New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-11-12
SUPREME COURT-cRcurr-NOv lo-Before Justice
LEONARD.
TIE ATLAS INoVFH'"I
Geo. F. Berry agt. Samuel c. Shepherd.

ps.s5 to rosby Croker Co prior the failure o. the lnsl,
snce Company ard who thence ssiged them TO ire p
fdy The defense was hat eiendant the note The
request Of Alfred Lsdd an nsoyent who used In M
of hich the Company Il is alleged bad kn9wledgs
free nom responsibility Another defense the alleged
insolvency Of the Company when the transfer vas nld @ a.
other thst the not valid the ground tbs, me sup
scption be binding unless 500 coo subscbed
the defendant alleging that the full amount was not subscribed
aud also that the plaintiff not the bona hde holder
large Of testimony elected aud much that was
LSdd and shepherd gave
ory to the facts IN relation 20 giving the NOTES ana the .
as OF tie Atlas Insurance Company fully dssected IL
%"s PROVEN in the case ieiendan appeared N N
wGieh def nddnt claimed for the benefit Of Ladd
For ero paiS 0f b. A. R Hawkins fOg defendant D. j.
LYONS Giheri Dean, and s. Jones. ~ 49,,
GISERAL TEKa-hefoTe Ja,iiee, s'lhEh'Sp' 'o''N' ANU
LIABILITY OF RANKS TO PAY ASSESSMENTS " ONiih'
STATES STOCKS. -
Tho peorle &c ex rel the Bank Of the Commonwealth IA 'f"
~ ann.Tsuts ant Tie Coun oners Of Assessiie ih
49, ~ lie ity and County Of New orr resp9hueh
The Bark OF tie Commonwealth, tns LeiasGr ena
cose is banking association IN the City OF New or AZ
undsr the act authorize the bniness Of oanSns ,Go
H. It's capital stGs ocga Rsa N i IN pea estate occu
uj,d as banking house sc which sgm 6eihs ueu"u '"
sid capital leaves balance Of $50, 10 TO- III .ho
balance tie SUN Of lO3O0 has been invested oy me
Fark In United States Stocks Of the loan OF 1870 So Ne
% % hs aid stock, and the amount ofthe capital 81 the
bank invested therein, under the CONSTITUTION Oh ' ~
s Con- MS ione Of Taxes and Assessments of the City and
County Of Newi OK deied ihe aPrcatio ana e s,e
stock deducted from the amount OF its capt lsgl 70 %
Tor tie year 1852 as personal PGpeS S a.e.ed III capital
sock of tie Bank liable taxation personal properly O -"
wear 1859 at said sum Of tt6i,ld5 l6 i.,no5 70
On The relation OF the Bank aw OF ceIiorail w. ~
old Cor ers who lSe made return thereto snowlns me
facts above '5e,d up9n ,S hea t d be
firm ed with against the relat9r ana nom 'hA' P
Peg NJ Rrad,od and Irving Paris for appellants r. f. An
6oSNEy The question to be determined in his case Is o.
yy Ieat Yroance and should receive more deliberate ana
exe alton than the press Of business m ths Sou. W.
40 he Cont of last resort FOX final adjudication and
have therefore less hesitation in setngthe CONCLUSION WHICH
- brief consideration. have arrived
fe question in my opinion depends entirely upon the con-
srletin to be given TO The Act ~ Ifo ,s4 Anil ls ss
laws Of 1854 vol EN- so ~ and it Js te re exempt
from taxation by the State Governments ana not gHf @ G
stocks cauuot &c 50 taxed no. Homi4 nut u!i % g. ,
arc the ovrs holders thereof cannot be taxed Tor the
srount or value for personal properly o"9sd o
item a Kents Com. 9Th 70 4Io &c Weston 1g, NY 81
Of Wsrvud Wheat 3l6 International Life ASS Society
at Commissioner Of Taxation, % Barb 5sl lit.
coronation created by and under the laws OF this state ara SUD
Je Statute Of th State relative this subject provide as
follows n r. :. 18th Ed p 90, &cl; - ,,, on ,o,,s
u mot, from their capital otherwise shall De 70 taxa
tep on their capital m The manner hereinafter prescribed
Sec 1Ee e.den NC. every such coTporated Company
t on ~ befr liz rt day Of July in each year, make and
d1er 10 The assessors written statement, specifying:
H real saie o. sy ST Ssd tB Sy ss1H 'o"S "'
2 Ihe capital stock actually red in end secured to 9e pad M
Of & capital stock hed by the STATE and by any incorporated
literary charitable 5:tituti9ni and oe ~ The Com
rsny Situated, M business Il carried on or ID "1'n
I sec The Assessors shall enter IN their assessment rolls a'o
lows: ts ooh i,.o,,ora,eJ Coropapy
liable 90 taxation and under is name shell speel! 1i s
- e. isl stock paid in: the amount paid by such Cor pany
for real then belonging 10 IT, Wherever s'teIc 'ne
- 81 srUlus profits or reserved funds exceeding 10 per
cent Of it, cara after dedueng herefro aid amount OF said
real estates and the amount Of as stock W any! non5.ns
10 the state incorporated Literary and charitable insu
In The second column quantity Of real estate owned by
such Company within their ward and IN the third col
nm he bctral value thereof estimated in other
In ibe fourth column the amount Of capital stock oi every
such Company paid in and secured 70 be pad N A OF s ses
surplus profits funds as aforesaid ser aeJucu
sn paid ont real then belonging 10 IT, and the amount
ostock III any belonging the State and to incorporated lite
r c rp 10 TIE oSei stoc every Company liable to taxa
@ P oas shan have been exempted by law, together
win is pnpu profits reserved funds exceeding ten per cent
nj an bers OF stock other corporations actually owned ~
uh Company which taxable upon their cap!ia 'ocf und
h. OF hi. state shall be ASSESSED ar 10 actual rai1e and
d in the same otne personal and READ estate oil the
rr these statutory provisions assessment in thi.
hes been made said balance OF the capital stock OF the reao
end appears to me IN exact sccouoe WIN O d
funds or az to the actual rGue Of stock whatever may be the
snig Of that phrase used in Sec TO- above referred tor
neither docs II auuear Tdrt Of sad stock heli oy
the state or by any Incorporated literary charitable instu-
lion or was excepted the Assessment Roll was by law eN'
| en- pted from taxation ,,
not ana D1rior port shares Of ns sof as being Tor any
csu.s exempt by law from taxation out Of the sum Of 3iVVO
o The Aggregate amount Of the whole capital stock not ia.
10000 Of the moneys paid in for shares in ssd sP,ts mad
been 6y the bank invested IN stocks oil ne Cheo aes
that such United States Stocks are not SUBJECT 70 oH "
State authority III. ., .,,.-,..,, ,,or,
assessed uuon the amount Of the ortdl stok Of cor
poion ssceaned in the manner prescribed end not upon any
popey purchased otherwise obtained by He OF
IN Which uch cspitsl any part thereof be invested
ept ONLY the real held by the Company which sub
let to special rules OF taxation and mus be ases-td az tie pa.e
49,, neither this State elsewhere and IL Is 70
% observed that neither requires nor authorizes the
an Account or Oft made by corporation OF
pat Of It's capital Or otter pGpety 10 o '. pei.
fcaton the personal property held by such corporation
In INV opinion these statutes clearly require that every mon
owed or stoI corporation shall be assessed for snd pay tsre.
unon the whole amount o: the balance oil aus pa4 sooA Pa
G md nius dsucting the shares Of stock excepted OF
xcr "a oboye mentioned Notwithstanding portion even
ne Whole Of such G may be invested in stocks Of the Uni
Ara M concnson in nv Judgment does confctwth The
ss.i.ion In tia Of the British Commercial Life Insurance
Compeny agt Commissioner OF Taxes Is barp Slo In. ie
Company was foreign eorpoTs;ion using portion o.
ito property carrying on business IN th st-'e ana unoef INC
Laws OF the State liable 20 taxation therefor 10 5000 m the
position as nonresiseH5 nsIra person, ala 'e S''e
inent wa on the pTo2fi'y hga 2 81 b n ,y, de-
Charter, - ,.s-,.,.n.., H.. ,..-,.
oaDtal okp or capital" given in The opinions IN the case
NJ no Mutual Insurance Company Of Bglo ag supervisors Of
Erie Com 49, IN any respect hconeh VIZ" 'ns 0oh''u
| sion. ........ "a
But il urged behalf Of the reator that the said statutes
hv proyde for or authorize taxation by State authority Of
mari OF the capitol stock OF the corporation which l. invested IN
ltoeks of the United States. cannot assent 10 that proposition
The Stas OF New ok has By i laws created or authorized
H. formation Of this Commonwealth Bank and other Ike cor
potons granting them certain powers and privileges and
hes @ provided by law fox the taxation OF the capital stock Vi
| every such corporation. I'll,
As lie capital stock Of any such corporation Is paid IN
becomes a. yfoc The subject and liable TO- sEaou and 81
view tile law during the continuance Of the corpora
proper,y In which the money paid FOR the ocA may beNeted
~ p that NAV be made Of such money by the atom
and any part OF the money paid for is stock shall suy time
Inc invested hi ocs OF tho United states such Investment can
M ACCT The right of ta lion FOR the that the asses
etorks Of the limited other