The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-05-13
stocks and BORds Held 70 be E1-
emDt iron TnGRtfon.

S,ockN and Bonds Held 10 be FL,
emPI iHai1 JnGAtiol.
NV YoRk, Nay IA deciAioa Oi
great impOrianoeiA relation to hxIliOn
Of stocks and bond Fas rendered ye;isl-
day by the Supreme Court al GenesaI
Term. The administrators Of the state
Of George Hardin, deceased, we're assessed
by the Deputy Ta1-COmmissioaer for one
million dollars Of personal property.
The administrators then put in a schedule
Of the personal assets belonging to the
estate, which consisted of certificates OF
stock in various railroad and miuingcom-
panies, including Mariposa and Quick
silver stock, and also North CarOlina
State Bonds, the whole aggregating a
nominal value of SsGe,S7S, To Offset
these, claims amounting to Sill, 900 were
named, beside many undetermined claims,
The Commissioners then reduSed the as
sessment to $4,000,
Following is the decision:
In SupneuE Court, FIJi RtpdrIASni, Marei
Gssaul Isrul, 1875, NCak DSIriS + "
JoIa Il. Brady and CAdHles DIEiris, ~.
The People ex rel. Amos II. TrUW-
bridge, administrator, Sc, against the
Commissioners Of the City Of New York
Ccrtiorari to review the proceedings
Of the Commissioners OF Taxes in assess
ing the relator as administrator OF George
Harden, deceased.
John f. BuTrill for the reiator.
William Barnes for the respondent.
Davis. P.J.-s We arc Of the
opinion also that the Commissioners
erred in including in their assessment
the stocks Of corporations created by and
under the corporations Of other States.
Such corporations are taxable, and We
must presume, in the absence Of proof,
that taxes in their respective home States
are duly assessed and collected upon their
capitalstock or property. The stocks in
such corporations held by individuals
here are simply representatives OF capt.
tai or property employed in business in
other States, the title Of which Is vested
In and controlled by the artificial person
created BY and residing in such States.
They represent an interest which Is or
may become membership in the cor
poration and evidence Of the right 10 par
ticipatc in divided profits and in the ulti-
mate dividend Of surplus after the pay
ment Of debts and obligations Of the
corporation.
The stock certificates are not themselves
the property, but are evidences Of the
rights just mentioned; 10 be possessed, en-
joyed and enforced under and in conform
ity with the laws Of the State which Gre
Pated the body corporate.
The property Of the corporation, wheth-
or real or personal, in which these Certif-
Gates Of legal or equitable rights are
outstanding, is not within this State" "
which, by the general statute, is the test
Of ta1ability; but Il any portion Of it
were, that fact would not affect the ques.
ton now before us, for then, under our
statutes, 1t would be taxable here, be
cause Of It's silus, to its possessof or owner,
but mol to the mere holders Of stock In the
corporation. We think the case Is fairly
within the principle Of IIOyt vs.. the Com.
missioner Of Taxes, 90, n. Y. 22i, and
The People IS. Gardner, 81, Barb. 352
The Commissioners should, therefore
have excluded the stocks Of foreign cor
porations, by which we mean the cor
porations created by the laws Of Othel
| States.