Pacific Coast Savings Society v. City & County of San Francisco

The plaintiff is incorporated under the. laws of this state for the purpose of carrying on the business of a building and loan society, and banking incidental to said business, and has been so engaged since its organization. In connection with its business, the firm of J. & W. Seligman, bankers, doing business in the city of New York, have been its correspondents, and it has been accustomed, from time to time, in the course of its banking business, to place money with them to its credit, and to sell, exchange, and draw drafts against the same in the usual and ordinary way customary among banks and bankers. Prior to the first Monday in March, 1896, it had sold, in London, certain of its bonds, of the face value of one hundred thousand dollars, and the proceeds thereof were placed to its account and credit with its said correspondents in New York. After taking into account the drafts that had been drawn by it against its account with the S'ehgmans, there remained to the credit of the' plaintiff with them, on the first Monday of March, 1896, the sum of sixty-five thousand dollars.

March 30, 1896, upon the demand of the assessor of the city and county of San Francisco, the plaintiff…