The evening times. [volume] (Washington, D.C.) 1895-1902, 1898-02-05
THE TAX ON CITY RAILWAYS
Further Investigation by the
House District committee.
ASSESSOR TREABLE HEARD
He states THAT Under Present Laws
aud Methods Taxation Is Unequal
Mr.. Griswold's Estimate GA tie
Value of fLe Anacostla Property
Interest ing Facts Brought Dut.

There We're some edifying develop
naents in the hearing which was re-
sumed this morning before the sub
committee OF the House District Com
mittee in the matter Of the franchise
tax on street railroad corporations.
Mr.. Oden. the author Of the hill to
change the present scheme Of taxation,
read il as printed in The Times today.
He explained that the bill had the same
scope as a similar bin which covered
all corporations in the State Of New
York
In answer to a question by Mr.. Rich
ardson as TO the difficulty Of making
an appraisement Of fiuctuating stocks.
Mr.. Oder said that the basis would be
the value at the time Of appraisment.
Mr. Latimer desired TO know what
remedy there would be against fraud
in valuation as there was no specific
authority to which TO apply.
MIR. Odell said that any taxpayer
could take what he supposed to be a
fraudulent return into the courts.
Mr. King asked if il was the object
of Mr.. Odel TO provide the proper ma
chinery for punishment
MIR. Odell replied that such was his
intention. There was one company, ne
said. which had collected in fares Sl0,-
600 from the city. and yet paid no taxes.
Mir. Oden remarked that as to the Co
limbia and Metropolitan railroads the
assessor had warped the PROVISIONS
Of existing law practically M Their Ia
Yer.
chairman Babcocll asked President
GiiSMold. of the &racoStia line, what
WAS the value of his property.
Mr.. GrisWold put the real estate at
sl5. 600. and the stock at anything from
81 10 SO. He probably could not get
S250 a share for it. The original value
WAS $50 a share. $25 paid. In round
numbers, the property WAS worth $780,
Uo0
Mr. Oden-How much tax did you
pay?
NJ Griswold-About $500.
Mr.. Odell-Aren't there properties in
the District Of just such value that pay
SIS on the 81 .O00?"
Mir Griswold-I suppose SO.
Mr.. Richardson (to Mr.. OdelD-
What would YOU do with such cor
poration as that in Kew York?
Mr.. Odell-KNe wouldn't accept the
valuation given by Mr.. Griswo,d
Mr. Nathaniel Wilson gave the fig
ures for the ColUG hia. showing that
the capital stock was Sf09 600, $40 a
share. selling value from SO to S7l a
chare. total dividends at per cent.
S34 000.
The total tax last year was nearly
ST. 000 on all it's property. The value Of
til stock has increased pn account of
the disabement OF three other roads
I'm the city. Under the Odell bill the
company would pay S9000 supposing
that the stock should remain at $40. on
$50 a share. The franchise tax pro-
posed for this road would be about
$500
Mr. Wilson showed that Mr.. Odell's 5
bill re-enact only laws now existing
as TO the assessors duties as TO the
Columbia road at least
Mr.. OdeIl took issue with that state
ment. saying that the bill would have
made the tax s.. 900 more than it had
paid last year Mr.. Odell in proof Of
this showed that the new taxation was
proposed for the fun value OF the
stock
Mr.. Odell-Is it not a fact that tae
assessor assesses insurance companies
on the fun value of their stock?
Mr. wilson, don't know. There
are different ways Of assessment
Mr. OdeIl-Then isn't il possible that
the District Of Columbia has ben beat
en- out OF a great amount of just tax
ation2
Mr.. Wilson, couldn't say that.
Mr.. Wilson went on to explain that
except as to the tax on franchise. the
new bill was a re-enactment Of exist
ing law.
capt. Trimble. the District assessor.
explained the operation Of his plan of
assessments. There was always diff
ficulty in getting at the real value Of
stocks.
Mr.. King-why don't YOU assess on
the naked value Of stock as on real
eState2
The Assessor-The real estate is not