearing those cited
to appear and show cause.
The new kin Of General Arthur cigars