The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1897-02-20

tween telegraph railroad lines the ground that the
personal property and held that that account
portion telegraph should be isolated prop
that the stretched the
property combined property rule in the
railroad line and merely refused do in the of
telegraph line: secondly, did intimate that the
combined property rule could be applied telegraph
lines prescribed by statute but the contrary strongly
franchise telegraph
pany already taxed under another it might
extend the combined property rule telegraph lines also
under separate property satute and thirdly the
the opinion that if the property be
assessed whole part of whole, should be assessed
with productive capacity and
the market value of the stock
We difference in principle between the OF
railroad company and the of telegraph for
purposes under which requires the
property each be assessed whole And the
this view but extend it of
express and companies whose property consists mostly of
personal property and is not physically connected as III
the of railroad telegraph line The difference one
of degree, not of principle.
AnsOho provided for upon the property of
telegraph telephone and companies without referring
the franchise intangible property ALL 1t required the
companies their capital stock the
and of the stock, detail OF their
property 1t also provided that in determining the value
of such part of the property was III the State OF o the
should e guided by the value of the entire capital
stock of the and such other evidence would
enable the value of the centre property of
companies within the state, the proportion that the
bore the entire property of the companies as de
the value their stock and other evidence thus
the statute substantially the far this
concerned 1t differed from statute III this Q that
classes of corporations instead OF
tending does all enterprises for profit and
open against constltuonahty under the
Ohio constitutions (2 that it required the market value
of the entire stock of company having property IN different
states to be considered in determining value of that part
tangible property that state, while
requires this only determining the value OF the entire
property other words the Ohio statute further than
statute and yet shall fully sustained
Western Un Tel Co. Poe 81 Fed r. 40 as IN the
case at bar determining the value of the prop
erty of the stock basis, and but lightly
eared value of the property The Circuit
Judge Taft held the invalid the ground that the market
value of the value of the tangible
property, since it depended IN part on good Will earning ca
city other intangible things taxable themselves and
required the value of the OF only
certain classes companies be determined in part by the
stock, violated the constitutional provision which
required property be taxed by uniform rule This was the
case of a telegraph company In Adams Express co. Poe
Ib. no. under the statute, against
express company 100000, although the company
property the of Ohio consisting only OF
parcels used for stabng purposes and valued
about $4,000 and personal property consisting OF Office 1u
nre tools, horses and valued at about $4,000 Illus
it will be that the assessment about the that
the at bar although the aggregate value OF he properly
returned less than onethd the amount returned IN
value of the stock also about the
bar The Judge, Taft decided this
he did the telegraph rearkng that the earning
capacity of express company, which largely determines the
value of shares of its capital stock dependent
the capacity of telegraph company ITS good
Will, skill and honesty of employees, and ITS franchises
and other rights and privileges property"
These decisions weN upon demurrer, but before final de-
entered the questions were raised Ill the gu
preme Ohio in State Jones' 81 Oh St 1872, the
of and that court came to the opposite
and law the did
proceed the principle that the value of the entire prop
value of the capital stock; but merely
required of the stock be taken guide,
held estimating the value of the tangible
a whole it be considered affected by the
intangible factors though these taxable themselves
The said, 1t cOnended that when the value of the
the capital stock of corporation augmented
through franchise good will and successful OF
concern such value should avail to add
value money of the tangible property of the
corporation for the purpose OF taxation III the
of the whole machinery and
a trade manufacturing business
sold separately public sale, different purchasers
the value OF the capital stock might play unn
portant part But the property of corporation may be re-
the aggregate unit, entirety plant de
signed specific object and its value may be estimated
in parts but taken a whole Ii the market perhaps
TO the value the