The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1904-06-09
ALL IN A SNARL.
Building and Loan Companies
Face the Assessor.
Held for 50, 100000 More
Property Than Returned.
MEANS A LARGE SUM.
Would Give the County $4,000
More in Taxes.
Dispute About What the Mort
cages Represent.
IEANS A LARGE SUM.

The board of equalization is now try
ing with the assistance of two attor-
neys, to untangle the tax snarl of the
building and loan associations in Shaw
nee county.
The difference of opinion of the off
GERS of the companies and the board of
equalization over the value of the hold
ings of the companies subject to taxa
ton carries with it a value of 81 .O2S,9s7
which will or will not be placed on the
tax rolls, and assessed, according to the
outcome of the discussion.
The building and loan companies
have submitted their statements of the
valuation of property held by them and
subject to taxation, according to their
ideas. The amount reported by the
building and loan companies is sos, 1865.
The city assessor, H M. Philips, turned
in another statement of the property
of the building and loan companies
which he thinks should. be taxed As
SCISSOR Philips report shows that he
found S2,O82, $50 to be the value of the
personal property of the companies
which should be taxed. The difference
is over two millions of dollars and II
that amount in controversy goes on the
tax rolls it will mean over $4,000 more
| to be paid into the county treasury in
| taxes than has ever been paid before
by the building and loan companies
/ The amounts returned by the OIL
/ GERS of the building and loan companies
to represent the personal property own
ed by them and subject to taxation are
as follows:
Capitol Building and Loan Co... $23, COS
Aetna Building and Loan Co... 1S,l2O
Shawnee Building and Loan Co. II, 24O
The statements made by the COM
panies are on the average monthly re-
ceiptS of the companies for the year
ending March l. 1904.
Assessor Philips made his statement
of taxable property of the companies
on the notes, mortgages, moneys ana
loans on the stock of the companies.
His report shows the following Valua-
lions:
Capitol Building and Loan Co.'S 459, 260
Aetna, Building and Loan Co. l. l61, 90
Shawnee Building and Loan Co. 46l, 90
The larger amounts of the statements
made by Philips are due principally to
the fact that he included in his state
ments the mortgages held by the com
panies and the companies in reporting
did not include them. The mortgages
held by the Aetna company, as report
ed by Philips. amount to s1,132 $50.
The building and loan companies
claim that there is no special law pro-
viding for the taxation of the loan com
panies-
sor Philips think that as the general
law provides that all property. 1nciud-
ing bonds, notes, mortgages, etc, snail
be assessed that the loan companies
should pay on the negotiable paper
they hOId.
There are no laws, or rather provis-
ions in laws, relating to the taxation
of building and loan companies. II
l one law, relating to banks and loar
companies is a provision that the Off
! GERS of the loan companies snail turr
! over to the assessors a list of the stocl
/ holders and the true value of the STOCK
they hold and that the company shall
pay taxes on that stock and charge the
taxes paid up to the holders of the
stock.
In another law is a provision that the
loan companies shall pay taxes on the
capital employed and used or subjec
/ to use or invested in the business. The
y companies claim that neither of these
provisions apply to the building anC
loan companies and there is DISPUTE
as to whether mortgages represent cap
ital employed.
The county commissioners, acting al
a board of equalization, will endeavo
this year to get as near all the propert.
which is subject to taxation and whici
has heretofore escaped taxation, on tn
= rolls The board of equalization ha
:. asked County Attorney Hungate ant
: County Auditor WEIGH to look up tn
= question of the building and loan com
panies and advise the board as to tn
Z proper manner of taxing them.
y When Frank Stahl was county treas