The daily state chronicle. [volume] (Raleigh, N.C.) 188?-1891, 1890-04-19
INVESTIGATING COMMITTEE
IT'S WORK BECOMING PRACTI.
CAL AND INTERESTING.

The Main Business, so far with the
Raleigh and CASTOR RailrOad..SOme
interesting Statistics sandFacts-With
reference to its Liability for Taxa.
ton.
The Investigation of certain railroads
claiming exemption from taxation, be-
fore the Legislative committee now sit.
ting IN this city is, beginning to attract
attention. The Investigation thus far
has mainly concerned the Raleigh &
CASTOR Railroad Company. whose char
ter s,7ntains provision that the Gen
eral assembly shall have the right to
levy a tax Of twenty-five cents upon
each share of stock, whenever the annual
profits of the road exceed eight per cent.
The last General Assembly levied this
tax, Incorporating the levy in
the Revenue Act upon the road
for the years since 1867 to date, and a
suit is now pending in Wake Superior
instituted by the public treasurer to en-
force it's collection for those years in
which the profits of the road exceeded
the limitation Of eight per cent. The
inquiry now progressing before the
Legislative committee has demonstra.
ted the fact that the profits of the road
have exceeded eight per cent for such
Of the years as have been considered by
the committee. The State expects to
show that the road is liable to the tax
alton for many of the years between
1867 90 The road has never paid or
offered to pay any tax to the State un-
der the clause Iii it's charter, and is re-
sisting its collection both in the courts
and before the committee. The State
expects that a good, round sum will be
collected which the State considers to
be justly due.
Mr. Z. Nj, Busbee and Mr.. Armistead
Jones are assisting the Attorney General
in conducting the examination for the
State Col John W. Hinsdale is attor-
Dey for the Raleigh & CASTOR railroad.
The session of the committee was re-
sumed yesterday morning.
Maj. ". W. Vass. secretary and treas
urer Of the Raleigh Il Gaston railroad
company, came before the committee,
and the examination Of the company's
affairs Was resumed.
Mai. Nass stated that the Raleigh &
CASTOR railroad had spent nothing in
constructing the Gibson branch.
In 1882 the Raleigh & CASTOR in
vested $451, 79l. .0s 10 the Carolina Cen
| trai road.
! In 1892 the Raleigh & CASTOR pur-
! chased "a, 73S 50 worth OF the stock Of
the Raleigh & Augusta Airline road
Question. Look at the reportof 1899,
and s,alo to tho committed what We're
| the gross receipts Of the Raleigh & Gas
Ton road for the year ending the date
of tEat report?
Answer. -Four hundred and ninety
thousand three hundred and forty seven
dollars and eighty three cents. ($490,-
347.S3)
Q. After deducting the interest upon
the million of mortgage bonds, what
were the net profits that year as shown
by the reports?
A Sl01, 106 52.
q What dividend did the Raleigh
and CASTOR railroad pay that year?
A. Six per cent.
@. Ia making your calculation, did
you not make the eighty thousand dol
x
debt Of two million dollars as part o
the current expenses for 1899?
A. / did
O. Then If that sum is not credited
as part Of the expenes Of the road 70
1899, what would be the amount of til,
profits for that year?
A. SlS1 ,O06 80.
} q. la arriving at tie sum Of $1Ol,
1906 SO, did you not deduct in maxim
your calculation the dividends receive
by the company upon the shares {
stock owned by it in the corporation?
| A. did.
Q. Adding this to the amount stated
f S101, 1868, what would be The aggrt
gate amount?
A. *1y0,24o.53.
O What number of shares does til
Raleigh & CASTOR company own Of il
stock?
, A. 1928 shares.
t Q. Has the company paid at any tin
j., any taxes upon the 1923 shares Of i
- stock owned by it?
= A. No; unless taxes upon same vel
: ir rcluled in the compromise settlemel
of 1886.
. @. Has the company listed stock f
. taxation since 1886?
: "a. have no knowledge of such stoe
being listed.
c. Who lists the stock for the col
pany?
A. General manager.
Q. Who pays the taxes?
> A. The treasurer upon the warrant
the general manager. On reflection l G
Y say that the stock was not listed and
"A taxes paid on it.
3: IL reply to a question, Maj Va
k stated that from July, 1889,
ar 1890, the R & G. has paid the followi
es taxes: Louisburg road, $93. 90; and L
Npaid to Sheriff Rogers, of Wake count
S327.49
Q, Upon what property were
taxes paid to Sheriff Rogers, of Wake?
A. This tax was paid, so 1 am
n. formed, upon six engines belonging
81 the company and used by the Ralei
he & CASTOR railroad, and paid In pur
,st ance to a compromise with the CO
te missioners of Wake county.
a Q. Does that constitute all the p
r. ments for taxation for the fiscal y
as July 80 to 1890?
X. A. Yes, these are all.
Q. What were the receipts Of
company for the fiscal year Oct. 81
e. Oct. 'SS?
A. The gross receipts from all sour