136 Iowa 203 | Iowa | 1907
Following the docketing of the appeal from the board in the court below, the appellants appeared and filed a pleading, containing a recital of facts and making-demand for relief. Of the facts so recited the following were not disputed on the trial, and we set them forth as part of the history of the case: The appellant bank is a corporation organized under the national banking act of the United States, having a paid-up capital stock of $100,000, divided into shares of $100 each. In January, 1906, an officer of the bank furnished to the city assessor a statement of the financial condition of the bank, together with a list of the stockholders. On its face the statements so furnished disclosed that the resources of the bank, including real estate valued at $12,500, amounted-to $479,911.46, and that this sum was balanced by the aggregate of the liabilities; the latter including the capital
On tbe trial of the appeal, it was conceded that tbe statement furnished by tbe bank to tbe assessor was correct in its figures, according to tbe books of the bank. This concession having been made, tbe bank rested thereon that branch of its case having to do with tbe value of its stock. It then introduced evidence showing that three other banks — one a state, one a savings, and one a private bank — were doing business in tbe city. By such evidence it was made to appear that these banks also furnished statements to tbe assessor, and that the assessments as made by him were predicated on such statements, respectively. In tbe case of tbe savings bank, tbe statement showed capital stock $50,000, surplus $10,000; and from tbe aggregate of these deducted an item of $15,000,
Now, the term “ property ” includes everything of value, tangible or intangible, capable of being the subject of individual right or ownership. . And market value “ in ordinary course of trade ” can have reference to nothing but the selling value; that is, the sum which in all probability can be realized therefrom if exposed for sale on the open market. Of course, in the casé of commodities regularly on the market, as stocks, bonds, grain, cattle, etc., respecting which values are established either by concerted action on the part of dealers, or as a result of the operation of the laws of trade, published quotations may be and are accepted as evidence of value without further inquiry. And this is so because, as it is well known, men generally buy and sell having reference thereto, and intending buyers cannot hope to purchase for less
Without further discussion, it is our conclusion that it was not the intention of the Legislature to provide for the assessment of bank stocks arbitrarily at their book value. Such is neither within the words of the statute or its meaning ; and, as in making an assessment, any information apart from the books of the bank might be seized upon and made use of, so it was competent for the board and the courts to do likewise in determining upon the equity and fairness of such assessment. Now, as we have seen, there was proof that stock of the plaintiff bank was being transferred at $175 per share, and it does not appear that this was for purposes other than investment. And, as against this, there was only the showing of the book value. In this situation, and especially as the burden was on plaintiff, we think it cannot be said that the raise in the assessment as made by the board was unwarranted or contrary to equity.
Coming to the second ground of complaint, we may dispose of the same by saying that the record does not disclose any such discrimination as to warrant interference.
On the whole, we conclude that the decree should be, and it is, affirmed.