San Francisco Savings & Loan Soc. v. Cary
U.S. Circuit Court for the District of California
The plaintiff had a capital stock of $500,000, and a reserve fund of about $300,000, both of which are security for deposits. It receives deposits, and the capital stock, reserve fund and deposits are loaned out mainly but not wholly on real estate securities; and all the interest received is divided substantially as follows: In January and July of each year the board of directors ascertain the earnings during the preceding six months.
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The plaintiff had a capital stock of $500,000, and a reserve fund of about $300,000, both of which are security for deposits. It receives deposits, and the capital stock, reserve fund and deposits are loaned out mainly but not wholly on real estate securities; and all the interest received is divided substantially as follows: In January and July of each year the board of directors ascertain the earnings during the preceding six months. After deducting therefrom the salaries and other expenses during that time, a portion, not exceeding ten per cent, of the net earnings, is set apart and…
1Opinion of the Court
SAWYER, Circuit Judge.
The first point made by the defendant is, that the suit was prematurely commenced, on the ground that an appeal must be taken to the commissioner after payment before suit brought. 14 Stat. Ill, 152, § 19, and regulations prescribed by the secretary of the treasury.
But an appeal was taken from the assessment before payment, and decided against plaintiff. This I think sufficient. There could be no object in appealing a second time to the same officer in the same cause, and upon precisely the same question. The commissioner had already decided the identical question, and…
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