Arizona republican., 1893-12-06
ASSESSING BANK STOCK.
Rumor of an Interesting Move
 Against the Banks.
The Development of an Incident of the Last Night of the Seven
 teenth Legislature.

An animated contest is going on be- tween the board of supervisors and the national banks of the county over the question of the taxation of the capital stock. Proceeding under an act of the Seventeenth legislature the county as- sessor undertook to list the stock in the name of it's holders, but the banks de- clined to submit list. At late meet ing of the board resolution drawn by the district attorney directing the col lector to put the amount of the capital stock on the tax rolls, was passed and 50 far as the records of the board now show, the matter still rests there.
 It was rumored yesterday that the board had decided to notify the comp troller of currency that the banks in refusing to submit the list for inspec- tion had violated Sec. 5210, R. s. United States. A member of the board was seen yesterday in reference to the rumor, but he declined to say whether such action had been taken or was intended. The section above men, tioned requires that presidents and cashiers ot national banks cause to be kept full and correct list of the names and residence Of all shareholders sub ject to the inspection of shareholders, creditors and officers authorized to as- sess taxes under state authority. They shall also transmit to the comptroller of the currency list of shareholders and shares owned by them, on the first Monday of July in each year.
 TJOHar thia snofinD tho aHnaruic0ra believe that the taxation of bank stock is contemplated in states and terri tories where local laws give the proper authority.
 President Fleming of the Phoenix National bank, was seen last night by REPUBLICAN reporter. As to his bank he said the proposed notification of the comptroller could cut no figure since that portion of the statute requiring the su bmitting of lists to the assessor had been complied with. He did not know whether the other banks had done so or not. He had also submitted proposition to the board under the terms of which one-fourth of the capi- tai stock should be subject to taxation. This he regards as an equitable adjust ment of the dispute since the rest of the stock was invested in United States bonds.
 The bankers also deny the authority of the territory to levy tax on bank stock, on the ground that there is no territorial statute providing for taxa tion. This recalls an incident of the last night of the Seventeenth legisla- ture. The act for taxing bank stock had passed the house several hours be- fore the close of the session but hung fire in the council until the last night. When it was called up the bill was found to be missing and there followed excitement, recrimination and hard feelings. The hands of the clock in the council chamber were turned back while messengers were dispatched after ab- sent members of the committee to which the bill had been referred. At length the bill was found or one purport- ing to be the bill which had passed the house and it was hurried through the council without delay or opposition.
 The bankers say they are in possession of conclusive evidence that this was not the genuine bill and that its provisions are not identical with those of the lost bill.
 Without discussing the territory's legal right to tax the capital stock of banks, President Fleming says he be- lieves that tax should be paid on it. He believes though that it should not be assessed at its full value for pur poses of taxation but should be subjected to the same rule which prevails in assess ing other species of property.