City & County of San Francisco v. La Societe Francaise D'Epargnes Et De Prevoyance Mutuelle

GRAY, C.

This is an action to recover five thousand eight hundred and fifty-one dollars and sixty cents alleged to he due to plaintiff from defendant as taxes for the fiscal year ending June 30, 1897, on solvent credits, admitted to be owned by defendant, aggregating three hundred and forty-eight thousand seven hundred and twenty-one dollars and secured by nontaxable stocks and bonds.

Plaintiff had judgment for the full amount demanded, from which defendant appeals and urges as the grounds thereof: 1. That the credits are not taxable because they are secured by pledge of property not taxable;…