The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-08-23
New York COTTON MARKET.
May TAX STOCK SEATS.
The Opinion Of BnItimore,s Assist
ant City Solicitor.

BALTIMORE. Aug. 23-The long-de-
layed opinion as to the right and power OF
the Appeal Tax Court To assess and tax
the seats Of members of the Baltimore
Stock ENchangs was made public yester-
day, and the opinion Of the Assistant
City Solicitor. OIin VI. Bryan. was given
10 tho court
The gist Of the opinion is that a seat on
the Stock Exchange is property and tax
able as such, therefore the Appeal Tax
Court has the right 10 assess it, II isl3n-
derstDod that the question win De taken
10 the court Of appeals BY the Stock Ex-
change Chief Judg, Sans. Of the appeal
tax court, stated that ne could not saw
what action The court would take until Il
has carefully considered the opinion.
Mr. Bryan holds that seat owned by a
Balumorean ir the New York stock Ex-
change cannot be taxed here.
The questions submitted by the court
were.
"First-Is a seat IN the RaItirnore
Stock EXchsnga, owned by a broker OF
this city and doing business here. taxable
as property under law
Seconds "A seat In the New York
Stock Exchange, owned by a broker living
in Baltimore, taxable here as property
Mr.. Bryan. in his opinion. quotes q large
number Of decisions handed down al vari-
Gus times by courts Of last resort in Ma
ryiand and other States. For instance in
the case Of Plat Us. Jones. So New York.
y, the court said: There can be no
doubt that seat OF membership in the
exchange Is, In a certain sense. property.
IL has great value to the owner and NAV
under the conditions prescribed in the
constitution and bylaws. be transferred
and transmitted and converted TITO
money"
In Grocers' Bank VS.. Murphy. 60 How
ard. 426. the court said: The fact tbat
such seat or membership is transfer hI.
only 70 certain class OF purchasers and
upon certain conditions does not arecr
Its character as property OF prevent the
right Of property in il from passing 10 an
assignee The controlling feature pertain
ing 10 seat in the exchange is that II
may be bought and sold. subject 70 the
rules Of the association, and in case Of
the owners death a sale is made by the
exchange and the proceeds distributed.
Herein exists the difference between il
and membership IN social cIub-the lat
ter can neither be bought nor sold
In this case an attempt was made to
subject a seat on the Stock Exchange 10
clearly holding that il was liable 70 tho
creditors Of its owner. being property
which could be subjected. under certain
prescribed conditions, 70 the satisfaction
Of these obligations which properly rested
upon it Mr.. Bryan quotes d number Of
similar cases.
Mr.. Bryan then goes on to consider the
meaning Of the word property according
10 the accepted authorities. and finally
comes 10 the recent case in New York
which presented problems similar % those
engaging the attention Of the local AUueaI
Tax Court. The Supreme Court of New
York clearly held. says Mr.. Bryan that
q seat on the Stock Exchange is UrOUerfv
True. the court held there that Il was NOT
taxable, but II was not because the court
did not regard II as property. but entirely
70 the fact that. while II was distinctive
~ personal property IN the eve Of the
court, Their was no provision under tho
tax Law Of the State by which 81 could
be made subject 20 taxation
Chapter 100 Of the Acts Of 1896 Public
General Laws Of Maryland Cnumeratss
the various kinds Of property subject 10
taxation ln this State. and after the
enumeration this language Is found: All
other property Of every kind, nature and
description within this State, except as
provided by the fourth section Of this ar
ucle, shall De valued and assessed for the
purpose OF state, county, and municipal