
    The People ex rel. Charles M. Englis et al., Stockholders of the Wallabout Bank of Brooklyn, Relators, v. Thomas L. Feitner et al., as Commissioners of Taxes, Respondents.
    (Supreme Court, Kings Special Term,
    January, 1900.)
    Banks — Taxation of stockholders.
    A stockholder of a bank is taxable upon the fair value of his shares, irrespective of the character of the bank’s assets, whether taxable or nontaxable. If this leads to a double taxation of the same property, the only remedy is with the Legislature.
    Certiorari proceeding by the stockholders of the Wallabout Bank of Brooklyn, Yew York, to review assessment of bank shares for taxation in the city of Yew York (borough of Brooklyn) for 1899.
    The capital stock of the bank consisted of 1,000 shares of the par value of $100 each. The tax commissioners fixed the value of the shares for purposes of taxation at $114 per share.
    The relators claimed that the valuation should be reduced to seventy-four dollars per share, on the ground that no allowance had been made by the commissioners for certain shares of stock of railway companies owned by the bank and forming part of its capital and surplus.
    Motion by relators for judgment reducing assessments.
    Lamb & Johnson (Jesse Johnson, of counsel), for relators.
    John Whalen, corporation counsel (George S. Coleman, of counsel), for respondents.
   Smith, Wilmot M., J.

Undoubtedly the effect of the assessment made by the defendants upon the value of the bank shares held by the relators is to impose double taxation not on the relators for the same property but on the property itself. Such double taxation, however, is within the power of the Legislature, and if such power is explicitly conferred upon the defendants by the statute the relators are remediless. The Tax Law, section 13, provides as follows: “Stockholders of bank taxable on shares.”

“ The stockholders of every bank or banking association organized under the authority of this state or of the United States, shall be assessed and taxed on the value of their shares of stock therein * * # »

Unless there is some definite qualification of or exception to the rule laid down by this statute to be found elsewhere in the Tax Law I think it was the duty of the defendants to assess the shares of the relators in the Wallabout Bank at. their fair value irrespective of the character of the assets owned by the bank whether such assets are taxable or nontaxable. I am unable to discover any such, qualification or exception in the Tax Law.

It seems to me if any such were intended to be made in a matter of such great importance it would be made definitely and specifically and not be left to doubtful inference. I cannot concur with the counsel for the relators that such inference is permissible under the provision of the Tax Law. His argument is able and ingenious but he has failed to convince me that the remedy he seeks should not be furnished by the law-making power.

Motion denied.  