Page:Federal Reporter, 1st Series, Volume 2.djvu/890

 WILLIAMS ». BEES. 883 �May 13, 1879, entitled "An act to amend sections 3 and 33 of an act entitled 'An act for the assessment of property, and for the leVy and the collection of taxes,' approved March 30, 1872," it is provided: �"Fourth. The capital stock of ail companies or associa- tions now or hereafter created under the laws of this state (except those required to be assessed by the local assessors, as hereinafter provided) shall be so valued by the state board of equalization as to ascertain and determine, respectively, tne fair cash value of such capital stock, including the fran- chise, over and above the assessed value of the tangible prop- iîity of such Company or association. Said board shall adopt such rules and principles for ascertaining the fair cash value of such capital stock as to it may seem eçiuitable and just ; and such rules and principles, when so adopted, if not incon- sistent with this act, shall be as binding and of the same eflfeet as if contained in this act, subject, — however, to such change, alteration, or amendment, as may be found, from time to time, to be necessary by said boa,rd : Provided, that in ail cases where the tangible property or capital stock of any company or association is assessed under this act, the shares of capital stock of any such company or association shall not be assessed or taxed in this state. This clause shall not apply to the capital stock, or shares of capital stock, of banks organized under the general banking laws of this state: Provided, further, that companies and associations organized for purely manufacturing purposes, or for printing, or for publishing of ne-wspapers, or for the improving and breeding of stock, shall be assessed by the local assessors in like manner as the property of individuals is required to be assessed. �"32. Banking, bridge, express, ferry, gravel road, gas, insur- ance, mining, plank road, savings bank, stage, steamboat, Street railroad, transportation, turnpike, and ail other com- panies and associations incorporated under the laws of this state, (other than banks organized under the general banking laws of this state, and the corporations required to be assessed by the local assessors, as hereinbefore provided,) shall, in ����