The Newark star and Newark advertiser. [volume] (Newark, N.J.) 1909-1909, 1909-11-19
COUNTY BOARD
HEARS BANK STOCK
TAX ARGUMENTS

The County Board of Taxation spent
today listening to arguments by at
torneys over the taxation of bank
stock. Five petitions for reductions in
assessments were presented to the
board by Joseph W. Plume. Manurac-
turers' National Bank; Henry w.
Tunis, National Newark Banking Com
pany; A. w. Conklin, Union National
Bank; w. Campbell Clark, Essex
County National Bank, and the estate
Of ]. H. Baliantine.
The case taken up was hat OF
Joseph w. Plume, president, Of the
Manufacturers National Bank. Mr..
Plume appeared before the board ac-
companied by former Attorney-Gen-
eral Robert H. McCarter and John r.
Hardin, VIII represented the banks in
the effort to have the assessments on
bank stock reduced. The City Tax
Board was represented by Herbert
Boggs and Noah Gutter.
Mr.. Plume was placed on the stand,
and answered several questions about
how he bank estimated its assets and
liabilities IN lmaking II its report to
h tax officers. Mr.. Plume said that
h exemptions claimed were as fol-
lows; $350,000 United States gold bonds,
to secure circulation Of $50, 900 in bonds
of the New Jersey Street Railway Com
pany; $4,000 worth of Public Service
Corporation bonds, $500 0 in Essex
County Hospital bonds. and s39, 900 of
Jersey City. Hoboken and Paterson
Railway Company securities. This
ms Eao a total NJ eSSe 0T- ,,hfol Il, po+
taxed.
Mr.. Boggs contended tina $3.50, 600
worth of bonds should be taxed, as
they are an asset. Mr.. Plume disagreed
with him. and said they were a liability
against the bank.
The bank building is carried in the
banks assets as 500, 900, but Mr.. Plume
admitted that it is worth more thar
that. Over the question as t o whether
it should not be included in the assets
at its market value there was a long
argument between Messrs. McCarter
Hardin and Boggs and President La
throp Anderson. Of the board.
Attorneys John r. Hardin and Rob-
ert II. McCarter. for the banks, and
Herbert Boggs. attorney for the city
agreed on the book values for the
banks mentioned: Manufacturers Ma.
tionaI. 1896; Union National, 1910
Essex County National, $3.50, and Ma.
tional Newark Banking Company. $3.50
The board then took up the appea
Of Noah Gutter, secretary of the City
Board of Assessment and Revision. Mr.
Gutter, who made the appeal as a citi
zen, and not In his official capacity
asked that the amount of government
bonds needed to secure a banks circu
lation be included in the assessment
Mr.. Hardin contended that he did no
think the board had the right at this
time to raise any assessments. This Il
not a question of omission or error
said Mr.. Hardin; lit is one of valu
alton"
Mr.. McCarter also said he did no
think the board had any power to hea,
the Gutter appeals, as he was not ag
grieved or disseminated against in an.
way by the assessments
Following an agreement on the bool
value of the stock entered into by tn
attorneys, Attorney Hardin quoted
long decision bearing on the status o
Cutters appeal. 1t was finally agree
to postpone discussion and argumen
on the Gutter appeals until such tim
as the tax commissioners had decide
on the appeal made by Mr.. Plume
President Anderson, of the commission
said the matter would be adjudicate
within a few days.