The times., 1898-02-06

The Subcommittee on Railways of
the House Committee of the District
continued yesterday the discussion OF
the Odell bill, which substantially pro
vides for the taxation of street railway
franchises, and that railway real and
personal property should be taxed on
the same basis as other properties in
the District.
This explanation of the objects of the
bill was given by it's author at the
opening of the session of the subcom-
mittee. This bill, he said, was similar
to one which covered all properties in
New York, and which worked advan-
tageously to all concerned.
AS to the basis of the valuation of
stocks Mr.. Odelf said that it should be
the market value at the time of making
the assessment, and in reply to a ques-
tion by MIR. Latimer and Mr. King, of
the committee. he said that punishment
was to be provided for false valuations.
Any taxpayer could take a corporation
into court where fraud was believed TO
exist as to the returns.
One case of injustice, he stated, was
of a company chartered outside of the
District which collected $4,000 in fares.
but paid not a cent of tax to the Dis
trict.
President Griswold, of the AnacosIia
line, was examined as to the property
and it's valuation and taxation.
Mr.. Griswold put the real estate at
81. 900, and the stock at anything from
So to so a share. He probably could not
get $3.50 a share for it. The original
value was $50 share, S25 paid up. In
round numbers, the property was worth
$400, 900.
Mr. Odell-How much tax did you
pay?
Mr. Griswold-About $500.
Mr.. Odell-Aren't there properties in
the District Of just such value that pay
SIS on the 81 ,000?''
Mr. Griswold-I suppose so.
Mr. Richardson Ito Mr.. OdelD-
What would you do with such COR
poration that in New York?
Mr. Odell-We wouldn't accept the
valuation given by Mr.. Griswu.d.
Mr.. Nathaniel Wilson gave the fig
ures for the Columbia, showing that
the capital stock was 100000. $50
share, selling value from $40 to 81
share, total dividends at 6 per cent,
$4,000.
The total tax last year was nearly
5000 on all its property. The value of
the stock has increased on account of
the disablement of three other roads
in the city. Under the Odell bill the
company would pay $4,000, supposing
that the stock should remain at so. on
$50 q share. The franchise tax pro-
posed for this road would be about
5000.
Mr.. Wilson showed that Mr.. Odelrs
bill re-enacts only laws now existing
as to the assessors duties as to the
Columbia road at least
Mr. Odeli took issue with that state
ment. saying that the bill would have
made the tax s2,400 more than it had
paid last year. Mr.. Odell in proof of
this showed that the new taxation was
proposed for the full value of the
stock.
Mr. Odell-Is it not fact that the
assessor assesses insurance companies
on the full value of their stock?
Mr. Wilson, don't know There
are different ways of assessment.
Mr. Odell-Then isn't it possible that
the District of Columbia has been beat
en- out of d great amount of just tax
alton?
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 market value of stock. as on real
estate?
The Assessor-The real estate is not
ut fY,1 i-af
latter being assessed at about 60 per
cent.
Mr.. Odell-Is it not fact that the
newspapers have been charging for
years that valuable suburban property
is only charged about per cent?
Mr.. Trimble-The assessments are
made by board and not by the as
SCISSOR.
Mr.. King-How is lit that the Ana
costa Railroad does not pay 4 per
cent on a valuation of about so per
cent?
Mr.. Trimble-By it's charter it can
only pay per cent.
Mr.. King-Why is not that paid?
Mr. Trimble-That is a question for
the collector.
Mr.. Odell (to Mr.. Griswold)-Why is
it that you are hanging onto prop
erty which you consider so valueless?
Mr.. Griswold-Well, we have been
hanging on to il for twenty years and
can't let it go. and another reason is
that if we were to suspend great part
of the population would be without
transportation.
Mr. Odell-Isn't it fact that taxa
tion like kissing goes by favor in the
District?
Mr.. Trimble-I don't say so.
Mr.. Odell-Is the system of taxation
here a god one?
Mr.. Trimble-It might be simplif1ed.
Mr.. King-Does it not follow that the
less you tax property the more you get
out of the Government?
Mr.. Trimble-That does not follow.
Mr.. Odell pointed out that in one year
when the Capital Traction stock was
worth $3.50 a share the valuation was
81, 500, 900. and yet 1t paid in taxes s25 000
Mr.. King contended that the discrim-
ination was evident I'm this case as
against other properties.
In answer to question by Mr.. Bah
cock, Mr.. Trimble said that the Capital
Traction Company was assessed in one
way and the Metropolitan and Column
bia in another.
Mr.. Odell-By this plan the latter
roads escaped taxation on real estate?
Mr.. TrimbIe-Yes; practically.
Mr.. Odell-Those are the only two
that escape?
Mr. Trimble-Yes. sir.
Mr.. Odell-I would advise, in that
case, to make a change.
Mr.. Trimble-The assessment has
already been made, but it might be
Mr.. Babcock-Dont you think a plan
treating all alike could be arranged?
Mr.. Trinble-Yes, sir.
The point was made by Mr.. King that
assessment had fallen in the District
from $4,000, 900 to $11, 100000 when the