City of Newark v. New Jersey State Board of Tax Appeals

The opinion of the court was delivered by

Donges, J.

This writ of certiorari brings np a judgment of the state hoard of tax appeals reducing an assessment on personal property of' the defendant Broadbank Corporation by excluding therefrom an item of $104,088.27 representing cash on hand and on deposit on the assessment date. Exemption was claimed and granted under chapter 165, Pamph. L. 1933, p. 346, by which exemption is allowed for

- “19. Cash on hand or on deposit and loans on collateral of savings banks, mutual savings banks and institutions for savings organized under the laws of this…