Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1911-06-06
NEW TAX DECISION
Relates to the Taxation of Capital
Stock Invested in Lands
OPINION GIVEN BY C0SS0N

OPINION GIVEN BY C0SSON
The Value Of the Real Estate In
Which the Capital Stock Is In
vested to Be Deducted
From Assessment.
Des Moines-In the taxing OF
shares of bank stock under the pro-
visions of the monies and credits law,
the value of the real estate in which
the capital stock OF the bank is in
vested, can be deducted from the
value OF the shares of stock before
the same are listed for taxation un-
der that law.
This is the conclusion which the
attorney generals office has reached
on question involving that phase of
the new law.
The theory on which the conclu-
sion is based may be summed up in
this illustration-the shares repre-
sent the capital stock of the bank
they are its evidence. They are
listed and taxed because of their val
ue, coupled with the value OF the cap
ltal stock. But the capital stock in
vested in farm land or in land on
which the bank is located. That is
assessed in the ordinary course OF
business with other real estate. Not
to deduct it from the value of the
shares of stock which represent the
banks money in that land, would
amount to double taxation.
Temperance Drink Turned Down.
Commissioner Barney of the state
food and dairy department has put
crimp in the new temperance drink
called 'barleybrew. He ruled that
under the recent decision of the Iowa
supreme court, no beverage which
contains trace OF alcohol can be
sold lawfully in this state without
the proper labelling and license to
show just what it is.
A sample of barleybrew was sent
to him by the county attorney of one
of the southwestern counties, which
is dry. The stuff looks like beer, and
tastes something like beer. 1t is sold
in dry counties.
State Chemist Chittick, Of the de-
partment, put the stuff through the
tester and found that it contains only
one-fourth of / per cent alcohol. This
enables it to escape the federal tax,
which provides that such stuff must
contain at least one-half of l per cent
alcohol.
But this spring the supreme court
Of the state held that any trace of
alcohol in beverage puts it in the
intoxicant class. Commissioner Bar
ney followed the rule.
State School Budget.
The executive committee of the
state board of education completed
the budget for the various state
schools for the ensuing year, which
will be submitted to the board for ap-
proval at the meeting at Cedar Rap
ids. 1t is stated that the entire ses-
sion of the board will be given over
to the consideration of the budget
and provisions for the ensuing year
in the state schools, and that the fac
ulty would remain practically the
same as last year.
Members of the board deny that
there is any truth to the report given
circulation that charges against Pro
fessor Holden OF Ames would be Ia
ken up at the session. 1t was stated
that the reports had no foundation
of fact whatsoever.
State Employees Get Raise.
Employees at the state hospitals and
institutions under the jurisdiction of
the state board of control will get
general advance in salary of Is per
cent. This announcement was made
by Chairman Robinson of the board.
Employees of the penitentiary do
not get in on the increase. Practi-
caliy all of the increase goes to the
employees of the insane hospitals.
The increase was necessary in order
to keep the services Of valuable and
experienced employees who leave the
institutions as fast as they become
proficient. They leave because this
state did not offer the salary which
other western states pay.
New Iowa Corporations.
CresCo Stone and Concrete COM
pany, Cresco; capital stock, $4,000;
incorporators, E. II. Allen, E. l.. DAY.
export, c. w. Reed, w. l.. Richards,
w. l., Barker, E. j. Thomas and A. J.
Thompson.
West Union Cement company. West
Union; capital stock, 100000: incor-
porators, H. G. Blunt, A. J. Gurusey,
A. B. Loomis, r. C. Williamson, E.
A. McElree, G. P. Schatz and c. B.
Hughes.
Suits Me" Plumbing and Heating
company, Cedar Rapids; capital stock,
$4,000; incorporators, E. A. kegley
and r. E. Neimeier.
New Kind of Crime.
An unusual form of crime came TO
the attention of the state board of |
parole during special hearing in the
Roseboom case. Roseboom was in
the butter and egg business in Sioux
county. He was caught by railroad
detectives in a mixed car of butter
and eggs scratching the names Of con-
signees off butter tubs and printing