Evening star. [volume] (Washington, D.C.) 1854-1972, 1883-08-03
WHAT COMMISSIONER WEST sAYS


tain.
WHAT COMMISSIONER WEST sAYa
Commissioner West states that heretofore cor
porations have been making their returns to suit
themselves, which returns have generally been
received without question, And In many cases q
nominal MN tax imposed when by strict application
OF the law the personal taxes would have aggre-
gated much more. For example, the Washington
and Georgetown R R. Co make return OF par vaiue
their stocks Is 81 500 600 So OF ali other street
railroads and other corporations which make re
be revised and corrected to meet the ,snSuaSe and
spirit or the law. The same rule must be followed
with individuals as with corporations, espe-
by their insigniicance. He states that there is
no otheEcourse to pursue under the act The no
erty was publisher sstS May last, and the {ortp.
nve days having expired, the assessor will now
proceed to make the assessments such returns
stated. and ".ny one of the assessors shall WITH
out delay, from the best Information he can pro-
cure. make an assessment against such person.
per cent thereof"
The law also states in section II 'thct the capt.
TAI SUCK or all corporations In said District not
herein exempted shall be appraised IN bulk by the
assessor, and the corporation issuing the same
shall be liable for the tax thereon according to
Suca value, and the shares Ia the same shall not
be assessed against the individual owners thereof
out from the appraised value OF the stock shall be
corporation in said District, which shaIl be sepa-
ra,ely taxed against said corporation" &C.
MT West says the question arises IL, whether
all the stock or corporation (Which would be In
ou!k) has the same relative value In the market as
q portion OF It. He states that the Commissioners
RaopSSe enas corporations make returns OF stocks
SCISSORS are to Judge OF what the proper values
snail be, and not the corporations The Washing
shares Of stock at par 20, whereas the actual
market value is 81.
The Metropolitan street railroad makes a return
q q " tha orfn al
value Is 70: the Washington and Georgetown
street railroad company makes return of 500 600
is great deal more, and so on through the list.
1t Is believed by him that the results Will be much
more just ana equitable to all concerned, and best
the law.
The assessment relating to stocks OF corpora
tons, bonds and personal effects generally. has no
relation to the current assessments being made
on real estate. which Is under q different lava
special act tor the assessment OF real estate In the
District OF Columbia.
MANAGERS AND STOCKHOLDERS OF CORPORATIONS,
as rule, object to the proposition to tax their
stock according to its market value. "If they do
that we Will leave" said official OF the Fire
mems Insurance company to a STAR reporter.
I'VE will get charter Ia West Virginia. put the
sign agency over our door and only have to pay
fourth S ,n1 @oud taFs
one,'ourtn OF the money we receive. We have
paid tax OF 81. 500 year. This plan would take
surance companies would pay. 1t was never the
Intention OF Congress to tax our surplus. Further
collect even $500 year from US. for we have
been assured by lawyer that there was no law to
collect that tax"
PROMINENT STREET RAILROAD sT0CKHoLDER
ana director said to STAR reporter that he did
not care to be quoted the subject OF the
ment OF corporation stocks, as it might be said
that he was personally interested. He did not see
however, why corporation should pay greater
tax on Its capital employed than q private tnii.
v1dual Heretofore the officers of corporations
capital, and the tax was levied on that as basis
me me company had nothing to DO with what stock
par. There IS one OF the banks could mention
winch strug giles TO pay dividend OF six per cent,
yes inc 81, s'9;k sells at 10 People who want TO
invest in such stocks. But women and others
who know little about business, and want to In
them. There Is railroad stock here that doesn't
pay three per cent, but 1t Is above par. II The
Of STOCK win take on the
railroad, under the old plan pays tax OF 81, 500
II the market value was assessed the tax wou,i
made BY curbstOne brokers, who have I'VE or six
shares to san and hawk them about the streets 1
never knew but one instance where man who
bought Columbia railroad stock came frst to the
ONCE and inquired about the condition Of the COM
pany don't think" said the director in conclu-
DULL tudG q ptISOual lax Ouglt 10 De imposed
upon a community like this, which is different
from that OF mercantile city. 1t ought to be left
SO that capital would dow in freely"
VIEWS OF Mr. MIDDLETON, TIE BANKER
MI. d. w. Middleton, the banker, said to STAR
reporter" Taxing stock at its market value is
the most equitable method. The value OF stock Is
guaged by the income 1t yields, either present or
prospective. That makes the price OF stock There
Is no reason in taxing the Inland and Coasting
stock OF the par value OF 800 and quoted at Sl5 at
twice the rate OF the Washington and George
town railroad stock, with par value OF $50 and
quoted at $50. II these stocks were assessed at
their par value, the first stocks named would paw
tax OF ten per cent OF its market value, while
the other would pay One-half of one per cent of
fts market value. This is evidently not Just. and
this fully illustrates the equity OF the Commits
s1oners proposed plan. Doubtless 1t will be un.
popular with the capitalists, but nevertheless 1t
"How about taxing q value which is a mean
between the market and par value OF stocks7"
asked the reporter
II this could be fairly equalized 1t would prove
popular, and more In keeping with the general
theory and practice OF taxation, ana bring It
supposed to be about 7t per cent OF its value"
The CASE OF LIEUT.. RoBER1soN-There was no
answer received at the War department to-day In
response to the Information telegraphed to Score
tary Lincoln relative to the case OF Lieut. Robert.
SON. TIE dispatch was sent to Chicago yesterday
afternoon, and the secretary left there at ~
O'Clock to-day 1t is thought that he received the
dlspatch, but unless he decided TO revoke the
0rcer for the courtmartlal, an answer would not
be necessary Resides fhe ofncfal fcloeyro fha