The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-27
sF0CkH0LDERS IN ST. PAUL BANKS
SURPRISED AT RECEIVING AS
SESSMENT NOTICES.
MANY ASK WHAT IT MEANS.
IREASl REIs Edmund
TAKES A HINT FROM JUDGE
WILLIS RULING.
STEP TAKEN AS A PRECAUT1oN.
When the Institutions ThemseIxeS
Fay the Stockholders VIII Not
Have to DO So.

mere are about LOO owners of stock
III the dozen banks in St Paul which
are uolng business, and to each of these
county treasurer Edmund has recently
sent postal card notice. The card in
forms them that they have been as
sessed on the amount of their stock in
the particular institution interested.
ana that unless the tax is paid on or
oeiore rep. % penalty of 10 per cent
VIII De added upon the amount.
Inc sending out Of these notices to
the stockholders in the various banks
mas occasioned considerable surprise
ana I'D to last night the county treas
urer mad received over 200 letters in
curing as to the reason for the new
move. In answer to these letters the
county treasurer says the rule has
been to tax the banks for the stock
but Judge Willis. in the case against
the Bank Of Minnesota, held that. if II
was desired to hold the stockholders
liable for the taxes, each stockholdAr
should be individually notified. Acting
under this ruling of the court. the
name Of the stockholders in the banks
We're secured, and each was notified
that they had been taxed for the
shares held. In addition to this the
banks were also notified of the amount
they had been assessed and taxed
county Treasurer Edmund said there
was no intention to make the stock
holders pay, in case the taxes were
paid by the banks. Three OF the banks
since being notified had paid the taxes
and the stockholders in these institu
| tons, who had been notified by postal
cards, would simply not have to paw.
Some Of the stockholders in the three
! banks had sent in money to pay for
their holdings, and in each case the
money had been returned to them with
the information that the banks had
settled. Stockholders in banks where
the institutions did not pay the taxes
would, Mr.. Edmund said be required
to pay on the stock the same as on
other personal property.
A prominent banker in speaking of
the matter yesterday said he supposed
the plan was good one, but in the
same connection he called attention to
the fact that SO far as he could learn
the stockholders Of the Bank of Min
nesota secured immunity last wear
from taxation on the ground that thew
had not been individually notified and
consequently could not be legally held
This year the receivers Of the institu-
llon nau not been assessed at ALL al
though these officers had in their hands
at least $1,0O0,O0O Of assets which could
be turned into money. To his mind
there was no way in which the re-
ceivers Of the bank could escape tax
| alton legally. Suppose, said he, that a
large dry goods firm with a stock on
hand of $1,OCO,000 should be placed in
the hands OF receiver? Would it not
follow that the stock should be as
| sessed and taxed the same as other
stock Of the same kind?
County Assessor Seng, when this
proposition was put to him, said up to
| date the assets in the hands of the
receivers Of the Bank of Minnesota had
not been assessed or taxed The fix
| lures Of the bank had been assessed.
but that was ALL He questioned
whether there was anything in the
hands Of the receivers to assess. but
was Of the opinion that if there was
it was not too late to attend to the
| matter
County Treasurer Edmund was au
thority for the statement that the
banks which suspended at the begin
ming Of 1897 were not assessed or taxed
for the reason that on May 1, the date
on which the assessments are made.
they were not doing business.