The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-07-15
EXTENSION MAY
NOT Be GRANT TED.
Much Depends on Mr..
MorehouSe Of San
Leandro.
HOPE FOR SUPERVISORS
They May Not Have Time to
Do the Necessary cad
vising."
BANK STOCKS IN DOUBT.
Assessor Dalton Produces Many Au-
thorities That Favor As.
sessing 1t.
BANK STOCKS IN DOUBT
OAKLAND OFFICE SAN FRANC1sco CALL, |

The Supervisors, sitting as Board of
Equalization, are in a quandary. They
are not certain that the State Board will
grant them an extension of time.
The last question asked of the County
Clerk tonight by Chairman Bailey was in
regard TO their request for an extension of
time, and the Clerk answered that no no
tice had yet been received.
The matter of an extension of time is of
the greatest importance just now, as all
the important protests are "under advise
ment." whatever that may mean to an
Alameda Supervisor, and if the necessary
advice" be not obtained before next Mon
day the assessments must stand as they
are.
@This way out of their difficulty would
be very acceptable to the Supervisors, rs it
would relieve them of the necessity of
deciding questions that may jeopardize
their reelection in November. Lou More
house of San Leandro is the member of
the State Board of Equalization from this
district, and he will, of course, decide the
facts of Alameda County's desire for an
extension of time. Mr.. Warehouses; ac-
ton, and incidentally his presence, has
decided questions of assessment before in
the railroad and bank sessments are
about right he may not advise an extern
sion. Should he think they need equal
izing," which in Alameda County means
reducing, an extension may be looked for.
In either case Mr.. Morehouse of the State
board and E. Black Ryan of the Southern
Pacific will be prominent factors.
A. G. Sinclair was the first lucky man
tn at met the Board of Equalization this
afternoon. He asked that his assessment
be reduced to conform with those around
him. He was assessed $150, while those
on either side were only taxed at 500.
There being no objection from the Asses
sor the petition was granted. The total
amount was $3.50 and with the reduction
| will go at $4,000.
| DR.. E. H. Woolsey asked for reduction
on his old hospital building. 1t was assessed
| at $1,000. He said it was for sale at $1,000,
but he had only been offered 5000, and if
that party backed down be would be COM
PEELED 10 pay for having it torn down. The
assessment was reduced to $1,000.
Then came the question of the bank as
| sessments. A. A. Moore and w. S. Woods
represented the bank interests In general
and w. l.. Hill the Assessor. For three
hours law was quoted and decisions fur
nished by opposing counsel for the guild
ance of the board. Mr.. Moore first took up
Union National Bank held by w. II. High
Jr. He claimed that under the statutes
the National banks paid taxes to the
United States Government and were not
assessable for county and State taxes. He
would admit that the State could tax the
shares of these banks If proper laws had
been passed stating the time and place of
said taxation. Since this had not been
done there was no way to tax the shares.
Mr.. Moore quoted the Political Code of
California, section 360S, which says:
"Shares OF stock in corporations possess no
intrinsic value over and above the actual
value OF the property of the corporation
which they stand for and represent and
the assessment and taxation of such shares
and also OF the corporate property would
be double taxation. Therefore all prop
erty belonging to corporations shall be
assessed and taxed, but no assessment
shall be made of shares of stock nor shall
any holder thereof be taxed therefor"
w. S. Woods, who represented the Postal
Telegraph Company in its attempt to
evade the payment OF personal property
taxes said that only one case has reached
the Supreme Court where shares of stock
had been assessed, and that body decided
against the assessment. 1t was a decision
affirming section 1908, just quoted, and
the board must likewise sustain it. He
read from the United States Supreme
Court decisions in Tennessee case where
L0hI DOuy OeClu6Q J0dJ OF the
Legislature to pass the necessary laws for
the taxation of National bank stocks ex-
empted it, and the Assessor was not per-
mitted to assess 1t.
William Lair Hill interpreted the law
differently. He said the shares of the
capital stock of such banks may be as
sessed to the individual stockholders
: The constitution provided that all prop.
, erty not exempt by the laws of Congress
shall be taxed. The laws of Congress dc
not exempt the shares of National banks
hence they were assessable. The oppose
ton, he said, claims that there is no law
as to when or where they should be taxed,
hence they were exempt. He claimed
, that il was provided for in the constitu.
ton. 1t is not scheme 10 exempt prop
! erty, but scheme to keep it from being
donbly assessed.
Assessor Dalton produced circular let
J ter from Attorney-General Fitzgerald in
which he says the question of taxing the
shares OF stock in National banks is an
} open and O very doubtful one. He then
says ~ should advise the assessment Of
the shares of stock of q National bank
owned by individuals at their actual value
after deducting therefrom the pro rata
value of the property Of the bank other
than that invested in United States bonds
l am of the opinion that for The
purpose Of testing this question and OBJ
tanning decision from our Supreme Court
definitely determining the rights of al
} concerned as 70 such assessments, the As
SCISSORS of the State should assess to the
National banks all personal property
money, currency, ETC., belonging to such
banks"
} The Assessor also had an opinion trcm
II. A. Parnell, who says: "Tne shares o.
the capital stock OF National bank are
assessable TO the owners or holders o.
such shares whether they are residents o.
the county or not"
The case was then taken under advise
: ment and the board adjourned to meet to
morrow morning at 10 o. CLOCK.
VALUABLE PICTURES.