The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1892-01-13
THE BANKS AND RAILROADS.
Mr.. ElIerbe Explains Why He Reduced the
Assessment of the American Say
ings Bank and would not Re-
duce the Assessment of
the Newbery Bank
Especial to News and Courier. |

Especial to News and Courier.
COLUMBIA. January 1l.-There has
! been d considerable relaxation of the
strained relations between the Comp
troller-GeDeral and some of the banks
! a case in point to illustrate this state.
ment was obtained to-day. The Comp.
troller said to-day that he had received
a petition for abatement from the Amer.
lean Savings Bank. The petitioner
asked this Oh the ground that the stock
of the bank was assessed ut its market
value, which was more than the true
money value Of the stock, surplus and
all species of personal property. After
considering the matter" Mr.. Ellerbe
said, >" | have allowed the abate-
ment."
In what respect, he was asked, does
this case differ from that of the New
berry Bank and any others?
"This petition" be said, "sets forth
different state of things from that on
which the Newberry Bank case turns.
The petition Of the latter was disap-
proved because it had originally re-
turned only Sl50,000, when the sworn
report : howed that they should have
returned, according to law, at least
$500 900, and after the auditor had in
creased the original amount to $3.50, 900
there was still 1000 not assessed. AS
q matter of course, this being the case,
| rejected the petition"
THE THREE C's ASSESSMENT.
The Comptrol!er-General has also
actf I'd on the petition Of the Three Cs
Railroad for an abatement. The fact of
the receipt OF this petition has already
been reported in the News and Courier.
The history Of the petition and the dis
position were thus given by the Comp
troller General:
II received the petition of D. H.
amberlain, the receiver of the Three
C's Road, asking a reduction of the as
sessment from $4,000 to $3.50. The
petition has been disapproved for these
reasons: The attorneys who represented
the road before the State board last
summer Iagreed with the Comptroller
that the law requires that the cost of
construction, right of way, equipment,
etc., should be regarded as the basis of
assessment and taxation. Mr.. Smvthe
for the Three C's Road submitted a
statement from Mr.. DeCaradeuc shor :
ing that this road could he constructed
and equipped for about SIC, ,OO0 per mile.
The attorney for the Three C's seenle,i
to think that as other property in the
State was not assessed at its full value.
and if this road could he reproduced for
$4,000 a mile it should not be assessed
for over s., 800. But Mr. R. 4. Johnson,
the manager Of the Three C's Road.
gave sworn testimony AS to the cost OF
the construction, in which he stated
that this road from Camden to the
North Caroliua line cost S23, 900 per
mile.
"The statement of Mr.. DeCaradeuc is
only an estimate, and if it is true the
road ought to be reduced to $500 per
mile. If, howev r, the sworn testimo-
ny of Mr.. johnson under oath, the road
is not assessed high enough, and in
fact at less than one-half of the cost of
construction, to say nothing of the
equipment"
AN OUTSIDE VIEW OF COMPTROLLER
ELLERBE.
New York Commercial Bulletin.1
A letter was addressed to w. H. FL
lerbe, Comptroller-General Of South
Carolina, who has charge of the supervi-
sion of insurance companies in that
State. The letter called Mr.. Ellerbe's
official attention to a South Carolina
insurance company which was doing
an underground business of a DANCE
rous kind. After a delay of over
month the Comptroller-General sends
the letter to the company referred to
with his reply, which the secretary of
the company now forwards to the par
ties who wrote to the ComptrolIer-G Cen
er-l. This transaction does not reflect
much credit upon Mr.. Ellerhe. Did the
company have pull? We do not
think it is the custom among the better
class Of State officials supervising iu-
surance companies to scatter around
correspondence in such a manner as
this.