Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-03-31
AMENDED BANK TAX BILL.
Is PASSED BY THE HOUSE
eContlnued from First Page,

bankers would come here and ask
| you not to pass this tax"
McDermott Goes After DObbins.
Assembiyman Walter L. McDer-
mott went after Assemblyman Dob
bins, who was sailing along with an
example originally quoted by Gov
ernor Fielder to show how the tax
would apply to a bank with a capital
surplus and undivided profits of 500,
900 and real estate holdings of s25. 600.
Mighty poor banking" interjected
Assemblyman Hates. ''Who ever
hea d of a bank with a capital of
$4,000 having Is per cent. of 1t In
vested in real estate?"
| Assemblyman McDermott, in a
question to Assemblyman Dobbins,
brought up a specific case where he
! thought the real estate exemption
claused would work injustice. He
said: The Commercial Trust Com
pany has a capital surplus and I'M
divided profits Of s3,510,000. 1t owns
In round figures 100000 worth of real
estate. Under the Godfrey amend
ments 1t would pay on It's real estates
$4,000 locally. On It's capital surplus
and undivided profits 1t would pay
the difference between that to full
tax Of $26, 250. In other words, IL
would pay It's full quota of taxation
the same as every other bank.
| Under the so-called Dobbins amend
ments 1t would pay $4,000 locally and
the bank tax on $2.700,000 Ga sum of
S2O260, and would pay in all $685.
| UnJustly, as compared to other banks,
| Assemblyman Dobbins wanted to
know II the figures were book values
or real values. He was stumped
when Assemblyman McDermott re-
hnA ha n alt.a 81 E,aHs-
| real estate is 1851, 200 Il am using
round fgures), and the assessed
value is really higher than the figures
| used for the sake Of convenience.
! Assemblyman McDermott also par
ried an attempt of Assemblyman
Dobbins to cut short the debate by
saying: IF Ii leads TO better I'M
Outstanding of this bill, and debate
can clear up matters of such great
Importance as taxing the financial
institutions of our State, this Assem-
bly, can spare all the time 1t has
upon this subject"
After the Godfrey amendments were
lost Assemblyman Quigley offered his
own amendments in brief speech
which set the point at issue before
the House with crystalline clearness.
He said This is the other side of
the argument on this bill. There are
two ways of levying the assessment
on the bank capital surplus and un-
divided profits. One is to have the
county assessor do ii, and the other
is to have it done by the municipal
assessor at the same time the munich
pal taxes are levied
The latter Is the mode of procedure
proposed by these amendments in
the other change similar to the Dob
bins amendment. and provides that
the amount of real estate held by
the banks be deducted from the cap
ital and that the tax be only upon
the balance at the rate of three-quar-
ters of l per cent. The Quigley
amendments were put separately and
were both voted down. Those who
voted IN favor of the first amend
ment were the Democratic members
from Essex, with the exception of
Nutting, Eaton being still Ill at his
home.
These seven were the only votes
cast for the first Quigley amendment.
The second amendment attracted
Carhart, of Warren; Smith, Republic
can, of Essex, and Stevens, Republic
can, Cape May. After the defeat Of
the Quigley amendments, Assembly
man Godfrey moved to postpone
further consideration of the bin until
Tuesday morning, it was then we'll
but the vote on the adjournment was
lost, 90 20 "a.
Promise of lively action on the bank
tax bill in the Assembly brought
crowds of spectators to the galleries
OF the House tonight. They began to
arrive early, and many who hoped to
gain access to the floor of the House
back of the brass railing were dis
appointed when they found the doors
manned by the assistant sergeant-at-
arms, who barred everybody but
those having passes. This resulted IN
some confusion at the doors. but the
persistency of the officers of the
House resulted in large reduction of
numbers in the crowds In the lower
part of the House. The galleries
were packed to the limit.
Prominent business and professional
men We're present to back the Essex
delegation in it's stand.
Among those in attendance were
Seth Bride, former speaker of the
House; William Huegel former Es-
sex assemblyman; William I. Cooper,
president of the national State Bank,
of Newark, and Henry Il. Hays, also
of the State bank.