St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-28
TRYING TO EQUALIzE.

The Title Insurance Makes Wig
Orous Kick - Other Remon-
strances.
At yesterdays meeting of the board
of equalization, Ii. f. Stevens, as attor-
ney for the st. Paul Title Insurance and
Trust company, appeared and made a
protest against that company being as
SesSed $4,000 OH its capital stock and
personal property. and asked that his
protest be entered on the records. He
stated that the company was organized
under the laws of 1887 as title inSur-
ance company and not as trust COM
pany, and should be assessed as other
insurance companies, at 2 per cent on
its premiums. He claimed that there is
no authority of law to tax it otherwise
than as an Insurance company. or as a
railroad corporation is taxed. He ad-
mitted that by an act of the legislature
OF 1889 the company was gwen power to
do business as trust company, but
that the business in that line is very
small, amounting TO about $1,000 per
year, and the only reason that 1t wanted
to do 4 trust business was for conven-
Surance companies i'll small way in
other states.
County Attorney Burns interrupted
Mr.. Stevens TO ask if his company had
not been assessed last year, and the
matter of eXempting it III the same way
Is not being contested. Mr.. Stevens
admitted that while the company had
been paying 2 per cent on its premiums
since organization, yet an additional as
SeSSment was levied last year, which
the company claims should not be ell
forced. He urged the point that such
additional assessment is not authorized
by law, and if it is desired to tax the
company more or its gross earnings 1t is
the province of the legislature and no
other body to impose the additional
burden. He stated that the same Ques-
ton was raised in the case OF the St.
Paul Fire and Marine company and the
Minneapolis Title Insurance company,
and 1t has been held that they are not
liable to an assessment other than on
earnings.
The county auditor asked Mr.. Stevens
why his company should do business
as trust company aud not bear part of
the burdens of such companies.
Mr.. Stevens asserted that 1t is only
for convenience IN tranSactlng business
Will lOI6lSu EOIpOEdllUHS IlldI ln6y 40
ally such business. The company is
carrying risks that amount to Sc 100000
in titles, while its trust business amounts
to no more than $1,000. He quoted the
law as providing that his company is to
be taxed as other domestic insurance
companies, and insisted that the assessor
cannot lay the additional burden upon
the Title Insurance company. The mat
ter was laid over for further conSidera-
ton.
The duplication i'll the assessment
against w. l.. Perkins was referred TO
the assessor for correction. -
MIR. Van DuZee submitted sworn re-
turn in the matter OF the estate of
Carrie Thompson, which was arbitrarily
assessed at Sl25,OOO. The return as
sworn to fixed the value of the personal
property at 800, 524, and the correction
was made accordingly. The request of
d. d. Smith to have piano and a
sewing machine stricken from his list
was referred TO the assessor. W.. &.
Sargent had bis assessment reduced
from 1913 to $500, the reduction being
made on account of a mortgage that had
been foreclosed. Chapman, Drake d
Co. asked for a reduction from sol, 900 to
$1,000, and the matter was taken under
consideration. .....
The board adjourned until 4 O'Clock
this afternoon.