The herald., 1897-06-29
OFFICE OF THE HERALD.

11u8uCu tu0 CdbC "a tiS OeosO ~ O~~A
fornia vs.. the National Bank OF d. 0.
Mills 4 Co. This was q suit brought ny
Assessor .Berkey to compel the bank to pay
$1S.o40 State and county taxes for 1895,
upon an agreed statement Of facts. to the
erect that the. Assessor demanded ana re-
ceived . statement from the bank purport-
Ing to contain the amount and value Of
the real property Of the bank. The sworn
statement furnished by the bank also de-
clared that It had no personal property
and the Assessor was not satisfied with
1t, ana levied an arbitrary assessment on
personal property to the amount Of $685.
900.
The bank refused to pay the taxes on the
arbitrary assessment and the Assessor
brought the present suit. The decision
Of Judge Hughes Is to the effect that the
Assessor only has power to make an arbi-
trary assessment under certain conditions.
one Of them being where no sworn state
ment has been returned. In this case the
bank returned a sworn statement. AS the
Assessor did not subpoena the defendant
before him for examination. he had no
power to make an arbitrary assessment
for failure to comply with the subpoena Of
citation. and II he thought that perjury
had been committed, he could have In
formed against defendant and prosecuted
him, but he had no right to constitute him
self a judge In the case.
The court further decides that under and
In pursuance Of the Acts Of Congress Of the
United States. the defendant, as q National
10 n l.
BILE to be assessed and taxed within the
State Of California upon It's real estate.
and that 40 such National Banking Asso-
ciation It cannot be assessed or taxed with
In said State for or on account of any Of
the personal. property described in the
foregoing findings.
4 = =
The demand made by q. H. Rollins & Son,
the buyers Of the citys refunding bonds,
that the money paid for their purchase
shall simultaneously be used to take up the
old bonds. so that there may be no doubt as
to the exact disposition Of the money
raised. has already been referred to in this
column. City Attorney Dunn makes the
suggestion that Messrs Rollins & Son
should allow the money TO be placed on
special deposit with the Farmers and
Merchants Bank of this city. to be drawn
out only in payment for the old bonds as
they are presented. The council author
lied telegram to be sent to such effect and
the plan appears to be practical business
solution Of the diflculty that would arise
were Rollins & Son to insist upon the
actual delivery in New York Of all the old,
bonds at the Identical moment when they
handed over the money for the new ones
The old bonds are scattered around In DIFF
ferent quarters and will perhaps be de-
layed in their presentation. but they will
not draw interest after the expiration Of
the notice published few days ago by the
Treasurer. which gives 80. and in the case
OF funding bonds 40. days for presentation.
The New York Daily Stakeholder figures
out the interest payable on bonds and divi-
dends on stock for June as follows:
1896. 1897.
Interest ..............$14,ss2.6o COZ 1885,, ,o21
Dividends ........... 10,695,37 1866, ,143
Total 5S7,949 $50 263s, 1854
There Is nearly 81, ,000 900 less from bonds,
but a gain of $S,000.O00 from stocks. This
Is the largest amount for June in several
years, and the Government interest will
probably add enough more to make the
total $35. .000, ,000 Most Of this money will
eventually 30 into new channels in the
LIQUIDATION of old obligations or In the
form Of new investments.
+ + +
One thing the legislature of every state
In the country should do is to pass laws
requiring the utmost publicity in regard
to the disposition and management OF pub
lie funds. says American Investments. The
taxpayer has a right to know just as
often as 1t is not too expensive to tell him
to what extent FUNDS go into the hands Of
q public officer. where 1t goes and where
the cash on hand is deposited. This
should be done at least every month Of the
wear. and the responsibility Of bondsmen
should be looked into every three months
The Kentucky Court Of Appeals held in
the recent case of Trimble VS.. Reid, that a
bank president Is liable for false state
ments OF material matters affecting the
value OF the bank stock, that 1t Is the
duty OF such president to- use reasonable
diligence to ascertain the truth of the state
ments published, setting forth the condi-
tion and resources Of the bank In question,
1s'N thot oN AAotTu uCtIOu WHICH Tells a jury
that whatever information might be ac-
quired by ordinary attention to his duties
may, IN controversy with persons tram
sacting business with the bank be pre-
sumed to have existed at the time of the
transaction. but that such presumption
may be overcome by competent testi-
mony," Is proper instruction with refer
ence to the question with which 1t deals.
= 4 4
British Board Of Trade returns for Nav
are regarded as satisfactory, inasmuch as
both Imports and exports show substan-
tiai increases when compared with like
totals for 1896. The months imports.
vafued at fs6, 1886. .348, are SO per cent in
excess OF those for May last year, while
May exports (of British and Irish produce).
amounting to R19.s22. LAG, showed a gain Of
70 per cent over 1896. British shipments of
Foreign and colonial merchandise exports
were valued at f4,954, ,692 last month. an in
crease OF Al per cent over the like month
q year ago, due to excessive Shipments of
sheeps' wool to the United States. In Tho
past month the total shipments of sheens,
WOOL were below last years, although to
the United states they were again much
larger. Ine increase Is to be found chiefly
IN tne shipments OF raw cotton and hides
with smaller increases in larger number
of articles.
Among the many modern institutions of
japan electricity very naturally takes the
leading position. The absence of ras
works In the country alone will account for
the prominence which is bound to be given
to this branch Of the engineering Industry.