Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-04-01
BANK TAX BILL
! BECOMES ALAW
Fielder Signs Measure After
Senate Passes It, 10
to 3.

TRENTON, April 1.-FolloWing the
passage of the amended Pierce bank
stock bill by the Senate late yes
terday afternoon. Governor Fielder
signed it and it became law. The
Senate vote on it was Is to g.
The Pierce bill, when it came up on
third reading in the Senate, occa-
stoned no excitement. Senator Pierce
briefly referred to the provisions of
the bill and called upon his colleagues
to support it as one of the admins
tration measures.
Senator Read, the minority floor
leader, opposed the bill vigorously as
Injurious to the little banks and
stockholders. Mr. Read also found
fault with the bill proposing to tax
the surplus of banks. It Is absolutely
unfair and you are putting tax on
thrift. He pointed out the handieaps
the Camden banks are now working
under in competition with the institu-
lions in Philadelphia which pay four
tenths of l per cent. and he added
the Pierce bill would add further
To the difficulties presented in the
competitive banking field.
Questions ConstitutionaIity.
This bill should have originated in
the f1OuStg anu ~ =
toned the constitutionality o.
measure on that score. To get around
that possibility, he said, the com
nittee substitute was put in for the
original bill but Mr.. Read thought
this would not obviate the constitu-
tional question. You are simply in
viting a law suit, he said, and 1t is
all political bunk about the banks
escaping their just taxes
CnnatOr piprpa answered the 3rgu-
meuts of Mr. Read by saying that
the tax against surplus was in reality
n tax against capital and the only
difference was a mathematical one.
Mr.. Pierce contended there is not just
comparison between the banks of
Pennsylvania and this State because
or the exemptions allowed by the
former State, but he said New York
and New Jersey show a similarity in
this respect. New York imposes a
fiat rate of / per cent, while We pro-
pose a rate of three-quarters of l per
cent.
The Union Senator said the courts
have upheld the substituting of
House substitute for a Senate bill in
the litigation involving the grade
crossing bill two years ago.
Senator Edge, of Atlantic, in voting
against the measure. took the floor
to~expla.n his position. He thought
The tax would burden many stock
holders and he saw no reason for the
imposition of such a tax in view of
the assessments the banks are already
paying. He said he was unable to
discover O. real deficit that there has
been so much talk about and con-
Guided by saying he thought it i'm
proper to continue taxing the people
of the State in this way.
Senator Hutchinson, of Mercer, said
his objection to the bill was 81 funda-
mental one and based ON principle,
although he voted for the bill on final
passage. Mr.. Hutchinson thought the
Pierce bill was not the proper solu-
ton of the bank stock question and
he also voiced his disapproval Of the
workings of the Buck act
Votes Against Own Conviction.
Senator Rathbun, of Morris, also
q characterized the bill as unfair, but
IA not vote against it When the
original Pierce bill was up in the
Senate on third reading before | did
not vote for ii, he said. l wanted to
exempt real estate holdings then and
when that amendment was defeated
did not vote on the main bill.
On final roll call only three Senators
opposed the bill. They were Edge,
Atlantic; Mathis, Ocean, and Read,
Camden, all Republicans.
Governor Fielder last night en-
pressed his approval of the action of
5 the Legislature in passing the bank
stock bill He also took occasion to
compliment the efforts of Senator
Pierce in assisting the administration
to get the legislation on the statute
books.
LEGISLATIVE ROUTINE.
Session convened at 11:10 o'clock.
Prayer was offered by Rev. d, e..
Clair, of Trenton.
Bills Reported.
Senate 312, 3S9
House 42 (207 Senate committee sub
stitute), 1876, $40, 43i, 23S, 514, 445 562,
232, Cpl.
senate Morning Session.
Senate 339, Mr.. Colgate-Allows in
eorporated medical societies of other
States to experiment In animal dis
easees in New Jersey. Intended to
benefit Rockefeller $l,O00,000 fund
Recalled from Governor.
House 113.
Bills Passed.
Senate 306, Mr.. Rathbun-Corrects
defect in law to give Morris county
school superintendent $4,000 yearly
salary.
Senate 800. Mr.. McGinnis--Permits
notices by publication on removal OF
grade crossings.
Senate 113, Mr.. Read (amended)-
Permits referendum on flremen's pay.
Senate 314. MIR. Ackley-Permits
cities to give notice of public improve
ments and do work If notice be not
observed.
Senate 222. Mr.. McGinnis Garfield
bilD-Permits riparian commission to
grant land for parks.
Senate $40, Mr.. Egan (amended)-
Permits commission to revise road de-
partment laws.
Senate 337 Mr.. McGinnis--Empow-
ers governor to name new board to
control State Home for Girls (probe
fegislation).
Senate 233 Mr.. Rathbun (Senate
committee substitute) Authorizes
towns to acquire water works.
Senate 296. Mr.. McGinnis tSenate
graph poles by different companies on
order of Utility Commission.
Senate 262, Mr.. Hennessy (Senate
committee substitute)-PermitS Util-
fty Commission to require utility COM
pany that issues bonds below par to
set aside amount to cover difference
to par value.
Senate 29S, Mr.. McGinnis (Senate
committee substitute) - Empowers
Utility Commission to require to be
set aside amount to cover impaired
stock.
Senate 1856. Mr.. Hennessy (amenn-
ed)-Requires approval of state comp
troller on requisltion for institutions
ll-5.
Senate $780, Mr.. Colgate-Permits in
eorporated medical societies of other
States to experiment in animal dis
eases (For Rockefeller 81 900, 900 in