The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-08-23
TRANSFER OF
BANK STOCK
JUSTIFIED
President of OrangeB Bank
Contends Explains Action
Of the Institution.

In explanation of the transfer
| stock of the Orange National / All.
from the taxing jurisdiction of Csangs
to Essex Fells, President John D. Ever-
lit, of the bank, gave out a statement
| Today. Mr.. Everitt thinks that discrim-
ination has been made against his bank
in that its stocks have always been
! assessed at full value, while other in
| stitutions have ESCAPED with o much
smaller assessment. Writing from his
summer home at Watch Hill, r. l.,
Mr.. Everitt says:
..since | have been absent from Orange
on nv vacation, I have seen a nunper O.
| neWepaper repoits relative to a tranSIer OF
stock from myself to Mr.. Smith, of Essex
Fells, ard as without eAcepllon 5ns $500
ports have exhibited a considerable 1gnor-
ance of conditions as they exist, IL seems
no more than fair that I should make this
reply .no Tho shares Of
the Orange National Bank were held in
about ninety different names, very rev OF
which We're taxed In Grunge. Mnen anS
told them thst as was n large lhApaSss
In Orange, where the bank Is located, and
has It's fire and police profession, II was 70
my interest and to the interest of the
community that as much as possible OF the
stock be taxed in Orange, and as long as
the bank was treated fairly | felt tnat
this could be done. This feeling has been
as frankly stated each year. ond each year
the Institution and shareholders submitted
gracefully t, 4 gradually increased assess
.nent until last year when we woke up to
the fact that our property and shares were
assessed Under the law Mt their full value,
while our competitors in business in or
own and neighboring taxing districts were
assessed at a nominal valuation, not ac-
which created some action looking to our
protection.
THE discrepancy was well known to the
assessors. and a promise of correction was
made. but not kept.
During ths last session of the L.egisla-
ture we had several interviews with the
Governor relative to Legislation tending to
equalize the taxation of national banks.
State banks and trust companies. ard felt
that we had his entire sympathy and sup
port. However. the enactment of two fair
and just laws failed, and nothing was
done. An appeal was taken some months
ago on an adverse decision on an act
lot interested. but which was Intended to
equalize existing inequalities, but nothing
has vet been done.
under which we exist, stipulates that our
capital stock may be assessed in the nams'
OF oast the hoide H. ,be subject only t TIE
at a greater rate than is assessed upon
other moneyed capital in the hands of in
cision under this act further describing
moneyed capital, as follows: includes
shares of. stock or other interests owned
by individuals in all enterprises in which
the capital employed In carrying on its
business Is money, where the object of the
business is the making of profit by the use
of money
'The laws of New Jersey allow trust
companies to do practically all the various
branches of business that a national bank,
a State bank or a savings bank can do.
except, perhaps, the advertising of the
latter function. Moreover. trust companies
are allowed to take mortgages and to
secure exemption from taxation on capital
SO invested.
THE crying need of equal taxation could
not be better illustrated than by a COM
paratiye statement of the banks and trust
companies of the State showing the
amount of tax paid by each In proportion
TO capital employed, and actual value of
shares. There is no doubt in the minds of
informed men that the present method OF
taxation of New Jersey Institutions with
in the same manner and with the same re-
suits, although by a circuitous route, is
contrary to The intent and purpose of the
act of Congress, but, while present inf1u-
ences are at work, congressional action,
and not State legislation, will be the most
likely remedy.
IF by the transfer of a block of stock
of our institution out of the taxing dis
trict of Orange, our home and place of
business, to a taxing district In which we
have no interest, we have been the instru-
as they are, we are content. The transfer
was legally made, and entirely within the
right of the holder of the shares, and my
only regret is that the matter should have
been taken up by the county board during
my vacation, making an excuse for tee
implication of failure ON my part to
answer and proper questions"