Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1897-10-21

Treasurer whether these corporate In
fucnccs have their ear, This question Is
pertlnCnt frOmthe large reductions made by
the Board on the assessment OF stocks OF
corporations. 70 show this reduction, we
give In two columns the comparative ny
urcs The first column represents the
sessment Of 1898 under Treasurer aud
Comptroller, Jones and Smith. ana the sec.
ond the same Tor 1896 under Treasurer aud
Comptroller, Shryock aud Graham.
1898 1896
Citizens Bank, Baltimore S1U.lO fl5J3
Commercial Farmers
Elrst National bank. ...,., 03.sG si.77
Manufacturers Bank..,... 1900 1861
Merchants HauR, ,..n... Oi.59 GI10
National Bank u Bal im0rc 1lD,SN SBl2
National Bank Of Commerce iO,Ji S4I
Exchange Bank .,..,....,, Dj.32 IGG,
Farmers aud Planters
bhhk ..t'.,.t''''''''''' o1'9o o1MO
Howard Bank .........,. o. 1G5
Mechanics Bank. .,......, 0.dt SO
Union Bank. .....',...,.'. l1'zS VI
Western Bank. ..,...,...,. 2U.oJ @u.5I
second National BNnk,. 1880 llD.Su
Third Nat oual Bank. .,,.. SLBd 1881
Baltimore Traction Co... IOI 40!
Mercantile Trust De-
Safe Deposit i trust CO.. s115 1910
During the months of July and August
1893 and 1896, the quotations OF thcsC
stocks, AZ far as ] can get them on the Bal
tlmorc Stock Board, were as follows;
1Silb 1896
Citizens Bnnk S20.1J s Il 70
First National Bank.,.,,. 1900 l2t.OO
to 13),oD to 12J.OU
Merchants Bank. lls0l TO 1880 1880
Bank uf Bal nore. .1II.y0 to $500 1900
Bank OF Commerce, ,,t... Too HOO
Exchange Bank. ......,.... I1JOO -
Third National Bnnk,u.. uS.0l --
Farmers n Planters
Howard Bank ....,.11T5 10 1900 1880
Mechanics Bank. ,,..,.., 1900 1880
Union Bank....,...,.,.. $500 5000
Comcrclnl Cnrmprs'
Bank .,,...... $1,000 TO 1890 1000
Baltimore Traction Co.,. 2O75 l7d3
Mercantile Trust Co...... 10000 125.0O
AS a natter Of fact. most of these stocks
were above par and the dividends were paid
on the par value, Take one Instance: Mcr-
chants Bank stock sold In 1898 at $3.50
ana was assessed by Mcssrs. Smith and
Jones at sOi59; It sold ~ less In 1905, aud
Messrs. Shrgock and Graham reduced It's as
tossment by A27.la, The stock OF The First
National Bank sold In 1873 ~ $50 aud In
iS96 at SIPS. In 1898 II wns assessed
ND,S0, and this was reduced In 1896 10
SSl.I1 or by the sum Of $500 share, The
Third National was assessed in 1895 at
SS1,O6 and In 1890 at $T0,Sl other cases
show the same ratio of reduction, nppar
entity not based ON selling value. hui as IL
done by some arbitrary rue The Hist Of
stocks Is too ong 20 treat OF each one, but
roughly estimated. conclude that the
Buard Of Appeals of 1Sl0 reduced the as
sessment OF stocks of corporations over
Sl,0O0,000.
Mr.. Owens article was published IN
an Annapolis paper some weeks ago,
under the very eyes of the Comptroller
ana Treasurer, ana not Il word has been
heard from them. They have not dc.
MED the figures or given any cXplana.
ton of this favorltism to corporal ons
In the article last week some refer
ence was made to the conflict of opn.
ion among able lawyers u TO the
meaning of the new assessment law,
and as TO the constltutiOnalny of the
supplemental act, chapter 1I3, 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, on
evidences of debt. bearing six per
cent. interest, Were L bc assessed NJ
half their face value ami the lower the
rate Of interest the lower the assess
ment.
Under the supplementary act, chap
ter 143, bonds, certificates OF Indebted
ness, and evidences Of debt are TO hr
assessed at their market vidde and AK.
ed ut the regular rate for state pur
poses, and at thirty cents, and DO
more, on the 500. for county and city
purposes.
AS noted last week. Il WAS matter
OF no difference whether the main law.
section l0I, stood or the supplemental
act, this class Of property would es-
cape just taxation, while farming
lands and town ana ely property was
assessed NJ their cash yHluc, and taxed
for Baltimore city purposes - on the
500, and from 10 cents TO $l.lU in thu
counties.
And While farms are taxed, whether
they yield a revenue or not, and ten
antless dwellings, stores. and offices,
bonds upon which no interest shall
be actually paid, are not to 0e valued
and assessed at all. This provision i
Incorporated both In section 1914 nd N
chapter ll3.
Mortgages are Il f;lvorlte security ~
I. is State, and many mill, IS of dol.
lars are invested IN them One OF the
demands of the people WAS that mort.
cages should be taxed. The RepuSli
can legislature OF 1896 inserted a pro.
vision for taxing them IN the assess
ment law. section lii 4.
Money invested n mortgages is s,Ii,
plus money money Not needed IN &C
tual business or in running a arm.
il is essentially wealth, and vet the