Stephen Johnson Field

“ It is true that the capital stock of a corporation may in a general sense be said to be all the property in which the capital is invested, so that an exemption of the capital stock, without other words of limitation, may operate to exempt all the property of the corporation. ”

“ The doctrine declared in them, that the exemption in cases like the one in the charter before us extends only to the property necessary for the business of the company, is founded in the wisest reasons of public policy. It would lead to infinite mischief if a corporation, simply by investing its funds in property not required for the purposes of its creation, could extend its immunity from taxation, and thus escape he common burden of government. ”

“ This we consider to be the general doctrine established by the numerous cases cited by counsel. The case of State v. Commissioners of Mansfield (22 N. J. L. 510) , decided by the Supreme Court of New Jersey, is a leading one. ”