Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1907-05-07
justice Moody in the Home Savings

k .
Justice Moody in the Home Savings
bank case.
The Iowa supreme court in decid-
ing the cases laid down the general
rule and doctrine that ''the general
exemption from state taxation with
which the bonds of the United States
are clothed does not entitle the bank
to deduct the amount of such bonds
from the value of the shares of their
stock which are assessed to 1t Tor
the purpose of taxation"
Justice Moody in the majority opin-
ion of the court reversed this ruling
of the Iowa supreme court on the
ground that the course outlined is "a
direct tax on the securities of the
United States. Chief Justice Fuller
and Justices Harlan and Peckham
dissented.
In the course Of his opinion Judge
Moody said:
1--WE regret that we are constrained
to differ with the supreme court OF
the state on question relating to
its, law, but holding the opinion thar
the law directly taxes national Sc
curities our duty is clear. If by the
simple device of adopting the value
of corporation shares as the measure
of the taxation of the property of the
corporation, that property loses the
immunities which the supreme law
s gives to 1t, these national securities
may easily be taxed whenever they
are owned by corporations, and the
national credit has no defense
against a serious wound"
To Wind Up Insurance Company.
Auditor of state B. F. Carroll has
begun suit in district court for
the appointment of a receiver for the
Iowa German Mutual Insurance assoi
citation alleging that the company is
insolvent and unable to carry out the
terms of it's contracts with it's policy
holders.
The suit Is started by the state OF
Iowa ex rel, H. w. Byers, attorney
general, and the allegations in the
petition are based upon the findings
of Insurance Examiner ]. A. Nickel
liar.
The Iowa German Mutual Insur
ance association has it's offices on
the fifth floor of the Equitable block
r. W. Hollenback of Casey is presi
; dent, r. B. Hollenbeck is secretary
and S. w. Flint is treasurer. The
: association has been doing fire and
tornado insurance business on the
mutual plan. Lately, it is charged
the assessments as result of mis-
4 management have grown beyond al
l reason and policy holders have com
! planned with the receivership pro
| ceedingS as the result
Board to Visit Accidents.
Hereafter, accidents on railroads il
Iowa which involve the loss of lift
or injury to persons will be reported
ilby the roads to the railroad commits
sion by wire
This will enable the commission tt
visit the scene of the wreck immedi
, ately, if it is deemed advisable O
. necessary, that the commission ma,
inform itself of the causes for tn
accident
An order to this effect has bee
sent to the railroads by the commits
: sion under the law recently passed b
the legislature giving the commission
power to demand reports on acc
dents. Such a law was in force Il
!, Iowa prior to 1897, but was omitte
from the new code when it was re
:. | vised.
AS the bill was offered in this legis
lature this year it provided for a re
port by the railroads suffering tn
accident to the state labor commits
, sioner. For some time the railroad
.. were bitterly opposed to this pla1
: They finally consented to the resto,
alton of the old law.
!. Fair Barn Is to be Built.
i The Iowa department of agricultur
Q is having plans prepared by Smith
q lWetherell & Gage for the first win
/ lof an $4,000 horse barn for the stat
D fair grounds. The funds of the d.
s partment will not permit the erectio
r OF the entire structure this year, bu
Y it is intended to build one section an
+ add the rest later. The portion no,
9 planned will cost about $4,000.
9 Bids on the $4,000 swine pavilio
to be erected on the state fai
ground, plans for which were mad
by Smith, Wethere1l & Gage, will b
I opened May l.
/. The same architects are preparin
4 plans for the new state warehouse t
. be erected north Of the boiler hous
at the capitol.
:, : Scholarships Given by stonts.
! Aside from becoming tihe presider
: OF the board of trustees for the locs
university, President Bel has al
:, nounced that Hon. Theodore Shont
late chairman of the Panama can,
= commission, has offered to NAL,
. make provision each year for fit
d scholarships in the Christian inst
= tuition. These scholarships are va
L cEl j, A III.