Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1910-02-12
SAY TAKING TRUST
COMPANIES WOULD
SOLVE PROBLEM
Proposed Measure Represents
Enormous Revenue to City
and Will End Tangle.

The city legislative conference last
night approved O bill that will, if en-
acted into law, solve the taxation prob
lem. The measure will be introduced in
the Legislature on Monday night. 1t is
drawn along the lines suggested by the
report of tho investigation commission
named by the Governor two years ago
in which it was declared that trust ON
panles should be taxed in the same
manner as national banks. The pro-
posed law will, 1t is believed, make Ger
tain the collection of q city tax upon de-
ferred dividend policy reserve of more
than S14,0 00, 600.
Tax tangles, which of late have SO
disturbed the city, will be Strengthened
Out by the new bill.
Amends Tax Law.
The first part OF the bill would amend
the sixteenth section of the 1903 TAX
law so that it will be in harmony with
the changes that are to be effected. AS
to the method OF taxing the stock OF
all banks and trust companies, uni
forrnly, the bill reads
'"The value of each share of stock of
each bank or trust company for the
purpose of taxation shall be ascer-
tanned and fixed by adding together
the amount Of it's capital, surplus and
undivided pr ofts n deducting there
from the assessed valuation of its real
estate, together with the value of all
property exempt from taxation be-
longing to such corporation, not, how
ever, exceeding the amount OF its sur
plus and undivided profits, II by di-
Viding the remainder by h umbe of
its outstanding shares; it shall be the
duty of the officers of every bank and
trust company each year to give TO the
assessor of the taxing district where
such corporation is located q true
statement. under the oath of tho presi-
dent, vice-prcsident, cashier or treas
urer, of the names o. it's stockholders
on the goth day of May in said year
as shown by it's stock book, and of the
numbNr OF shares held by each, and of
the amount of its capital, surplus and
undivided profits, of its real estate and
of it's property claimed to be exempt
from taxation, and the assessor is au-
thorized to administer such oath.
Section IS of said act is amended
so as to read as follows:
Taxed Full Amount.
rs. Associations or corporations
whose business Is that of assurance on
lives shall be assessed and taxed for
the full alnount of their property lex
elusive of real estate located in this
State), dcducting the amount of their
debts n liabilities, n to ascertain
the said moun q statement of the
property and debts and liabilities OF
such association or corporation as they
existed on the 31st day of December
next preceding such statement shall .bt
annually made to the assessor in the
township, city or taxing district where
the principal Office of the association
or corporation is located, upon the
oath OF the president, secretary
treasurer or other officer of sucl
association or corporation; provided
that in stating the liabilities on poll
cies the basis of such statement
shall be the value of such policies at thu
date above mentioned in this section
and not the gross amount insured
thereby, and such value shall be ac.
cording TO the computation of the am
by the commissioner of banking and in
surance of this State, by such standard
of valuation as may be adopted ant
used by him at the time sueh computa'
ticn of value shall be made. according
to law; such real estate shall be sep
arately assessed and taxed where tn,
. same is located. and 40 tax shall be as
against such association or cor
boration on personal property ia any
tfher taxing district; every fire insur
hhce company shall be assessed in thu
Mixing district where its Office is stu
I'D upon the full mount of its capita
I0bck paid in and accumulated surplus
We real estate belonging to every sucl
tfrporation, however, shall be taxed II
IaEs taxing district where such real es
tie is situated, and the amount of as
lTssment upon said real estate shall
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