The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-08-30

company from the Dearborn county
board Of review was heard by the board
of tax commissioners Saturday. Repre-
sentative Hugh ID. McMullen appeared
for the company and the board of re-
view was represented by Warren y.
Hauck, the county attorney. The petit
ton for appeal, which was filed yester-
day, set forth that the capital stock Of
the company amounted TO 100000 and
that it was assessed at &C 2-3 cents on
the dollar, or at 100000, when in fact
the stock was not worth more than
80 cents on the dollar. He also explained
that the company owned no franchises
nor anything which was valuable, ex-
cept the tangible property, which
amounted in four states to Sl02 900.
Only $4,000 OF this amount is in the
state and IL was assessed at $l3, ASP.
This at least being assessed in the regu-
lar way should be deducted from the
appraisement, making a total valuation
OF $SS,400 instead Of 5000 000
Mr.. McMullen stated that there could
be no dispute about the law on the sub
Ject. Only that part of the capital stock,
over and above the amount of tangible
property returned for taxation, can be
assessed. He said the way the board
had arrived at the figures at which the
stock was assessed was by taking the
price which the company had paid for
some stock four or five years ago. An
old member of the company had died
and his stock had been taken in from
the estate at &c % cents on the dollar,
when it was not worth so much. but
hat a1t,raf ~ F..rRp
or i've years ago it was not worth half
that now. The works are closed and the
earning capacity is absolutely nothing.
There was absolutely nothing to make
the stock worth more than the amount
represented by the tangible property. 1t
had no franchises or privileges which
were valuable. I'VE do not claim" he
said, that because a part of the prop
erty is outside of the state we should
not be assessed on all. The law is that
we must pay taxes on all tangible prop
erty whether within or without the state
and on capital stock held in the state
less the tangible property in the state
and we are here to submit to the law
but we do insist that the valuation of
the capital stock is too high"
Mr.. Hauck claimed that the appel
lants had not complied with the rules
of the board IN presenting petition for
appeal, and moved that the appeal be
dismissed. The board had already per-
mitted appeals to be filed after the time
limit. and it was the desire TO do the
right thing without regard to techni-
calities or iron-clad rules that the mo-
ton was overruled, and he proceeded to
show why the assessment made by the
board of review ought to stand. He
said that the capital stock of the COM
pany might be worth more than the
amount of it's tangible property, but
D &c naa rafaHHN
show that the company had property
worth S275, 900. Francis NJ Johnson, the
county assessor, was then placed on the
witness stand and testified to the
value of property in this state, and other
evidence was introduced to show that
the company had large amounts Of
whisky in Pennsylvania, Ohio and Ken
lucky.
MIR. Hauck also claimed that the COM
pany did an extensive banking business,
but owing TO the inability of the county
board TO compel persons to testify the
extent of it could not be ascertained.
I'm 1891" he said, when we We're per-
mitted to imprison persons for contempt
who refused to testify, we found $4,000
worth of loans to the credit of the COM
pany and found that It had $4,000 in the
Aurora bank.
appeals of j. A. Baker from Fulton
county and of the auditor of Martin
county in the matter of the assessment
of banks Of that county. Mr.. Baker Is
the owner of a lumber yard which was
assessed at s., 1873. He said he was listed
with $4,000 feet of lumber when In fact
he did not have so much on hand
April 1.
The Martin county board of review as
sessed the bank Of the county at from
&C TO rs per cent. of its book value and
the auditor thought that was too little.
IN, ta N of Plymouth the State
bank of Argus and the Union bank Of
bremen were represented by the Hon.
samuel Parker and the First national
bank Of Plymouth and the Co-Partner-
ship bank of Argus were represented by
their attorneys.