The Montgomery advertiser., 1907-10-08
WRESTLE OVER
 BANK STOCK Shall Assessments Be
 Reduceda MATTER GOES OVER A WEEK Question Hinges on Answer to
 Legal Problem. Attopaeys Differ as to whether Equal isstion Board Has Authority ts Open Books to Alter the As-
 sessment.
MATTER GOES OVER A WEEK
Attorneys Daner .. te Whether Equal-

For full h. ur the board of equali ization of Montgomery county. part of the time in open session and part in executive, wrestled with the problem of reducing the assessment on bank stocks in this county. and at adjourn ment 1t was announced that action on the matter was postponed until next Monday.
 The equalization board and the board of revenue had sort of inter mittent meeting yesterday. First the I equaiizers sat Then the revenue board deiiberated awhile. after which the signal came that a secret seancs was necessary Reporters. laymen and the like left All they knew thereaf- ter was what was dished out to them and that was only that the question of reducing bank stock valuations was postponed. whether 1t was the board of equalization. the board of revenue. or both sitting jointly behind those closed doors. was not said.
 At any rate, the equaiizers met first and at once took up the bank matter that means nearly $4o.o0o in taxes to the state. county and city. The equalizing board is composed of the members of the board of revenue. all of whom were present, and three additional members, of whom George stuart and Winter Thorington attend ed.
 The knottiness of the question hing ed around the delicate legal point of whether or not the board of equal . ization had the power to meet and change assessments after final .ad- journment Attorneys for the banks maintained that the law gave the board the authority. while County At torney W. M. Blakey advised the equalizers that they had no authority to alter the valuations.
 When the matter was called H. S. Houghton. an attorney, appeared on behalf of the i've Montgomery banks who applied for the reduction, includ- ing every bank in Montgomery except the New Barley National Bank, which has not yet been in business long taxation.
 Text of the Petition.
 To the board. MT Houghton read the petition of the banks, one of which s as follows:
 ITO the President and Associate Mem
 beis of. the Board of EQualiEation:
 Your petitioner, the Fourth Ma tionaI Bank, a banking corporation under the laws of the United States, and having its principal place of busi- ness in the city of Montgomery, Ala barna, respectfully represents, in be- half of It's stockholders, that an error was made in the assessment for taxa- ton of it's shares of stock Tor taxaSion for the year 1907, wherefore your peti- tioner requests, that in accordance with the powers conferred by law, apecial meeting of this board may De called and held as soon as possible, Tor the purpose of correcting such error, at which meeting your petitioner may be allowed to show the nature ana character of ssch error.
 sTyour petitioner further represents That the Tax Assessor of Montgomery County. Alabama, in making up his assessments for taxation for the year 1907. assessed the shares Of your peti- tioner's. capital stock at an amount practically equal to. or greater tnah the market value of such shares at tno lime such assessment was made; your netittoner further represents that m practically every other County in the State of Alabama the shares or stock Of banking corporations are assesseo at an amount equivalent only 10 oV per cent or 60 per cent of the markes value of such shares; and by agree y1ant or understanding and by order or recommendation of the State Tax Com yniasion. the Board of Revenue of Mont oomerv County and other Boards or pevaniIe of the State of Alabama have been assessing other property at oo per cent and only 60 per cent or US value and that practically all other nr0nGTIX certage: further, that the State Tax Commission, for the purpose of equal izine. and in order to secure uniform ity of assessment, has publicly advised that shares of bank stock should De assessed at 60 per cent of their mar ket value; further, that as the assess rnent now stands, petitioners share holders are being denied the benefits of the constitutional and statutory pro- visions of the law as to equality ana uniformity of taxation; further, that vour honorable body. alone, mas the mower to reduce the assessment that has been made and correct the mus flee that has been done; further, that unless such correction is made at an early date and before the taxes are reouired to be paid. it will be too late to correct the error; wherefore your netitioner prays that special meet ine of this board be called. as soon as nossihle. fin accordance with the power conferred by law, at which meeting your petitioner may be allowed to pre- sent the facts concerning sucn error m assessment, and that such error be cor rected by your honorable body.
 "The Fourth National Bank, by Ar
 rinston and Houghton, Attorneys"
 Dlfference On Legal Point.
 Mir Houghton said he had been fn- formed that the Board had some doubt as to it's power to correct an error aI- ter the assessment books had been closed. He cited the law giving the Board power to act.
 George Stuart interrupted. asking specifically If the law allowed the re- opening of the books.
 In reply. Mir. Houghton said that the statute provides that the Board may