The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1897-10-16

Safe Deposit & Trust Co......:....... SID 1O-19
During the months. of July and August 1895 and
1896 the quotations of these stocks. as far can
get them on the Baltimore Stock Board were as
follows
Citizens Bank-...................... 2075 2l.2j
First National Bank ,. $3.50. I25.00 12i.00
to 1900 to 12jOO
Merchants Bank .14s. 90 to 1850 1850
pank al baltimore - IA. 80 to 1900 1890
Bank Of Commerce............ 1850 100
Exchange Bank. ............-........ 1S0.OO -
Third National Bank...........-...... $500 -
Farmers & Planters Bank......... 1900
Howard Bank. .-.-.....-ll.I 20 TO i2.U0 lU90
Mechanics Bank....................... 1900 1880
Union Bank ....................... $500 5000
Commerciai & Farmers; Bank 1000 to i25.OO 1000
Baltimore Traction Co..-............. 3O19 I6S
Western 10 40OO 39.OO
AS a matter of fact, most of these stocks were
above par and the dividends were paid on the par
value. Take one instance Merchants Bank stock
sold IN 1895 at SI495O and was assessed by Messrs
Smith and Jones at $685. 1t sold s. less in 1896 and
Messrs shryock and Graham reduced its assessment
by S27l9 The stock of the First National Bank
sold in 1895 at $50 and in 1896 at Sl25 In 1885 it
assessed $685. and this was reduced IN 1870 to
National was assessed in 1895 at ISL 66 and in 1896
at S70.Sl Other cases show the same ratio of re-
duction apparently not based selling value, but
as if done By some arbitrary rnle The list of stocks
is too long to treat of each but roughly esti
mated, / conclude that the Board of Appeals of
1896 reduced the assessment of stocks Of corpora
lions over S4.0O0,00O.
Mr.. Owens article was published in an
Annapolis paper some weeks ago, under
the very eyes of the Comptroller and
Treasurer, and not word has been heard
from them They have not denied the
figures or given any explanation of this
favoritism to corporations.
In the article last week some reference
was made to the conflict of opioniou among
able lawyers as to the meaning of the new
assessment law, and as to the constitution
atty of the supplemental act, chapter l43,
which was intended to repeal section 1914
Of the main law, providing "a sliding
scale in assessing bonds, certificates Of
indebtedness, or evidences Of debt, Under
the sliding scale, as was stated, bonds,
certificates of Indebtedness, or evidences of
debt, bearing six per cent. interest, were
to be assessed at half their face value, and
the lower the rate of interest the lower the
assessment
Under the supplementary act, chapter
143, bonds, certificates of indebtedness,
and evidences of debt are to be assessed at
their market value and taxed at the reg
ular rate for State purposes, and at thirty
cents, and no more, on the 500, for
county and city purposes.
As noted last week, it was matter of
no difference whether the main law, see
ton 1874, stood or the supplemental act,
this class of property would escape just
taxation, while farming lands and town
and city property was assessed at their cash
value, and taxed for Baltimore city pur-
poses 50 on the $100, and from 45 cents
to ST. 16. in the counties.
And while farms are taxed, whether
they yield revenue or not, and tenantless
dwellings, stores, and offices, bonds upon
which no interest shall be actually paid.
are not to be valued and assessed at all.
This provision is Incorporated both in see
ton 1914 and in chapter 143.
Mortgages are favorite security in this
State, and many millions of dollars are
invested in them. One of the demands
of the people was that mortgages should
be taxed The Republican legislature
of 1896 inserted provision for taxing
them iii the assessment law, section 146 A.
Money invested in mortgages is surplus
mOney-mOney not needed in actual bus
mess or in running farm. 1t is essen
tally wealth, and yet the legislature was
very considerate in taxing wealth invested
in mortgages. Holders are required to
pay eight per cent. of the gross income,
two per cent. going to the State and six
per cent. for county purposes where the
holder resides A 81, 600 mortgage,
hearing six per cent, would be 81. 80
81 20 going to the State, and So. 60 to
the county where the holder resides.
This mortgage tax is discrimination in
favor Of wealth as patent as in the dis
elimination in favor of bonds
The income from SO, 900 mortgage |
would yield tax of $49 in Baltimore or
in any county in the State The tax on
a SO, 900 house in Baltimore would be
5000 for city purposes, and for State pur-
poses, STD, or total of S217. IS. |
This is discrimination in favor of the
holders of the mortgage of $169. IS in
taxes.
When there is no income from IA mort
gage no taxes are paid, but taxes have to
be paid upon the more than 5000 tenant
less buildings in Baltimore. And the
same is true of tenantless houses, stores,
and offices in the towns and other cities of
the State.
The tax rates for county purposes range
from 40 cents on the 500, in Carroll, to
S1.16 in Calvert, eight of the twenty
three counties having rate above 81
A 81 900 mortgage will pay tax,
provided there is a six-per-cent. income,
of 81. 80. A 81, 900 farm pays county
and State tax, III Carroll, of Sc 274, and
a much higher rate in every other county,
the highest point in Calvert,
where the tax is S1337
The demand for a new assessment law
arose from the exemptions of wealth and {
inequalities in assessment The people
wanted all classes of prosperity to be taxed
like at a uniform rate They wanted all