The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-08-01
NO DOUBLE TAXATION
STATE BOARD QUICKLY DIsMIssEs
ONE PART OF An APPEAL.
A Case Involving Assessment of state
Bank stock-TeIegraph and Elk
press Company values.

Inere was case OF great interest 10 the
holders of stock in all banks except ma
tionai before the Board of Tax Commits
sioners yesterday. 1t involves the right of
holders of such stock to list il before
credits on account OF debts owing BIZ them
are claimed and allowed. The question is
In three-sided appeal from the action of
the Board OF Review of Owen county in
the assessment of the property of Inman
II. Fowler. Vina III. Fowler and Frank III.
Freeland Inman H. Fowler owns 100 shares
of stock of the Capitol State Bank of Spen-
Ger and claims credits on account of debts
to the amount of sl1,l4O. vina H. Fowler
owns forty-five shares with credits to the
amount of $500. Freeland owns twenty
shares. of the par value Of 5000. and
claims credits to the amount of s, 600, leay-
ing nothing to be assessed.
The county assessor assessed this stock
to the individuals under Item In the per-
sonal property credits schedule. and at the
same time it was assessed against the
owners of it in the list made out by the
bank in accordance with the law, which
requires that all banks shall furnish the
township assessor list of their stock
holders and the amount of stock held by
each, which amounts shall be assessed
against the individuals in the township In
which the bank is located
When the matter came before the County
Board OF Review IL held that the stock
must be listed by the township assessor
from the list furnished by the bank and
that the individuals could claim no deduc-
tons on account of debts they might be
owing; also. that when the stock was
listed in this way, it could not be listed
against the bank, for that would be double
taxation. The assessor appealed from this
decision, holding that the stock should be
listed to the bank and also to the indi-
vidual, and the individuals appealed, hold
ing that their stock should be listed before
their deductions OF debts were made. Willis
Hickum appeared for the assessor in the
first instance and for the county board IN
the other case. The assessors appeal was
practically dismissed without argument
when 1t was learned that the State Board
has already ruled on the same kind of
case against the assessor.
In the other case, William A Pickens ap-
peared for the appellant. He argued that
the law was somewhat ambiguous in re-
gard TO the point at issue and referred TO
Supreme Court, known as the vajen case.
in which 1t was held that national bank
stock should be listed so as to allow debts
to be deducted. He also contended that
as there was no other place in the schedule
where State bank stock could be listed. it
would necessarily come under the head of
''all other amounts due from persons, firms
or corporations" etc.
On the other side Mr.. Hickum held that
the reason there was no provision made
in the schedule for the listing OF State
bank stock Is that it is TO be listed by the
township assessor and the blank is to be
filled out by the individual. He maintained
that that was the strongest argument in
favor OF the position taken by the County
Board OF Review. He also showed that in
the Vajen case the Supreme Court said that
the reason national bank stock must be
listed so as to allow deductions to be made
is that the federal law provides that IL
shall be thus taxed, which was contrary to
the then existing State laws and the fed
eral law took precedence over the State law.
Except for that provision of the State law,
the court said. it would be compelled to de-
eide otherwise.
Yesterday morning the board gave out
its valuation of the express telephone,
telegraph and sleeping-car companies.
There Is, practically, no change from last
years assessment. The only difference is
the changes that have been made by the
companies. Most of the telephone and tele-
graph companies have increased their
mileage slightly, while some of the other
companies have increased and some have
decreased. The total assessment is nearly
<5OO OO0 The list is as follows.