The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-04-28
B AND L. ASSESSMENTS.
They Are Giving the Taxing Officers
Much Trouble This Year.

1.-THE matter OF assessing building and
loan stock is bothering tax officers these
days" said Township Assessor Saulcy yes
terday. The Supreme Court has decided
that this stock is taxable, and now the qres-
ton is how TO get hold of it. Very little
building and loan stock is being given In
for taxation this year. OF course. the only
way tax officers can be sure of how much
stock a man holds in a building and loan
association is to examine the books. and
that / nm afraid the associations will op-
pose. The Supreme Court. however, has de-
cided that the assessor or auditor has a
right to examine the books Of any corpora
ton. The secretary of one of the building
and loan associations OF the city recently
said TO me that his association would not
permit the assessor. auditor or board of re-
view to examine its books, but would give
information as 10 any individuals interest
in the association that might be asked for.
This would. Of course, be impracticable be-
cause we would have to first learn the name
OF every man owning stock In that associa-
ton and then so ana ask about this par
b beui fn d md ms sIpG am at y Ioss i ny ii az this
time to know how 10 proceed in this matter.
The only possible way l can see out of the
difficulty is to compel the secretary OF the
associations to give the names of their
stockholders and the amount OF stock they
own. The court gives US the right TO cite
secretaries OF corporations to appear in
court and show cause why they should not
give certain information. and this may have
TO be r6SOrtCd to.
Our deputies call on people who make
returns of a certain number of shares of
building and loan stock and the value of
them, but do not give the name of the as
ISOLATION. The result Is we are unable TO
ascertain whether the statements are truth
ful or not. We are having a great deal of
trouble in making people understand that
those who own shares in building associa-
tions as borrowers are not expected to pay
taxes on this stock. We frequently find
wn9re such stock is given in as credits
when in fact it should be placed on the lists
as Indebtedness and not taxable.
Another mistake members of building
and loan associations make is when the
deputies ask members as to their shares and
the value they give tie face value instead
of the actual amount paid in. For instance,
one man answers that he has eight shares
valued at $500, when, perhaps, he has paid
In only 500 or 500. These eight shares will,
the full 500 until the amount deposited with
the association. together with its earnings,
amounts to $500. People should be taxed
only on the amount due them on their
shares from the association as shown by the
books on April /. Another thing that makes
il hard for the township assessor is the COM
plants that are made at this office by small
shareholders in building associations-people
who deposit with the association % or 80
cents a week with the hope that they may
some time be able to purchase a little home.
They come here with a pitiful story and ask
If they will be compelled TO pay on these
small amounts. | have to tell them that |
must assess the small as well as the large
shareholders"