The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-01
BOARD COMPLETES
EQUALIZATION
1t Has Made a Total Raise in
Valuation of About $751;
100000.

Stockholders of the Minneapolis
Trust company will be advised by the
directors, at a meeting to be held to-
day, to permit the company to go into
liquidation.
That statement was made yesterday
before the state board of equalization
by John B. Atwater, one of the direct
ors of the company.
All of the Minneapolis trust COM
panies had been summoned to appear
before the board to show why they
should not be assessed on the same
basis as the banks, and Mr.. Atwater
came in behalf of his company. His
declaration, referred to above, was a
portion of his argument against an
increase of the assessment of that in
stitution.
Mr.. Atwater said that last year the
company earned about 100000 gross or
| 100000 net profit on its capital of $780,
900, and considering that this is
period of general good times, and bust
! ness may reasonably be considered to
| be as good now as it is likely to be,
the directors have decided to advise in
| favor of liquidation.
According to the returns from the
| county board this company had been
| assessed on office furniture 81 800, on
| bonds and stocks, $133, 240; and under
| other divisions of the schedule, on one
item of $12,190 and another of $28,070,
| making total of $175, 900. It was found
| that the company will participate in
| the general raise of 10 per cent on office
| furniture increasing that item to ST.
| 600, and an increase Of 20 per cent was
| imposed upon the stocks and bonds,
| raising that item from $133,240 to
| $159,SSS, and the total assessment Of
| the company from $4,000 to $201,79S.
Other Trust Companies.
The Minnesota Loan & Trust COM
! pany, of Minneapolis, was returned at
| $4,000 for its office furniture and $147,-
| 625 under the head of credits, making
| total of $152,625. This item of office
| furniture is also subject to the general
| raise of 10 per cent, increasing it to
| $1,000, and a special increase of 80 1-3
| per cent was imposed by the board up
! on the item of credits making that
| $196,S33 and the total assessment $202,-
| $685.
e. A. Merrill, of the Minnesota Loan
& Trust company, appeared before the
| board and made long argument cal
culated to show that his company was
not on the same basis as bank, as the
! scope of its business did not include all
kinds of banking business, and there
fore it should not be assessed as a.
bank. The board took the position
that while the scope of bank may be
greater in some respects, that of a
trust company is greater in others,
and each form of business has its ad-
| VantageS over the other. In fixing the
| assessment the board adhered to it's
| belief that trust company should be
| assessed on the same basis as a bank
| and acted accordingly.
The telegraph companies were also
| taken UP by the board yesterday aft
! ernoon. The Western Unions repre-
| sentative said that he understood that
the board intended to fix the assess
ment at the same figure as last year
| $1,000. 000-and he desired to express
| the thanks of his company to the
| members for not increasing it. He said
that S1,0OO,0O0 is more than the prop
| efty of the company in this state is
| worth, but as the matter appeared to
| have been settled as far as the board
| was concerned, and the final settlement
| would have to be determined by the
| courts anyway, he could see no occa-
| sion for him to make any long talk.
The Western Union was for some
years prior to 1899 assessed at $S65,5OO
and, although protesting that the val
| uatlon was too high, paid it's taxes on
! that basis. In 1899 the state board
| increased the assessment to 100000
and then the company baked. 1t paid
taxes for 1899 on 100000, alleging that
| TO ample assessment on its
p and refused to pay any more.
y brought and the claim of the
Stat~- 'aXes on the other $400, 900 of
valuation issstill pending. In the mean
time taxes for each succeeding year
nave become due and have been dealt
| With by the company in the same
manner, so the suits now pending in
VolVe much more than the amounts
originally named.
The board, as was announced. fixed
the assessment of the Western Union
| at S1,000,000, and that of the North
American at 100000.
Boards Work Is Done.
The work above completely finished
the business before the board in COM
mittee of the whole and nothing now
remains but its formal approval as a
board of its action taken in committee,
which viii be entirely perfunctory.
Some OF the members left for their
homes last evening, but enough re-
main TO make a quorum today for the
adoption of the report. The work will
all be reviewed in detail and approved
as q whole.
No absolute figures as the result of
the work of the board for this wear
are obtainable at this time, but Chair
man Sprague said yesterday that he
estimated the aggregate increase in
the schedules for the state at slightly
less than 100000 Some of the 9th
er members were inclined to be more
conservative and put the amount at
Sl3,000,00O to $14,000,000.
Because some of the members were
| going home last night the session of
yesterday afternoon was to a great
extent regarded as the finish, and at
the time OF, adjournment several i'm
promptu speeches We're made. Mr..
! Gordon took the floor to express his
| thanks to Chairman Sprague for his
considerate treatment of him. Mr..
Gordon said that he had felt that he
had been very unfairly treated when
Pope county was subjected to a heavy
| raise on item 16 of the schedule-goods
| and merehandise-but Mr.. Sprague had
removed what little i'll feeling there
was by recalling Otter Tail county
and having a corresponding increase
made in its assessment.
Mr.. Sprague responded in hearty
manner, and said he appreciated the
| remarks of Mr.. Gordon. '.e"e~
A vociferous vote of thanks was ex-
| tended to the Twin City members.
Mr.. McKibbin, of St. Paul, and Mr..
| Cole, of Minneapolis, for their enter
! tainment of the country members.
Hodqson Estate Worth $4,000.