The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-21
PAYING OFF MORTGAGES
INDIANA FARMERS DID QUITE A LIT
TIE IN THIS LINE THE LAST YEAR.
Railroad Attorneys Before the State
Tax BOard-PIea of Wagner Pal
ace Car Company.


yesterday had more representatives of rail-
roads before it than on any day of the pres
ent session. In the discussions many inter
esting points in regard to taxation came
up. For instance, in Pennsylvania and
New Jersey land is not taxed for state pur-
poses. while land is only locally taxed to
conduct the local affairs of each county and
smaller subdivisions. There are $46,50O 900
of mortgages on Indiana farms, but, singu-
larry enough during the last year there
was much mortgage indebtedness paid off
by the farmers. The total tax duplicate of
Indiana is 81 1856, 900, coo. OF this sum $685.,
600 600 is on farms and their improvements.
The first road to appear before the board
yesterday the little road called the
Evansville Suburban q NeWburg, which is
ten miles long and runs from Evansville to
Newburg, and which was built for the pur-
pose Of inducing the Evansville people to
live out in the country and ride to and
from on the cars of this line. However, ac-
cording to George Cunningham, counsel of
the road, and Gus Muhlhausen, general
manager the Evansville business men con-
cluded that they would rather have their
homes close to their business, and they did
not patronize the road very Well, there be-
ing only six homes built along its line. This
road was assessed last year at &c. 600 a mile;
this the representatives thought was too
great a valuation, as the taxes We're 1872
per cent. of it's gross income. The road has
a Foreground rail, has three dummy en-
gineS and eleven cars, and, as Mr.. Null
hansen said, 1T is railroad, and it isn't"
G. 0. Bradford, real estate agent of the
Louisville & Nashville Railroad, appeared
in behalf of a reduction in the valuation of
that road, which was assessed Last year at
$24, 719 per mile. He stated that there was a
net loss in operating this road last year of
$50, 2S5.91. He said that this road was bur-
dened in having guaranteed the bonds of
the Henderson Bridge Company, and that
the road guaranteed that all expenses of
the bridge company for maintenance and
taxes should not be more than $4,000
year, whereas it had run as high as sos 0O0
Mr.. Bradford stated that the Indiana part
of the Henderson bridge cost 1904, 600 in
round numbers, and that it could now be
built for 80 per cent. less, and ne contended
that the value a mile for this property
should not be over $50, 900, instead of $66 600
a mile for the ten miles of track as fixed
last year.
James +. Meagher, of Chicago, appeared
as counsel for the Michigan Central road,
Der of small roads around Chicago. Mr..
Meagher possesses the faculty of terse
statement, He complained because the
Michigan Central was the third highest
sessed road in Indiana, in comparison with
other roads, and ne took the statement of
gross earnings as compared with valuations
presented by the representative of the Lake
Shore last week, and showed that the ratio
of earnings OF the following roads to their
assessed valuation was as follows: B. & o..
90 per cent; Chicago & Erie, SO per cent;
Grand Trunk, n per cent; Big Four Chi
cago division, Il per cent; Lake Shore, 20
per cent; Nickel-plate, "a per cent; Pan
handle, rs per cent. Fort Wayne. 25 per
cent; e. & 7. H., IS per cent, and the Wa
bash Il per cent, While the ratio of the
earnings of the Michigan Central to its as
sessed valuation is only 16 per cent. The
Michigan Central road ends at Kensington,
Cook county, Illinois, fourteen miles from
the city, and its terminals at Chicago cost
100000 a year After leaving Detroit for
Buffalo the Michigan Central runs along
the north shore of Lake Erie 226 miles
across a sandy desert The Lake Shore
and it goes through the pick of American
industry, enterprise, population and
wealth" said Mr.. Meagher. Il think an
assessment of $4,000 mile our second
main is simply so absurd that it could not
be justified in logic or morals or any other
theory that can be devised by living man."
In speaking of the Wagner Company Mr..
Meagher said that the Pullman Company
operated over 100000 miles Of railroad while
the Wagner only operated over about 40 900
miles, and he claimed that the equal as
sessment of 1925 a mile for each of these
companies was unfair; that the Wagner
Company has 500 miles less of railroad it
operates over in Indiana. In speaking of
this Mr.. Meagher said 1T does seem to
me that the reasoning or theory on which
much in this State the Pullman must be
so unique that l would like to know the
theory upon which it was reached. Now,
it may be that the Pullman Company and
it's well-known president, conserVators of
the public veal frieCdS of the populace, are
well subject to and Ven entitled to the ten
der consideration of state boards, and it
may be that the little Wagner Company
should be assessed at the same rate, but |
say and l say 1t in absolute sincerity, why
that should be / am unable to discover
DR.. H. Moore appeared in behalf of the
Chicago 81 Southeastern road, which is sew
enty-seVen miles long, commences at An
derson, in Madison county, and ends at
WaYeland, in Montgomery county. The
total assessment of this road last year was
$57000O. He said that they had not been
able to improve the road in the past twelve
months, and said that they We're hoping to
make the road pay, but ne didn't want the
board Ito tax the hope" This road, he
said would become valuable as a coal road
if the territory through which it runs, and
would have to go back to the use of coal
because of the failure of natural gas, but
the doctor said that, while it would be
profitable for his road to have natural gas
FAIL still he hoped it would not fail.
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