Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1913-04-25
Less 50 per cent -. ...... 1882 so
$14,582 so
Less a5.ooo U. s. Panama

bonds 80. go. 80. ...... .$26,00O %
The comptroller endorses this re-
turn as follows:
"The shareholders should be charg-
ed with the value Of their shares after
deducting the real estate as charged
up in the duplicate to bank. No other
deduction can be allowed under the
law. II the shares have no regular
market value or you are unable to as
certain the market value OF the shares.
as q measure Of the value Of the shares
take the capital, surplus and undivid-'
ed profits added together. From this
deduct the real estate as charged in
the duplicate, and charge the real es-
tate to the bank. The remainder you
should charge to the shareholders as
their interest may appear at 30 per
cent, viz:
Capital, surplus, undivided pro-
fits y... ..tFr......r ...e.r, $3.50
Assessed to shareholders at 80
"No deductions can be allowed to
the shareholders for the banks invest
ment in u. 8. Panama bonds iI So
|s Peoples National Bank
of - Rock Hill. returns capital at
$125, 900, and deducts 80 per cent, leav-
SIC, 900 for the value Of the bank build
ing and $4,000 for Brown bonds, leav-
ing as liable for taxation, $22,500.
On this return the comptroller made
no endorsement. N S.
Loan and Savings Bank ,a,os-
Of Yorkville, returned: 3F@"5r n'i.
Less 80 per cent 80. ....!... $4,000
fs| .
Less non-taxable bonds 80 ex-
empt by act Of Legislature,
both as to state and county $4,000
Amount for taxation ...... ..$ 20 900
On the foregoing return, the comp
troller makes this endorsement: u
| 1.-THE bank should be required to
state the amount they have invested
in South Carolina Redemption Brown
bonds and stocks, issued under the act
Of 1892. No other bonds, U. s., state,
county or school bonds, should be cred
tied to the shareholder. When ex-
emption to shareholder Of banks In
vestment in 8. G. r. D. B. c. are al.
lowed the deduction must be from the
full value Of the shares as required by
law and not from the 80 per cent
value" -fie'H's 'H fiH
First N. B, Of Yorkvills
Makes return as follows:
Capital surplus and profits .$S3.S49 q
Less 80 per cent ........ >. 4l.s26 90
"z -.rs ;4l.s25 90
Less Panama and U. 8.
bonds. sfr, rgrs ~ $1,000 W
Liable for taxation ........$, 4426 90
On the foregoing return the comp
troller made this endorsement: ~
"This bank having no investments
In 8. c. Redemption Brown bonds, the
shareholders are not entitled to any
deduction. Amount liable for taxation,
$41,925" ..t h. ia .,s..a6g -r
After hearing the comptrollers LETT
ter and. reading the notations on the
problem; but did not seem to get ex-
actly down to the points made by the
|comptroller, as to whether In the case
of county, township and school district
bonds, the subtraction Is to be made
|before or after taking 30 per cent Of
the whole capital, and as to whether
there should be recognition OF alleged
difference between the South Carolina
Brown Redemption bonds and other
bonds that the general assembly has
sought to exempt from taxation. The
action Of the board as recorded In the
minutes Of the meeting Is as follows:
1.-The question Of the exemption OF the
United States bonds from taxation held
by the national banks, having come up
for discussion before the county board
Of equalization, and 1t appearing that
the national banks In York county
held only such United States bonds as
they issued their circulation; against,
on motion of Mr.. ]. T. Crawford. the
member from Bethesda township, the
county board Of equalization unani-
mously decided that there should be no
exemption from taxation allowed
banks owning United States bonds on
which circulation issued. GOA fs..
"On motion Of the same member, the
board unanimously decided that, any
bank state or national, owning town
ship, county or school district bonds,
exempt from taxation by legislative
enactment, was entitled to exemption
from taxation to, the amount Of said
bonds so owned by said bank" ga-
When the board adjourned 1t was
with the understanding that there Is to
be another meeting soon, and the prob
ability Is that at that meeting there
will be more definite and specific ac-
ton, Influenced more or less by fur
ther instructions from the "comptrol-
ler general in the meantime. IL f
Mr.. T. l. Johnston was elected as
York's representative on the state