Commonwealth v. Provident Trust Co.

Opinion bx

Mr. Justice Kephart,

Prior to the Act of June 13,1907, P. L. 640, trust companies were subject to most of the taxes imposed against corporations. These companies were therefore at a disadvantage in competing with other banking institutions; under the Act of 1907 they were placed in a separate class for taxation purposes: Com. v. Mortgage Trust Company, 227 Pa. 163, 175. The act provided that such companies should, on or before June 20th, of every year, make a report to the auditor general of the “full number of shares of the capital stock subscribed for or issued by such company and…