The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-08-29
WATER PLANTS VALUE
DETAILS AS TO FURN-
IsHED A. COMMISSIONERS.
WrangIes as to Actual Net Earnings
of the Company-AftOrney Fees
in Tax Cases.

The Tax Commissioners started their seS-
sion yesterday with the appeal of NJ. .. A.
Packard. president Of the First National
Bank of Plymouth, who wants the Mar
shall county boards assessment of $1,000
reduced to $1,000. Just before the last tax
levy the bank declared a dividend of So. 0O0,
which was not distributed. so the county
board claims, but was allowed to remain
in the bank. ]. \. Morris, who represent
ed the county before the commission yes
terday said that a stakeholder admitted be-
fore the lower board that the dividend had
been declared to escape taxation on the
$4,000. President Packard lives at Chi
cago. and the county officials think he does
not pay taxes enough in this State.
The Jackson Hill Coal and Coke Com
pany had a representative before the COM
mission. who urged that the assessment of
$7O,36O, fixed by the Sullivan county board
of review, was just double what it should
be. He said that on account of the de-
probation in the value Of the company's
stock, the 3.51S shares. assessed at $40 each.
were worth only SO, and that the assess
ment, therefore, should be $5,1S0.
Robert Z. Moore, of this city, was before
the commission at the afternoon session,
appealing from the action of the Marion
county board of review in assessing $500
of paid-up building and loan association
stock owned by him. He claims that it is
worcestershire, and wants the amount
taken off. The stock Is in the United
States Savings Fun and Investment Com
pany of this city. and was not assessed
last year.
Vice President Davis, Of the Indianapolis
Water Company, occupied the attention Of
the board the greater part of the after
noon. In response to questions by j. p.
Dunn and the water company's attorney,
S. o. Pickens, il was shown that the COM
pany's stock is $500, 900 and its bonds $780,
600. some OF the stock, Mr.. Davis claimed,
had been issued to the bondholders free in
order to get them to take the bonds, and
the company'S statement of the actual
amount of stock and bonds is $4,000. The
gross receipts last year were $40, 40, or -
per cent. on the company's estimate of the
stock and bonds, while $4,000 was spent
during the year for bettermentS and $685.
$40 for operating expenses. MIR: Davis
claimed that the consumption of water
here is exceedingly small and that out Of
an estimated population of 10000 the COM
pany had on its books only 1900 consumers.
1t has one hundred miles Of pipe in the
city, and Mr.. Davis submitted figures to
many cities for a slx-room house, thirty
feet front, with stable. laundry, bath and
sprinkler was S4 a year, the charge here
for the same service was $3.50.
The Marion county board Of review as
sessed the water company at $56o,0OO, and
Mr.. Dunn appealed to the State board for
q raise to 2,0O0,OUO. Yesterday he said he
was willing to knock off 5000, 900 and would
be satisfied with a valuation of 81, 400, 600.
Mr.. Plckens, Mr.. Dunn and MIR. Davis in
dulged in a three-cornered argument con-
corning the company's net earnings, Mr..
Dunn insisting that they were in the neigh
borhood of $147, 900 and the other two gentle
men claiming they were considerably less,
though they did not say how much. The
city pays $4,000 a year for its water. In
his statement to the board Mr.. Davis cited
a number of hotels and big blocks that
contributed very little to the water COM
pany, went over various streets where the
consumers were scarce and the expense of
construction heavy and presented his side
of the case in good shape. Mr.. Pickens
spoke briefly. urging the commission not TO
add TO the burden of an already overtaXed
corporation. Mr.. Dunn asked a number of
questions and members of the board did
likewise, all of which were answered readi-
ly enough, though there was an occasional
mild sort of a jangle concerning some in
terrogatory, the answer to which necessi-
tated going into details for which the COM
missioners had 10 time. Finally, during the
alteration over the net earnings of the
company, the board came TO the conclusion
the case had occupied time enough, and
called it off.
county, appeared before the commission
with an appeal from that county's board,
which, he said, had assessed the property
of the Indiana Pipeline Company some Sill
600 too low. The boards valuation is $17,5S0,
which the assessor says should be raised to
S2S.514. This company is generally known
as the Chicago natural gas company. 1t
carries gas from the Kokomo field TO Chi
cago. and is assessed on 79-100 miles of
eight-inch pipe. 1t is also assessed S261 on
436 miles of telegraph line.
The commission will next spring have to
assess the value Of real estate, and a con-
vention of county assessors will be called,
probably in February, in this city, at which
these officials will consult with the COM
missioners and the tax basis for realty