Charles Evans Hughes

“ The complaint, among other things, averred in substance that the Chamber of Commerce was incorporated under the laws of Minnesota; that it had no capital stock and transacted no business for profit; that it furnished buildings and equipment for its members, who, under its rules, transacted business with each other (for themselves and their customers) upon the trading floor which was in fact a grain exchange; that the property of the corporation had been fully taxed; that the memberships, in case of winding up, would have actually no value above the assets so taxed ”

“ They do not prevent its being property.' 124 Minn. p. 401. Of course, there is nothing in the Federal Constitution which prevents the memberships here involved from being taxed, and the question whether they were in fact taxable under the statutes of the state was a matter of local law with which we are not concerned. It was the province of the state court to determine what the terms of the taxing statute authorized, and it is for this court to say whether, in view of the operation of the statute, as thus defined, it overrides the Federal right which is claimed. ”

“ There is the further contention with respect to the authority of the state to tax the memberships owned by citizens of other states. It is urged that the memberships are intangible rights held by the member at his domicil. ”

“ It is not to be doubted-giving full effect to all the allegations of the complaint-that the memberships, despite the restrictions of the rules, were property. See Hyde v. Woods, 94 U.S. 523, 525, 24 L. ed. 264, 265; Sparhawk v. Yerkes, 142 U.S. 1, 12, 35 L. ed. 915, 917, 12 Sup. Ct. Rep. 104; Page v. Edmunds, 187 U.S. 596, 604, 47 L. ed. 318, 322, 23 Sup. Ct. Rep. 200. As was said by the supreme court of the state with respect to memberships deemed to be essentially similar: 'A membership has a use value and a buying and selling or market value. It is bought and sold. . . . ”