The citizen. (Frederick City, Md.) 1895-1923, 1897-10-22

H Mercantile Trust Co....... 1000 125.00
As matter Of fact, most of these stocks
were above par and the dividends were paid
on the par value. Take one instance: Mer-
chants Bank stock sold in 1895 at S149.50
ana was assessed by MeSSrs. Smith and
Jones at $94 80; 1t sold So less in 1896. and
Messrs. Shryock and Graham reduced its as
sessment by $27.19. The stock of the First
National Bank sold in 1895 at S130 and in
1896 at 1925. In 1895 1t was assessed
S99S6. and this was reduced in 1896 to
SS1.77, or by the sum of $500 a share. The
Third National was assessed in 1895 at
SS1 Sc and in 1896 at S70.S1. Other cases
show the same ratio of reduction, appar-
emily not based on selling value, but as if
done by some arbitrary rue. The list of
stocks Is too long to treat of each one. but,
roughly estimated. | conclude that the
Board of Appeals of 1896 reduced the as
sessment of stocks of corporations over
s4000,000
Mr.. Owens article was published in
an Annapolis paper some weeks ago,
under the very eyes of the Comptroller
and Treasurer, and not a word has been
heard from them. They have not de
MED the figures or given any eXplana-
ton of this favOritiSm to corporations.
In the article last week some refer
ence was made to the conflict of Opin-
ion among able lawyers a to the
meaning of the new assessment law.
and as to the constitutionality of the
supplemental act, chapter 143, 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 assess
ment.
Under the supplementary act, chap
Ter 143, bonds, certificates of indebted
ness, and evidences of debt are TO be
assessed at their market value and AK
ed at 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, it was matter
Of no difference whether the main law,
section 1914, stood or the supplemental
act, this class of property would es-
cape just taxation, while farming
lands and town and city property was
assessed at their cash value, and taxed
for Baltimore city purposes 81 on the
500, and from 40 cents to $1.16 in the
counties.
And while farms are taxed, whether
they yield revenue or not, and ten
antless 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 section 1874 and in
chapter 143.
Mortgages are a favorite security in
tits State, and many millions of dol
lars are invested in them. One OF the
demands of the people was that mort
cages should be taxed. The Republi.
can legislature of 1896 inserted pro-
vision for taxing them in the assess
ment law, section 146 A.
Money invested in mortgages is sur
plus money-money not needed In ac-
tual business or in running farm.
1t Is essentially wealth, and yet the
legislature was very considerate IN
t3y1.ng wealth invested in mortgages.
H1lders are required to pay eight Der
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, 900 mortgage, bearing six
per cent, would be $4.S0-$1.20 going
per cent. would be $4.S0-$1.20 going
to the State, and $3.50 to the county
where the holder resides.