The times. [volume] (Richmond, Va.) 1890-1903, 1891-06-27
BUILDING FUNDS TAXED
The Effect Of Judge WelllOrd'S Decision In
the Test Case.
an APPEAL TO THE SUPREME COURT.
not, ynar. witt and Judge Ingram were In
terested and Refused to Hear the Case'
Tho Companies I'm Concert.

The decision Of Judge Wexford Thursday
imposing tax on the capital stock of build
inc fund associations, published in yester-
day's TINES. created considerable interest
and WAS much talked about in all the real
estate offices.
There are thirteen building fund as
sociations in Richmond, and the decision
affects every one of them, and consequently
il a matter Of interest to their numerous
officers and stockholders. No small part OF
the interest manifested, however, was due TO
the fact that the decision took nearly every
body by surprise.
A DISPUTED POINT.
The matter has been more or less aGitated
for several years and although the COmInls-
sioner of Revenue for the state has contend
ed all along that this tax on building tund as
sOciatiOns should he paid it was such nice
question. based upon great difference Of Opin-
ion in constituting the meaning and intent OF
the statute. that the matter has con-
tinued 10 be one Of dispute. The Richmond
Perpetual Building. Loan and Trust
Company last year paid the tax under pro
test. and desiring to have the matter def
nitely settled Messrs. William Ellyson and &.
V. Meredith, attorneys acting for that com
pany. filed a petition ~ the Richmond lust
ings Court last fall. but because Of Judge
Wits being stakeholder III the company
named the petition was transferred TO judge
Ingram's court in Manchester, and
alter several delays there Judge
Iugram also declined 70 try t. on the ground
that he was an owner of stock IN similar
company 1t was then returned to the llust-
ngs Court OF Richmond and Judge Wexford
requested 10 act tor Judge Witt, with the
result before stated.
OK MOTION.
The question came up on q motion made by
the Richmond Perpetual Loan and Trust
Company 10 correct an erroneous assessment
in this, to-Yit. that the commissioner OF the
revenue in his assessment had taxed the
capital stock Of said company, and the ground
taken by the company WAS that the pres
ent tax law did not contemplate taxing
any building fund companies. The point de-
cided by Judge Wexford was that under the
tax bill the commissioner must ascertain the
value Of all capital of incorporated Joint stock
companies not otherwise taxed. and that the
language of the section clearly embraced the
capital of building fund associations, as they
were not specifically taxed I'M any other way
Acknowledgement r. Taylor Scott and Slr.
II. NJ. Smith. Jr.. appeared for tho Common
wealth and the city respectively.
ACTED n CoNcERT.
II is understood that while the Richmond
Perpetual building. Loan ana trust company
brought the motion. that every other similar
company n the city. with perhaps one excep-
ton was interested and acted m concert In
other word- Ut IS supposed TO he test case IN
which each company bears It's proportion OF
expense.
The amount involved is perhaps at a rough
estimate about thirty five hundred dollars per
annum on all the companies in this city. An
appeal was made from Judge Weltord's de-
cision and the case will be carried to the Su-
preme Court Of Virginia.