The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-03

chinery SO, 1886 and Of the boilers 1850. while
there were only 1889 barrels of oil in stor-
age. The company introduced it's agent as
q. witness and County Attorney Nye. repre-
senting the local board. introduced three
witnesses who had examined the property
and upon whose estimates the board had
fixed it's valuation.
After these were disposed of the appeals
from Frankfort We're taken UP. d. a.
Coulter represented the First National
Bank and the water works company. The
latter corporation had been assessed at
gladly sell it at $50, 900. The two banks
made practically the same plea. Their
stock had been assessed at $1.10, and figures
were produced to show that this assess
ment was higher than any Of the neighbour
ing banks.
R. S. Truitt, John c. Craig and Calvin
view of Hamilton county. had asked for
instruction as to whether or not they
should allow the Citizens State Bank to
deduct the cost of its real estate from
the assessment of it's capital stock or only
allow it to deduct the appraised value Of
the real estate, as the real estate had been
bought and paid for out of the capita
stock.
The next appeal was that OF Major M. M.
Lacy. tax ferret, of Richmond from the
decision of the Wayne County Board Of
Review in assessing the Natural Gas Com
pany of Richmond. This company was
assessed at 1890, 900 and It was shown by
the treasurer. Elder G.. Hibberd. under
oath before the board, that this year the
Richmond Natural Gas Company paid a
OiNlQGliA VI 10 Ptl A0iAbs Ol FVVH WV dliQ lildI
last year it paid a dividend Of II per cent.
on that sum. and for three years previous
about the same dividend one year run
ming up to q per cent. This, Mr.. Lacy
thought. showed that their valuation
should be considerably more than $500. 900.
Judge John f. Kibbv, of Richmond. took
stock was invested In tangible property
only the tangible property could be as
sessed. Attorney General Ketcham took
the view that the excess in value between
the capital stock and the tangible property
could be assessed, TO which opinion of the
attorney general Judge Kibby took eXcep-
lions and stated that he would like to see
a written opinion Of the attorney general
on the subject. The strength of Major
Lacy's position was the fact that this
company pays so high a dividend upon
such a valuation.
Major Lacy also had another appeal re-
garding the assessment of the Richmond
Water Works Company, which was as
sessed by the Wayne County Board of Re-
view at $130.ee0. Ii appears that the Rich
mond Water Works company is a private
corporation and for the privilege of using
the streets Of the city of ichm they
allow water free for all public purposes,
except MIGRANTS. Mr.. w. II. Dill, treasurer
Of the Richmond Water Works Company.
stated that the income was about $4,000 q
year, that the bonded Indebtedness of the
company was 100000, that the company
had paid a dividend of about 1 per cent.
a year. that they were under contract to
transfer the plant to the city at any time
the city should re quest IT. that the plant
could be constructed new at much less
price than when 1t was put in and that in
the contract with the city 1t was agreed
that appraisers could be appointed at any
time the city desired 10 buy and the water
works company would be obliged to sell at
the price fixed by the appraisers.
The next appeal was hat of the Consol-
idated Stone Company, of Bloom
ington. Monroe county. Senator
Duncan appeared for the COM
pany. It seems that this company,
which was also represented at the hear
Ing by Edward Worthington. its president,
had given in the nprGnnal prOnarrU M S1O =
900 and II was appraised by the Monroe
County Board of Review at $4,000. from