Ogden Daily Standard | 1918-11-28 | Page 8 | Bank Stock Tax Hearing is Ended

BANK STOCK TAX HEARING IS E.NDED SALT LAKE, Nov. 2S The board of county commissioners, sitting in special spe-cial session as a board of equalization, concluded yesterday the taking of evidence evi-dence with regard to the petition of Stephen PI. Lynch, receiver of the Merchants bank, that the tax upon stock of the defunct institution, to the amount of $3700, be abated. The board then took the matter under advisement. ad-visement. During the morning John Pingree, former president of tho bank, testified testi-fied to sales last January of the bank's stock having been made for $90 and $92.50 per share of a par value of $100. Attorney John Jensen, counsel for the receiver, argued that evidence of sale of the stock as before thre board did not establish that the stock was of any value, since subsequent developments, devel-opments, he said, had proved it worthless, worth-less, that it was never other than a liability to the holder during any time of the present year.