The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-08-09

question as TO the right OF tho State to tax railroads
but as 10 the amount demanded For the Central road
Mr.. Vanatta put forward the plea that 1t was IN the
hands OF receiver, and there might be question II
the law IN relation to railroad taxation applied 10 w.
Mr.. Stockton insisted that question or could DC
before the Court excepting to whether the Board on
Railroad Taxation hnd made IA Just valuation OF tho
gard the being the hands OF a receiver The
receiver represents the railroad company ana the
president.
Alter further argument Judge Depue gave II as his
opinion that hc was sitting as Supreme Court judge
as Court OF Appeal, 10 determine whether the est.
OF the Railroad Board OF Taxation was just and
equitable Ii there be legal question regarding this
ought have been made by certorari before the
appeal was taken. In his opinion the only course he
had pursue 10 review tho subject
The Attorney General then proceeded with briet
discussion OF the points OF law IN question e con
tended that II the intent of the 10 tax the rail-
roads for their value for tho intrinsic value or tho
iron. timber, buildings, land, &C., they owned rail-
road. he argued, even II 1t be In the hands oil re-
ceiver NAY be taxed railroad, no matter II the
stock be worthless II can mover be reduced TO the
mere value of the rails aud timber. He dad not WISH
to It laid harder upon the raiiroad companies IMAM
private individual, yet as the representative OF
the State he did INSIST notwithstanding .ne rloaas
depart the mode OF levyng these assessments from
that In which private individuals were assessed
Mr. Vanatta replied that railroads. income should
be taken into consideration as an element OF valuation
The rule adopted IN New YORK State, he contended
proper plan. II takas IN tho whole uses and
purposes which railroad is applied, and what that
Value now Is.
VALUE THE ROAD
General Ftzjohn Porter was placed on the stand. He
testified that March 1877, he had been assist
ing Receiver Lathrop ~ making an Inventory oil inc
valuation OF the Central Railroad The estimation was
made the basis Of the original cost oil the road
what il worth, and what II would cost to con
struct the present time. The estimate was made
the Central Railroad main line, and It's several
branches, including station houses, all buldings
roadbcd &c, &C. The valuation obtained was
ST. Ill 80. This includes all excepting
the right of way from Hampton junction to phillips
burg, on which no estimation has yet been elected
This strip contains about hundred acres valued at
about $500 per The rolling stock including en-
gnes aud cars separate from that OF the Lehgh Val
ley Is estimated at 81 374 30 The value was taken
from their actual cost, what they could now DC re-
placed Tor their present value is. Their cost
was more than double what they are now valued aL
Thcy could DO furnished now for about from ten 10
twenty per cent within what they have been estimated
at. The witness did not think they would bring the
amounts they had been estimated A. The estimation
was maze February 10.
General Porter was examined at some length
alter which tho Attorney General placed Mr.. Ashbel
Welsh on stand Tho latter testified that the value
OF the Central Railroad was about 500 $780, O00 one
third Of Lehgh Valley 81, 500 0OO Total, So 500 o0O
After some further similar testimony about the
other roads the briefly summed up aud the
adjourned I'LL this morning, when tne Judge will
announce decision.