Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1886-01-15

parent ny reference 70 tne ta9ies anne1eu aas 70
my nIse anIual lness<'se ~ioai eno" sne' ~
oo nos pay MY ysesen Pei csut' VI y, "saS ., ~
Mouiu Pay = .ne!. loPelY T"s saAsI III ~ ~
sanie as 'iia' "a ea az iiu 30 ~
te1lion " ZIG ldSe su1' MiAc tuo o'ees 80
valuee tne roaus Ia Ia IN enls SYSTEM inciuulns
enelr Iranchisesa le nee esI
lngs OF tnese roaus, ior she yeslr eDulng De-
cemDer ol 1902 as testineu ~ 70 III se M suiss % nom
pehulng, amouhVeu 70 70, sulic.ens = ~
ooJ So y ~ pef uens e oe g.. -
OF % asll ps5 S.,e
~ e a;sessuu ~ 'nu &c a. con
l ..io 1se11e'ns y % D:Ie5
!rai lne 1slaWare anu Dqslu Drooe 3. ,o aIc es
is IS assesseu oy ihe State Doaru So,oo1,foo.oo.
liie hel earnings a. u e'iis foau II tnIce yeais
were as lolio"s'
In 1881 1884. .352 So
In ..............................3 1876, ,334 16
In 1883 ........................... 356, ,544 48
-.
lhls equais SIX per cent on AZ investment u IS
OF so,s4z' '4Vo, Wnicn Is Sz,ooS'S4o.o' nioie
than an tne ainoun. assessed 2y .lle osste Doaru.
Inc MOTIFS anu Esse4 Hsllroau COMPANY 20 aps ~
was assesseu w tne otaie DValu Plao'oo I l.iJ
lol ntate purposes anu @oo, llc.9t iol iooa, 1
PURPOSES. !. pa,n ulluer N oruer u e any
unueI plolesI 9iS-, 'V4so' uels .'ie
az % De aue unaer ~
q l9oo, [elerreo 70 l ne case u sne oade: :,
/ - O..
Immunity iron! ali tAAatoh o.ler sll.lu {
.ae u ~ one Rel 0ess E
y. ~, 40 80 l1au e -. iii ,.as
J,,aeI - az Ifs,,la e aar,Li,- N1arnb .
1ees IaoVu =. III M;s,,ta W nrod;ns,
a. II rs,aaJ of AZ ohar+a. of III cornora'
t;n,, Thd of tha ttornaw Gaperal
was oIta;nad that n,,bl;c notice of the intro.
dnction Of t5;s hill ,vas not necessary nnder
tbe CONSERVATION If the State lSee oninion
s.o,.shi.. SI;1,,.. n sdeS TI,;s Iii rros
ha,va,ar .I,J.a1r f,,.;l 1905 1Assamhiy
M;n;ses N ses1 and ndthina n % gas vuUo dome event
- sa, r ,Css; sot f ,,o+;ea on the com,
nany- tbst4 4ths nsxt Iec;siet,ra yvorld taka
some effective action S-'
II tbis comnanS Lss a contract which nye.
vents the State from COLLECTING taxes from ii to
| tha evtsnt that i dons fror5 othar railroad
! comnan;as having M 90 contracts then # ia far
tba Stats 70 co,s;5Ier hat ,,ol;cv i viii adont
with reference ~ tbis cornoration. Tn nv last
annual message I pointed ont with distinctness
the powers of the State in regard to this cor
! peration. and the modes by which the rights
| of the State could be secured. | have but one
additional suggestion to make. and that is in
reference to the amount paid by this company
under its alleged contract. IF there is q con
tract and the lessee. the Delaware, Lacka-
wanna and Western Railroad Company, is en-
titled to the benefit of it. the question still re-
mains open. has the Morris and Essex Rail-
road Company or its lessee paid the amount
under this contract to which the State is enti-
/ tied? Shall the State accent the returns of
this company as conclusive, or shall it provide
by law for a suit which will enable judicial
investigation to be had as to the amount prop
erly due under the act of March 23. 1865. (L
1866, page 555,) and the act of January 29,
1885, IL. 1885. b. 25). Your decision may be
| influenced by a consideration of the following
facts
The par value of the stock and bonds of this
CORPORATION is S39 073t 400. In 1894 II returned
to the State Comntroller the .scost of its roadn
at S24 235. .O77. 10 and the cost Of its eouipment
! at So '976' '6S4 "a. This company in its return
to the State Board valued its PROPERTY not used
! for railroad purposes at Sl27. 1913. The State
| Board assessed the tangible personal property
of this company at 81. Cos .595. 81. making a
total for these two items Of S2.S32. 1857,
as fie}lr1rife1 f6 fbe ,om tFoT i,s
leave the sum Of $10.143. .S75.77. How much
of this last sum comes within the alleged ex-
emption under the charter Of the comnanv of
January 20, 1885, has never been iudicially
settled. The alleged contract reGuires the
company to paw one-half of one per cent. on
| the cost of the road IF the entire tangihIa
propertg of tbis comnonv usad for
railroad purnoses and ;ts nro,arty,
not used for railroad nurnosas p,ndn,,;s
| to less than three m;lIions of Joliars
of what does the ;tem of s19 o7e eeA ~ co,,i
sist7 MIGHT not an invastios,tion oo,,r,ctad
with the ssma yo;lonce nd
The mart If the State os III on;,, a;lo5
suts d;sciose tbst tt;s .s s ~
m;lI;on 5II -. = III
cbaryeafla 90 cost of az r,ad
1853 The courts might baId thot M sst,,,,
of hool lraen;nT f H. o,,,r..,, ~ go.
rata and III 3ha Sta+ rra a,;t;,pS - -"
ON tbis ten milJio,s Of dol1srs rhoh 80 ~ a.
rate ~ ona-ba1f of ona ~ oa,,t 1.-o,,IS a.
| amount to over s5n 0nO ,isr o,r,,,, If =
yvere fonnd unon ;nyesti,,5at ~, that ~ CO.
,vos corraot r ala;,s;"5. 80 80 Wy - -:
sd Tit;onal sum ~ s1n no 900 4 ool,,d 'sas i.
cover for oil tbe ,,sst S,osss 60 1oen '5
| tha aIlarad cor+at rataJ - IL e,.N
! ot Marc6 % 1oes IT 1oss ui'es. es. sne acs
y;eld q, ;,,,a,,ss 800 800 e So0,l nsiil
fays in,,,ronerir ;ehbaid ~ .hs 1,ie o.a.c ior
| dnrino tba mast trentv ,,eors y sHi'
W. i"'' ','Sny e'is
IN thls conneeuon also desire to call your
asIenlon 10 tne return made by the president
u tnis company Ia 1908, tne year before the
passage OF lne act connrmlng the lease OF this
roau = 70 Iile Delaware, Lackawanna and West
ern Railroad Company IL. 1869, D. 2S) He
returned the cost Of the road" at 81 ,965, $780,
10, anu one cost OF lis engines and cars at 81,
| 99o,Ull-so, making total Of SIC, ,463, ,60816.
Inc STOCK ana dept OF this company then
al1un.eu a. u . 9ll,4il ,zzo. Inc stock and debt
od ooo the company IN 1884 amounted to $3S, ,07S,-
NY, NY, or an increase Of 1905, ,775 over 1868.
Inc cost Oh tne m road Las as returned IN 1884 by the
company was Sz4,z5o,OII, or an increase of
9lo,;zos,4Sl over is6s Tins left an increase il
STOCK ana dept OF Sl0, ,S26, $50, which represent
eo properly III Ihat the company claimed was non
laAaDle, In H. nat are the items OF this increase
0i 9lV,o1o,55y,o-oI What does 1t consist? The
oeaee 9 D9aru mas Ioune mat all Of the tangible
personaI properly OF the company and the