City of Camden v. Camden Safe Deposit & Trust Co.

The opinion of the court was delivered by

Swayze, J.

The question to be decided is the correct method óf valuation of stock of the Camden Safe Deposit and Trust Company. The total valuation of its capital stock at $391 a share is $1,564,000. The value of real estate, exempted securities and non-taxable mortgages is $1,539,997.85. The balance of $24,002.15 would be the value of the capital stock for purposes of taxation; but at the hearing before the State Board of Equalization the trust company "voluntarily remitted from its claim for exemption such sum as would make its assessment $114,225,”…