Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1910-01-25

tIndiyidnal deposits
=. Si,biecr to check. 6.2a2. 80 81
scaftideJ checks 't..,' a $50 81
tinted statesdcposits 10000 90 7.5oe.3O1 81
---
S.10a,S0l q
srbi,a That tbe non ia xahlc securities OF
mo, rssex Cotntv Natinnal Bank as re-
tnirned 10 the taxing authorities Of the city
OF NewaIk on WAY ~, iar': Mrra ,r y
Market
~ value;
II s. ? per cent. bonds of IVY -. AzQ9'oov
VI ;, J per cent. nonus OF lSWe-lo'' 9o'991D
o. s. . per cent. bonds of $780,. i5l goo
~ S. 2 per cent. bonds OF i93o,... 'o'o"
%i9iSs-5Ss PIT ,e... 80, 1Ol.Os
S19)S-iS 5O,5W
Orange and Passaic e"heS ira'- ao
lion pondsi ''t;''o - & nor '"
sfaiand n, ~. "a Vi N''' = pi 1o1. 900
lent. ponds.,..s. - 'Niitggi "i'O'
ner cent. bonds of 1880. ............ 49, 800
Central r. X. of \. j. general 9s,. gi'oVV
EEentrai y. T. or ~ >, senerat eSt- i-'V''
HGnds 53.95J
United n. j. II. r.. and Canal As; $500
NeMhik Con- Gas . per cent gnu o. 1n
anpi"h VALLEY Terminal ! per cent.
II Bonds ....:,,.".."";"~,ua":,s ls,iW
Tswpornry loan bonds cltE ,on o a, ,oo
1.as,norarv IIoan bonds cltv OF
G-sNcWark. dated December 10. l9lS. 3o,5V
IsnlpprnfF loan ponos clS ,otWS ,o oo
Te,nnn,ar =, iioan bonds city of
Newnrk dated December u, 1908. 100000
Tempura,ry loan bonds Guy OF ton oo
Ts sum1aN, loan bonds city Of
- Newark. dated January -. 1863. 100000
e. a., cav,
az Il.
Total rcsources 80. .....,... u So, 2e9 -
r |I0faI IlhItt1fA, GAFilSiAW Oh L#
urpstt" y ~ ''','"sa s1C9.S sol %
-
Residue 2'oSo'ie' q
psonu w" '"'s re" spe2 eoo
f.ExrIipt securities 80. 1.S1l. 500 2.0iS. 600 90
a = :,
VI ? ~ - 10 :
s Tmrn ,., ~ s,i ia vnr shsre If Nm mr.
n yaIue. =,
The decision of the State Board will
not have e. serious effect on Newark's
fmaTces this year, however, as the
iAfliag merely reduces the assessment
about three points under that fixed by
the City Board. The County Board
raised the City Boards figures about
~ssxenteen points. and this increase is
9Sndirely wiped away.
~ tTI1e following is Mr.. Jess's minority
ii8opinion.
%NSwsBoth the constitution of New Jersey
aila the general tax act provide that
vroperty shall be "a ssessed according to
Of at it's true value. Shares in a ma
tfonal bank are property. The mandate
OF the constitution and the State. there
FORE, is that national bank shares shall
:. he assessed according to their true
j value.
Neither the constitution nor the
statute nrac.rthaS "a 1annr,I ,,,a,IOd la,
v which true value shall be determined
The Legislature, however, has laid
down the rule for arriving at the true
vsiue of real estate for the purposes
ksseoGafaxation. The general tax act pro-
that the assessor shall deter
mine the full and fair value of each
s9aIarcel Of real estate lat such price
as in his judgment such parcel would
sell for at a fair and bona fide sale
BY private contract on the Goth day Of
MAY in said year.
SIn this provision the Legislature APP
~ proves and adopts the rule that true
~ value means e%xchangeable value. in
cash. True value has been similarly
defined in judicial decisions In this
State. 1t is insisted, however, that In
the taxation of bank stock a different
rule must be adopted from that which
fTis applied in determining the true value
sof all other property.
~ >"The argument seems to be, at least
by implication, that bank stock is a
& 7class of property peculiar to itself,
n Whose true value is not to be deter
mined by the standards which the Leg
y4aslature. the judiciary and the ordinary
Judgment of mankind apply to other
property. / am unable to see any rea-
son, in fact or in law. for this distinc-
ton.