The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-09-05
ORDER BANK
TO RETURN
ITS STOCK
Tax Board Decides
in Favor Of the City in
Orange Tax Case.

As expected, the County Board of
Taxation. after hearing John D. Ever
lit, president of the Orange National
Bank, explain under oath at a secret
session today about the transfer of
1000 shares of the bank stock from
Orange to Essex Fells, where the tax
rate was lower, decided that this stock
should be added to the ratables OF
Orange, so that they will now be in
creased by $3.50. 900. Max Mohr, the
assessor for the district in which the
bank is situated, was directed to act
accordingly. and President Everitt ac-
quiesced.
Besides the president, Henry l..
Holmes, the cashier of the bank, was
on hand, but was not called, as Mr..
Eyeritt answered the questions put to
him by President Lathrop Anderson,
of the board. After he had been
sworn, the bank president was asked
who was the owner of the 1000 shares
of stock, and the commissioners were
told that it was the United States
Mortgage and Trust Company, of New
York. >
when was the transfer made?" was
the next question.
ION May 10 of this year." was the
reply.
Then, in answer to further questions,
President Eyeritt said:
1.-THE transfer was not made for the
purpose of evading taxation, bur mere
ly to call the attention of the County
Tax Board to the fact that rational
banks are Disseminated against in
favor of trust companies"
President Everitt also called the at
tention of the board to the fact. which
is, of course, within it's knowledge, that
banks in Orange and East Orange did
not pay their proportionate share OF
taxation, and that the question of rate
did not enter into consideration.
When the boards decision WAS announced
TO Mr.. Everitt he merely said that he ex-
pected 1t.
The board for some time past has I'M
v~estigated the matter of getting at proper
taxation of bank stocks and in its last
annual report called the attention of Gov
ernor Stokes to the need of legislation
along these lines, as national banks are
Disseminated against, as trust companies
can readily make it appear that their
moneys are invested in bond and mortgage,
whereas stockholders of national banks are
assessed.
According to the figures of last year the
Peoples Bank of East Orange showed a
valuation of 5000 and paid $3.50 taxes; the
Savings. Investment and Trus Company
of East Orange. a valuation of $500 and
$9I. 80 taxes; the Essex County Trust Com
pany of East Orange. valuation $4,000, and
tax of 5000; Second NATIONAL Bank of On
ange. 100000 valuation. $4,000 tax, and $l5,-
900. $500 tax.
Mr.. Anderson said that the board wouid
not only keep on with it's work along lines
of equal taxation as far as possible in the
suburbs. but throughout the city and
county.
Besides President Anderson, Commission
ers Laurence T. Fell and c. William He'll
mann attended the meeting.
President Everitt in a recent letter to the
board said substantially what he swore to
today, namely, that the transfer of stock
was made so as to attract the attention of
the board to alleged abuses in the taxing
system. He said hat his stock values had
been raised seventy points and that COM
peting institutions had been assessed at
par.