Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1883-03-15

Notwithstanding the fact that steel had
| largely taken the place of iron rails on all
| thesrOads-steel and iron the place Of wood
en- bridgcs-better depots been erected, and
vastly superior terminal facilities obtained
| and an immense addition to the rolling
| stOck-and the companies having passed
from condition of bankruptcy to the high
est degree of prosperity and affiuence, their
property was assessed at only 1898 3d. i39. As ;
showing a reduction of S21 ,415, 5I3.25.
In 1873 the valuation of real estate in Mis-
souri, for taxable purposes was S424, 452 ,691 :;
in 1882 it was S442, SIG, .42-shOwing an in
crease i'm nine years of SIS, 374 061.
Railways are built entirely upon borrowed
money. The value of the property is de-
termined by the ability of the company OPP
Grating the road to pay expenses Of Operat-
ing it, to pay the interest on the bonded debt
outstanding and to pay n fair and satisfactO-
ry dividend to the stockholders.
On the first day of January, 1888, there was
bonded debt outstanding on all railway
property in Missouri amounting TO 1876
800. These bonds are deemed so safe and
reliable that they all
COMMAND A PREMIUM
running from LOS to LII, and with less tiuc
tuation in price than there is in wheat, corn,
cotton, pork, or any other staple production
of the country. SO then the railway proper
ty in Missouri is worth at least $2l9, 216, 300.
Being assessed at only 1888, 1896, there is
certainly SIS, 1903, 0S2.l escaping taxation.
But this is not all. On the first day of
January, 1888, there was 4 stock debt out
standing on the railways in Missouri amount
ing to $229, 1874 1872. 1t was only recently,
when these facts were being presented, that
l heard corporation counsel, in the agony of
their great souls, cry aloud: Eyes; watered
stockn' Watered stock indeed; if so, who
watered it?
Let us see. On the 9th day of january,
1888, Missouri Pacific LIST mortgage bonds in
New York commanded LOT \ I'd ditto, 1.12H
North Missouri Railway, 1.19@1.20; st. L., l.
Nj G. 1sty I =
Missouri, Kansas and Texas Railway, first
mortgage, brought 1.0Sl4. So much for the
bonds.
Now, on the same day, Missouri Pacific
stock, which represents, if am correctly
advised, the main, branch and leased lines
of the Missouri Pacific Railway Co., and also
the main, branch and leased lines of the st.
L., l. NJ. & 5. Ry. Co. in Missouri, which,
taken altogether, form
A VERY LARGE PROPORTION
of all the railway mileage in Missouri,
in the open markets of the
world premium of "a cents, or 1.02h on
the par value of each share; in short, the
railway property in this State IS worth all the
owners show it to be, viz, $449, Ill ,114.00. |
Being assessed at only S33, 739. As, there is
certainly $415, 137 ,914.54 of railroad property
by the action of the State Board of
escaping taxation.
How lean such things be and overcome us |
like Il summer cloud, without our special
wOnder"
Yet, in the face of these facts, the accom- |
plished lobby and counsel for the corpora |
lions howl like wolves and paw The earth |
and the air like "wild bulls of Bashan," when
we undertake to tax the gross earnings of the
railways in this State for the benefit of the |
public school fund; which earnings last year
amounted to SIT, S39, 326. "a, and which being |
added to the present assessed value would |
make only $60, 212 ,04O.74, and under the pro-
visions of Senate Bill No. 1, introduced by
myself this session, only add about $107, 900 |
to the public school fund annually.
Corporations should bear their equal pro-
portion of taxation
WITH PERSONS NATURAL;
md when the people in this State once I'M
lerstand the true condition of affairs in re-
'pect of these matters, it will be cold and
lismal day for those whom the Journal
lnee that thrift might follow fawning."
Truly, your ob't serv't,
&, ID, YANCEY. |