National Republican., 1883-08-09
CORPORATION STOCK.

Spicy Correspondence Between the Assessor
and the Commissioners on the Assess
ment.
TIE REPUBLICAN all along has indicated
! that the decision Of tho commissioners on the
subject of the assessments of tho capital stock
of corporations would be that they shall be
| taxed at their market value. The recent cor
respondcnce between Mr.. II. p. Dodge, the
district assessor and the commissioners on
the subject is given below. AS to the gratuit-
Gus slurs upon the newspaper reports of tho
| buying and selling price of stock shares in
! the assessors letter, it may be said that news
! papers get their figures from the actual sales
and newspaper quotations Of the market
| prices Of stock are generally conceded to be the
most authentic statements of such values that
can be obtained. The letter of Mr.. Dodge
says:
1t has heretofore been tho rule of this Office to
take the returns of the several corporations as to
! their capital stock as the basis of value for per-
| sonal tax, deducting therefrom their real estate
| II any.
These values were taken because of the fact
that officers OF the companies were best nc.
qunnted, with the value Of their, eaphpi stock in
bulk. and because this Office could not be cogni.
| zant of their indebtedness as an offset to such
| values in bulk.
These views were recognized by the commits
| siouers since 1870 as sound, and the taxes have
! been collected smoothly. now find that am ex-
| pected 30 assess values by taking the newspaper
| rates Tor buying or selling single shares feel
! satisfied thai such procedure will result in no col.
| leCtons and suits nj law.
May nave your views on the subject?
| Yesterday afternoon the commissioners ad-
dressed the following reply to Mr.. Dodge's
! letter:
AUGUST s.--CoL ROBERT p. DODGE assessor 1:
| Your communication of the seventh instant rela-
tive to the value of the stock of corporations sub
iect TO personal tax having been duly onsidered
hy INC commissioners, they direct me to say that
their views, as you solicit them, are that the law
should be your guide us to the valuation to be
placed by you upon such stockk
| The commissioners construction of the statute
| Is that your Judgment aud knowledge are to con-
troll your valuation and not the return Of value
made by the corporations. The law distinctly
states THAT the capital stock of all corporations in
said district not herein exempted shall be ap-
praised in bulk by the assessor, and the corpora
ton Issuing the same shall be liable for the tax
! thereon according TO such value"
| IT corporation returns its stock Mt par. when
II is matter of notoriety that the same stock
shares It Is expected that in the terms of the law,
you would "be not satisfied as to the correctness
OF the return, aud that in compliance with q
| would proceed, and, =" from the best information
he (youl can procure, assess the same in such
manner as to him (youl may seem just"
Whether the best information you can procure
Is to be derived by taking newspaper rates, +"
&c, as you quite gratultously intimate is expected
Of you, is u matter for your own judgment in the
discharge Of your sworn duty.
As the time for your determination Of what
. COuslltuleb your uuJy III Tue premises Is quite
limited, the commissioners desire to be apprlsed
of your conclusions without delay. Yours, re-
spectfully, &C., WM. TISDALL, Secretary.
A REPUBLICAN reporter called on Mr..
Dodge at his residence last night, and sought
to interview him on his letter to the commits
sioners and their reply. Mr. Dodge firmly
but courteously refused, but aftorward said
81 am subordinate, and, therefore, can only
obey. 1t is not my place to question the au-
thority of the commissioners, or to express
an opinion upon their orders or rulings.
The people know, however," continued Mr..
Dodge, "what the old way has been, and is at
this time My letter contains all the informa-
tion l am prepared to impart at present"
DO you think your letter contained any
thing to warrant the sarcastic tone of the
commissioners reply ?" asked the reporter.
a. do not" answered tho assessor.
How is the law2" queried the reporter.
at is plain enough on the subject, in my
judgment"
"Will the taxation be based upon the new
| assessment"
at will" replied the assessor.