The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1915-10-23

tax returns for the year 1915 in Char
lesion included the return of their
property made by the Charleston
banks. for 1914. $3,9i1,2G4.OO; and
added the additional capital invested
in new banks i'm Charleston County
during the year 1914, $5O,OOO.OO also
added the additional capital added by
old banks i'm Charleston during the
year 1914. $110.S20.OO, and added the
increase I'm surplus and undivided
profits during the year 1914, $685.
S05.00, and deducted thcrefrom the
decrease of certain banks In Charles
ton County of undivided profits for
the year 1914, which made the ag-
gregate value of bank stocks in Char
lesion County on January 1st, 1915. as
then returned by the banks for tax
alton. $4.262.973.OO.
The South Carolina Tax Commits
sion, upon considering these returns,
added thereto the aggregate sum of
s512, 2,151.00 for additional surplus and
undivided profits, ETC., belonging to
the Charleston banks and omitted
from their tax returns. which bror ght
the true value of the property of the
banks to the figures reported by them
to the State Bank Examiner and the
Comptroller of the Currency at the
close of business December 81, 1914,
TO wit: si,775. .12i.OO. When the diff
fecrnce between the actual value of
specific real estate and property, and
valuation thereof returned to the
Bank Examiner and Comptroller of
the Currency is added to the state
ments of assets made to those officers,
which increasing their undivided
profits and surplus i'm such amounts
This is done only in those cases where
ii is apparent that the real estate and
other specific property is not carried
as an asset ut it's real value. To IL
lustrate: The banking house Of Caro-
lima Savings Bank is valued in its
statement TO the Bank Examiner at
100000. and it's other real estate at
S6.341.66. The assessed value Of this
property by the local board of asses
sors was S3O,S75.OO, SO the Tax Com
mission in ascertaining the value Of
the stock, increased the value placed
in the bank on this real and specific
property In it's statement to the Bank
Examiner by adding thereto $9.325.O0
This Is not double taxation of the real
estate. as the assessed value OF the real
estate for purposes Of taxation is do
Quoted from the aggregate value Of
banks property, and the remainder
only Is taken as the taxable value OF
the shares, and assessed against the
shareholders. The Commission then
deducted from this aggregate amount
the sum OF $1.312.595.0O, the amount
of investments in Redemption Brown
Consol State Bonds, the only bonds to
be deducted in ascertaining the tax
able value of bank shares, under
special provisions in the Statutes, and
s5O,0O0,00. funds temporarily held by
the banks for dividends heretofore
declared due the stockholders, but not
actually paid out, which made the
true value of all taxable property be-
longing to the banks on January !,
1915, $3.412,529. 90, which was an in
crease OF $S62,OO3.OO in the actual
value of the property belonging to
the banks December 31st, the close of
the year 1914. The Tax Commission
then applied the uniform percentage
OF true value CAS- lilo per cent?, be-
ing the average percentage through
out the State, taken for the purpose Of
taxation. This gave the assessed val
ue for the purpose of taxation for
1915 for all the banks i'm Charleston
County as s1,6l1. .427.OO. a net rcduc-
tion of $79.057.O0 less than the assess
ed values for 1914.
Another illustration may be given
ny referring to the assessments of
banks In Anderson county:
The true value of property return
ed by the banks in Anderson County
for the year 1914 was S1,712,427.OO.
There was no deductions or exemp-
tions and this was taken as the basis
Tor taxation and tax thereon assess
cd Tor that year at so per cent. or
1896, ,315.OO. In making the assess
ment for 1915 the banks of Anderson
County reported an increase Of addi-
uonal capital To the extent Of $13,-
1890. and an increase from undivid-
ed profits of 1872. .2O7. 90. ana a decrease
In some undivided profits OF $1G7,-
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