People ex rel. Broadway & Seventh Avenue Railroad v. Commissioners of Taxes & Assessments

The question submitted to the general term in these cases is whether the commissioners of taxes and assessments, in estimating the value of the capital stock of these corporations, should deduct from such valuation the amount of their indebtedness?

This question arises upon that provision of the statute of 1857, volume % page 1, which says: “ The capital stock of every company liable to taxation, except such part of it as shall have been excepted in the assessment roll, or as shall have been exempted by law, together with its surplus profits or reserved funds exceeding ten per cent of its…