The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-09-16
FOUND 4 RICH NINE
STREET RAILWAY COMPANY'S
FRANCHISE IN ST. PAUL IS
ASSESSED
FOR THE FIRST TIME NOW.
1T LIFTS THE TAXABLE vALUA-
TIoN OF RAMSEY COUNTY
NEAT 100000.
BANKERS ARE TURNED DOWN.
They Wanted Reduction of Ten
Per Cent, But Did Not
Get 1t.

While in a general way the valua-
lions returned by county boards of
equalization on person. al property this
year were not equal to those of last,
yet the total was larger and much of
this compensatory increase was in two
items, towit: franchises, etc, and
wagons, carriages. sleighs and bicycles
The increase in the former item is
especially striking and especially i'm
portant to the people of st. Paul. The
valuation of franchises, annuities, roy
alties, and patent rights in the entire
state In 1895 was $6o5, 1888; in 1896, it is
returned by the county boards as ST.
144 40S. Yesterday the state board of
equalization adopted resolution which
will increase it a little more on the
franchise of the Minneapolis Street
Railway company, in Minneapolis
which was raised ten per cent. or $27,>
600 But the difference between the
figures on the class for 1895 and 1885,
resulting in the practical doubling of
the figures of last year. was due to the
fact that last year the item of fran
chises was returned by the Ramsey
county board as 81, 800. This year it is
S6SO,0O0 and the increase of $500, 900 is
due to the fact that this year Ramsey
. county assesses the franchise of the
st. Paul City Railway company at
$6OO,0O0 increasing the taxable valua-
alton by that amount. This, of course,
does not effect an increase in the total
valuation in view of the general re-
duction of realty valuations. but it
means a shifting of the burdens of tax
alton in large measure to the should
ers of concern which is popularity
supposed to be able to stand it. and
which, beyond a peradventure, has
profited largely by the grants of the
public.
In the other item referred to, the in
crease from So, 709, 1873 to SO, 833, 1872. prac-
tically $125,0O0, may reasonably be at
tributed to bicycles, and it may also
be assumed that, but for the enormous
accumulation of bicycles during the
last year, there would have been a de-
crease in this item instead of an in
crease. The fact that such an actual
increase is shown displays plainly the
enormous number of bicycles that have
been sold during the last year.
The chief business before the board
number Of bankers had come in re-
SPONGE to the notice to plead for con-
SHERATON by the board, urging that
times were hard and in their opinion
the banks were taxed excessively as
compared with other lines of business
The spokesman for the bankers were
j. F. r. Foss, cashier OF the NicoIlet
NaCohal pank IN Minneapolis; J. w.
Raymond, of the Northwestern bank
in the same city, and Cashier Brown.
of the Fergus Falls National bank
The existing assessment is based on
a valuation of 60 per cent of the face
value of their stock, prior to the panic
OF 1893 it having been 20 per cent. They
now ask that it be reduced to so per
cent. The plea was met with little
favor however, and during the day, in
stead of complying with the request for
more lenient valuation the board IN
creased valuations in some counties ten
per cent, notably in Chippewa and
ChlSago counties, the latter being the
last county reached before the adj
journment last evening.
State Auditor Dunn, who was pres
ent at the meeting. opposed the reduc-
ton. He did not believe the bankers
were suffering. They took no chances
them, he had to give good security and
pay high interest.
The elevator men of MINNEAPOLIS
We're also present to plead for mercy
the board having decided upon a raise
OF twenty-five per cent in valuations
of warehouse properties, located on
lands owned by railroad companies. F.
G. Barrows, of the Fourth district. and
City Assessor Plummer, of Minneapolis
argued for the elevator owners, but in
vain.
Vice President Calvin G. Goodrich
of the Twin City Rapid Transit com
pany, with M. D. Mum, the local coun-
sci, were also before the board to pro-
tect the company against raises in the
assessment against it. 1t was decided
however, to increase the valuation of
its franchise in Minneapolis ten per
cent, making it 1921, 900 instead of
$4,000.
This morning at $50 the board will
resume the consideration of banks and
bank holdings, beginning at Clay coun-
ty and going down the list alphabet
'cally.