The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-09-20

all. On the same principle we ought not
tax railroad property anywhere. All
railroads are operated for the accommo-
dalton Of the people-for a consideration.
Mr.. Harris submitted some evidence.
however. that Is OF interest. He shows
that on Jan. %. 1884. the Union railway
was appraised by the engineers OF the
companies using it at s456,OOO and the
value OF the Belt lease for ninety
nine years, which the Union rail-
way company held. was appraised
at s7l5.931. At that time. we
regret to say. the Union railway
was assessed for taxation at $4,000. BY
hard kicking the Marion county commits
sioners got it raised to s1o4,95O in 1887.
$4,000 in 1883. $479.O 900 in 1889 and s579. 900
in 1890 The new depot was not built
when the appraisement OF 1884 was made.
When 1t was built the president and sec
rotary Of the company appeared with an
affidavit that II was worth $4,000. Mr..
Harris offers evidence that IL cost $780,
4ll.42 and the sheds and fences $102, Isl. is.
This does not include the value OF the
Illinois-st. crossing which they took in,
and for which they built the viaduct
after much more kicking. at an ex-
pense OF $4,000. Mr. Harris has GER
tainly demonstrated that there YVES an
enormous amount OF prevarication and
successful tax-dodging in the past.
Now what is this property WORTH 1t
is we'll known that Il is not on the mar
ket. Ten millions OF dollars would not
buy It. The Union railway proper Is
operated under an agreement by the
roads using It on a philanthropic basis.
There are two parts to this agreement.
One stipulates that all expenses. includ-
ing taxes, assessments, insurance, wages
and salaries, and money paid for dam
age to persons or property" shall be d.
vided equally among the roads using II.
The other stipulates that an interest
rental OF per cent. on the appraised val
uation shall be paid to the Union COM
pany. This rental last year was S151, 1896,
which is per cent. OF $2.162, 500. There
fore the Union railway property alone,
on purely philanthropic basis. is worth
S2,162,SOO according to Mr.. Harriss show
ing. For business purposes 1t is worth
in addition TO this its value as a ter
minal to all the roads entering into In
fifths OF the Union property. In it's tax
suit last year 1t declared that it's ter
minal property alone I'm the cities of
Cincinnati. Cleveland and Columbus was
would be dirt cheap for the terminal
property of all the roads in indianapolis.
The Belt road is fully as valuable. 1t
has a bonded debt of 81 900, 900 and stock
100000. none of which is for sale. The
stock draws per cent. dividend. which.
together with interest on the bonds and
all expenses. including taxes. are paid by
the Union company. And in additipp TO
this the Union delivers all stock cars to
the stock yards free Of charge and all
supplies and pays 80 cents a deck for all
live stock loaded or unloaded and other
small services. But this represents only
the value TO the lessor. The lessee froze
the lessor out and took possession of
this property because 1t was Of enormous
value in addition to all this. We know
from the evidence in the Lee VS.. Down.
ing case in the United States district
court that for eighteen months ending
July 1882. f. F. Claypool drew $4,000 of
dividends on $4,000 of stock, or at the
rate of 80 per cent year This is 10
per cent. year on a valuation of ss,OOO.-
OOO Computed on the transfer of cars
at the old Belt rates it pays - per cent.
on $4,000. 900. We are sorry for these
poor railroad owners. We are sorry for
the tax commissioners who reduced their
assessment. We are sorry for the Ma
rion county commissioners who failed to
protest against this outrage We should
like to help all of them We would like
TO have a six months option on the
Union and Belt property at $S.0OO0OO
VIII the owners risk IL?