The daily star-mirror. (Moscow, Idaho) 1911-1939, 1923-01-27
STEELE ANNOUNCES
OPINION ON STOCK
DECISION AGAINST LATAH
COUNTY BANKS ON ASSESSMENTS
COMMISSIONERS GENERALLY
UPHELD.

Judge e. G. Steele of the second
judicial district court has handed in
his decision against the banks on the
appeal of the First National bank
of Moscow and the Latah County
bank of Deary from the assessment
of the board of commissioners OF
Latah county for the year 1921.
Judge Steele holds that the Latah
county commissioners made an error
in deducting the assessed valuation
of the real estate instead of the
amount the banks had invested in
real estate from the capital stock.
But on the other hand, the court, on
findings from the evidence
on the value of the stock,
finds that the value of the First
National bank stock is 5000 share
and that with the reduction OF real
estate the assessment should be $1S.06
upon each share of stock. In refer
ence to the stock of the Latah County
bank of Deary the court finds that
the assessed valuation of each share
of stock should be $5741. Findings
of the court on the stock OF both
banks are based on a 66 and two
third per cent basis.
Judge Steele's Opinion.
Portions of Judge Steele's opinion
follow:
"The records in this case show
that the only question in either OF
the cases is as to the assessment OF
the bank stock of the respective
banks.
"In so far as the First National
bank is concerned, the record shows
the bank to be organized with a
$4,000 capital stock, and to have a
surplus and undivided profit OF
$26,50618, making total of S76,5O6lS.
"The statute provides that from
the capital stock shall be deducted
all amounts invested in real estate,
furniture and fixtures. The total
amount shown to have been invested
in the bank building is $65,5S0.92;
value Of furniture and fixtures,
$20,97557; making a total of value OF
property assessed against the real
estate of SS6,456.49, which must be
deducted from the value of the capi-
tai stock.
Record Sustains Commissioners.
"The records also show the assess
or assessed the bank stock at it's full
cash value, while all other property
in this county was assessed at less
than it's full cash value. The as
SCISSOR claims that he intended to
assess all of the property OF the
county at fifty per cent OF Its full
cash value. The commissioners OF
the county are assessing officers al
so, when they sit as board OF equal
ization, and they have examined the
records of all the property in Latah
county, and prior to acting upon the
assessment of the First National bank,
and after examining all of the records
of the county, they decided that all
the balance of the property OF the
county was assessed at 66-2-o per
cent of it's full cash value, instead OF
fifty per cent, and the court finds
that the records in this case sus-
tain the commissioners.
AS heretofore stated, the commits
sioners deducted the assessed valua-
tion Of the real estate from the par
value of the capital stock of the First ;
National bank, and they found that
there was still $15,749 of bank stock
which was not assessed. Thls {
amounts to $315O per share.
"The evidence in this case shows, S
beyond any question that the stock !
of the First National bank is, and :
was in 1921, of the actual cash value ]
of 5000 per share, or, in round num- t
bers, the actual cash value OF the
stock Of the bank was not worth less
than 100000. I
First National Assessment {
ss1n other words, large amounts OF
this stock have been sold, and a $
sufficient amount to establish tnat {
The First National bank stock is
worth more than 5000 per share. But
placing it at 100000, deducting from I
It the amount of the value OF the G
real estate and the furniture and C
fixtures, $86,456.49, it leaves bal c
ance of stock for assessment valued @
1t S13,54351. Assessing this bal +
ance at the same rate that other pro- {
oerty of this county was assessed in
1921. viz, at 66-2-3 per cent of its
actual valuation, and we have valua-
ion of the stock left at $9029 as
basis of valuation of assessment,
making the assessment $18.06 upon F
Zach share, and reducing 1t from G
s3I5O per share, as found by the 81
,oard of commissioners. This makes il
, reduction of $1344 on each share n
If the stock of the First Natlonal e'
,ank. but still leaves s1S.06 upon each n
hare of the bank stock, which should
Jay taxes. te
The court cares nothing about the H
Methods which were used by the COM W
nissioners in arriving at how much M
# the bank stock was left for as M
essment purposes. True, the COM b
nissioners made an error in deduct F
ng the assessed valuation OF the real E
,state instead of the amount Wh1cn d
hey had invested in real estate from N
he capital stock; but placing the tt
took at what the evidence in this G
,ase shows it to be worth, S200 per n
hare, and deducting the amount
which they have invested In real
state, and in furniture and tlxtures'
We have left the sum of $9O29 which g;
70 toYQtiOn and rt