Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1911-02-17
REPEAL or TAX FERRET LAW
oRiNos RADICAL CHANGE IN
CONDITIONS.
NEITHER CITY NOR COUNTY
MAY EMPLOY ASSISTANCE
Procedure in Listing Property For AZ.
ssssmsnt Goes Back 70 Old System,
With Added etions-Bili to Tax
Bank Stocks Of Interest to Capital.
lists.
'pecial to Times-Republican.

LES SMOlIleS, rep. 4I.-Ino u8nt over
the tax ferret bill took UP q great deal
more OF the time Of the senate and
house than it deserved, and this was
largely due to differences Of opinion on
minor matters. The real fight in the
senate was not at all over the main
question. There was perhaps not per.
SON in the senate making a fight for
retention Of the tax ferrets, but the
fight was made so that. in brief, while
getting rid Of one evil worse one be
not stumbled upon. The burden Of this
fight was upon Van Law, Francis and
Clarkson. Senator Van Law, by re-
quest. made the following statement
OF their position in order to clear 1t up
and leave no doubt as to just what was
commended for by those who wanted
slight amendment Of the bill:
1.-The form in which the tax ferret
law passed the senate does more than
repeal the tax ferret law, which has
proved itself in its administration in
this state obnoxious. The provisions Of
the bill. as set forth in the form in
which Sec. 1 now appears, makes 1t
unlawful for the council OF any munici-
pality Of this state. or any board OF
supervisors, to employ a person to assist
the proper officers in the discovery Of
property not listed or assessed for tax
alton as required by law. and by the
provisions Of the same section as 1t now
stands, all acts or parts Of acts in
consistent Herewith are repealed.
ut was urged by those who favored
the adoption Of this section in the form
in which it appears that there are
other code provisions which fully
authorize county officers to proceed
with the listing Of property omitted, but
1t must be apparent that the repeating
into the provisions Of Sec. effectually
strikes from the law as it now stands
all provisions whereby county officer
may employ any assistance in connec-
ton with the discovery Of property not
listed or assessed for taxation. and the
senate, in refusing to permit the pro-
visions Of the law as 1t appears in Sec.
1907 Of the code supplement to remain,
has stricken from the law. II the bill
becomes q law. the procedure whereby
the listing Of property omitted was eff
fectuated.
"The passage Of the bill in its pres.
ent form will not only repeal the tax
ferret law, which was much desired.
but in addition thereto furnishes bar
rier behind which the man who Is dis
posed to dodge his taxes, may hide with
IMMUNITY"
The bill which the house has before
It in the form Of a substitute relating
to the taxation OF stock Of banks is
one which will interest every banker
in the state It provides:
''Shares Of stock of national banks
and state and savings banks. and loan
& trust companies. located In this
state, shall be assessed to the individ-
ual stock holders at the place where
the bank or loan and trust company
is located. At the time the assessment
is made the officers Of national banks
and state and savings banks and loan
and trust companies shall furnish the
assessor with lists Of all the stock
holders and the number Of shares
owned by each, and the assessor shall
list to each stock holder under the
head Of corporation stock the total
value of such shares. To aid the as
SCISSOR In fixing the value Of such
shares, the said banking cor
porations shall furnish him
verified statement Of all the matter
provided in section thirteen hundred
and twenty-one (1331) OF the supple
ment to the code. 1907, which shall
also show separately the amount Of
the capital stock and the surplus and
undivided earnings, and the assessor
from such statement and other infor-
nation he can obtain, including state
ment furnished to and information OBJ
tanned by the auditor Of state. which
shall be furnished him on request,
shall dix the value Of such stock based
upon the capital, surplus. and undi-
vided earnings. In arriving at the
total value Of the shares Of stock Of
such banking corporations. the amount
of their capital actually invested in
real estate owned by them and in the
shares of stock Of corporation owning
only the real estate Inclusive of leas-
hold interests. II any, on or in which
the bank or trust company is located.
shall be deducted from the real value
of such shares, and such real estate
shall be assessed as other real estate,
and the property OF such corporations
shall not be otherwise assessed.
1.-THE provisions Of this act shall be
in effect and govern the assessments
made in the year 1911 and subsequent
years"
Lutheran Treasurer Resigns.
Special to Times-Republican.
DEBORAH, Feb. 17.-LMther College Is