
    The People of the State of New York ex rel. City Investing Company, Appellant, v. Martin Saxe et al., as State Tax Commissioners, Respondents.
    (Argued June 4, 1917;
    decided June 15, 1917.)
    
      People ex rel. City Investing Co. v. Saxe, 177 App. Div. 16, affirmed.
    Appeal from an order of the Appellate Division of the Supreme Court in the third judicial department, entered March 12, 1917, which confirmed, on certiorari, a determination of the state tax commission refusing to revise or readjust the franchise tax assessed against the relator for the year ending October 31, 1915. The relator complains of the determination of the tax department in fixing a tax upon the common stock at a valuation at par, maintaining that the average market value of the common stock determined' by the examination of sales during the year furnishes the only test of actual value of the stock.
    
      Edward F. Clark for appellant.
    
      Merton E. Lewis, Attorney-General (Harold J. Hinman of counsel), for respondents.
   Order affirmed, with costs; no opinion.

Concur: Hiscock, Ch. J., Chase, Collin, Cardozo, Pound, McLaughlin and Crane, JJ.  