l-'yO ANNUAL REPORT OF THE Off. Doc. 



less thau the price or value indicated or measured by net earnings, 

 01' by the amount of profit made and either declared in dividends or 

 carried into surplus or sinking fund, and to forward said appraise- 

 ment, with their oath, and report as aforesaid, to the Auditor Gen- 

 eral; if the Auditor General and State Treasurer, or either one, are 

 dissatisfied with such report and appraisement, or if no report and 

 appraisement is made, they are authorized to make a valuation of 

 the capital stock ui)on facts contained in the report or other in- 

 formation in their possession, and settle an account for tax, interest 



and penalties. 



Act June 8, 1891, section 4, (P. L., page 233.) 



2. A penalty of ten per cent, is to be added to tax in case of 

 failure to make report and appraisement before December 31, and 

 in case of failure for three successive years to make report and 

 appraisement, the oflicers so failing are subject to a fine of $500 and 

 imprisonment for a term not exceeding one year, either or both, at 

 the discretion of the court. 



Act June 1, 1889, section 22, (P. L., page 431). 



3. Corporations, joint stock associations, limited pai'tnerships and 

 companies, from which reports are required, are made subject to 

 and must pay into the treasury of the Commonwealth a tax of five 

 mills on the actual value of their whole capital stock, whether com- 

 mon, special or preferred, such payment to be made within thirty 

 days from settlement of their accounts. Interests in limited part- 

 nerships and joint stock associations are deemed capital stock and 

 are taxable as such. Corporations, joint stock associations and 

 limited partnerships liable for capital stock tax, are not required 

 to report to local assessors and pay further tax on securities owned 

 by them in their own right and included within the valuation of 

 their capital stock, but when such securities are held by them other- 

 wise, they are required to report to the local assessors and pay tax 

 thereon the same as individuals.* 



Act June 8, 1891, section 5. (P. L., page 236). 



4. So much of the capital stock of corporations, limited partner- 

 ships, or joint stock associations organized for manufacturing pnr- 



♦Railroad companies whose lines are partly within and partly without the 

 Commonwealtli, are taxed on tlie proportion of their capital stock which the 

 miles of their main track in the Commonwealth bear to the total mileage of 

 the companies; telegraph companies are taxed where the relative value of 

 the tangible property representing capital within ond without the Common- 

 wealth cannot be accurately ascertained, on the proportion of their entire 

 capital stock which the length of their lines within the Commonwealth bear 

 to the total length of all their lines; palace car companies, whose cars run 

 Into this and other states, are taxed upon the proportion of their capital 



