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Show CONSIDER iBAUEOT; OFTAIESi IHIIXS' Equalization Board Hears ) Petition of Receiver of Defunct Institution. Convened In special session as a board of equalization, the board of county com- missioners yesterday considered the mat-Vtfir mat-Vtfir of proposed abatement of the taxes ainst the stock of the defunct Mer-bank Mer-bank to prevent its being paid out such money as will remain to the depositors. de-positors. The assessment is $14700. The procedure, under the law. Is for the bank to pay ail taxes against the stock of the bank and deduct it pro rata from the dividends accru.ng to the various vari-ous stockholders. On the witness stand. Stephen H. Lynch, receiver of the, bank, explained to the board that the insolvent insol-vent condition of the bank would result in necessity of payment from the depleted deplet-ed dopos ts unless the tax is abated. Radehff Q. Cannon, former cashier of the bank, was before the board as having hav-ing made the return on the bank a condition con-dition last January to the county assessor. He testified that the books at that time showed the bank to have an undivided surplus of $42,01)0, according to his attestation. He said that he did not entertain any misgivings as to the bank's solvency at the time, having endeavored en-deavored himself but a short time before to buy stock of the institution at 5:H), or $10 below par. The board will resume the hearing this morning. In the meantime, the grand jury, sitting sit-ting in chambers immediately adjacent, is Inquiring into the circumstances of the , failure of the bank. |