The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-09-14

individual property, especially farming
property Indeed, during the last eight
or ten years there has been a heavy fall
in the price of the staple products Of
the farms of the State, such as corn,
cotton, tobacco, etc. But during all
the years of this depreciation in farm
products the valuations. OF farm property
for taxation have not, as a whole, been
reduced. That the increase, both in the
net income and market value of railroad
stocks and bonds have been rapid and
pronounced during the past twelve or
eighteen months, as will be shown by
exhibit hereto attached, marked "a .
and made part of this affidavit.
That it is not true that the valuation
placed upon the property of the plaintiff
and the other complaining railroads and
the said Telegraph Company by the Cor
| poration Commission in their assess
ment made in June, 1890, is in excess of
the true value of said properties re-
spectively III money nor that said valu-
atoms were made with a knowledge of
any rule of reduction or differentiation
of the individual property of the State;
nor that the said valuation is at a high
er rate than the valuation of other prop
erty of the State
That in fixing the assessment Of the
property of the plaintiff and the other
| complaining railroads, and the said
Telegraph Company they desired and
endeavored to be fair and liberal, and
to resolve all doubts in their favor, and
gave them the benefit of every fact and
circumstance which, in their opinion
was reasonably calculated to impair the
money value of the said properties.
That valued upon the basis of the
funded debt and capital stock of the
said roads and Telegraph company, the
valuations of the property of the said
roads and telegraph company would
have been much higher than that placed
upon them respectively
That valued upon the basis of the net
income of said railroads and telegraph
company for the fiscal year ending June,
1892 the valuation of the plaintiffs
property in North Carolina, and that of
many of the other complaining railroads
and the said telegraph company, would
have been much higher than the valua-
ton placed upon it respectively.
That valued upon the basis of the
cost of construction, with low valua-
ton of their intangible property, (baSed
upon the income or market value of
bonded debt and capital stock the valu-
alton of the plaintiff and that of the
other complaining roads, would have been
much higher.
That valuation of the plaintiffs
property III this State on the basis of
the number Of miles of its road in this
State, in proportion to the total mileage
~,
value of its entire complaint as unit
upon the basis of the value of its bond
ed Indebtedness and capital stock would
have been much higher than the yalua-
ton placed upon it.
In confirmation of all of which they
respectively submit to the court the
data, memoranda and calculations
taken from the Report of the several
railroads to the Corporation Commission
hereto annexed, marked Exhibit Nos.
| to - inclusive, which is hereby re-
ferred to and made part of this
affidavit.
That in valuing the plaintiffs property
and that of the other complaining rail-
roads, they did not adopt separately or
independently either one of the afore-
said tests, which would have resulted
III a much higher assessment of its prop
erty than that actually made as their
guide or criterion, but they endeayored
to be fair and liberal to the said rail-
roads in their assessment, and to fix
the same upon considerable of all the
facts and circumstances which it was
proper for them to consider in arriving
at a basis of fair valuation, and which
they We're directed to consider by law,
and with due reference and regard to all
the facts and circumstances known to
them, concerning the methods and
standards which prevailed in valuing
property for taxation, and in compliance
with the law requiring them to ascertain
and fix the value of railroad property
on given day, to-wit: The first day
of June, time of the year when prop
erty generally brings its lowest value.
And they honestly, and to the best of their
ability, sought IN making said valuation,
to be fair and just to the railroads and
the public, and to fix a valuation that
would impose upon them only their fair
proportion of the burdens of taxation.
They deny utterly that the valuations
so made, discriminate against said com
plainants or any of them in favor of any
other class or species of property. On
the contrary, the investigations which
they have made, and the facts which
have been disclosed by reason of the
above entitled action and the other said
actions against the Corporation Commits
sion and others, as to the methods and
basis of valuations of railroad property,
competent in other States and approved
by the courts of last resort, have led
them to greatly fear that the properties
of said railroads and said telegraph
company, as a whole, are still assessed
upon a lower rate than that at which the
other property of the State is valued
That they verify believe chat the prop
erty of the plaintiff, and that Of the
other complaining roads, and that of
the telegraph company could be readily
sold III open market for much more than
the sums, respectively, at which they
have assessed them.
That in assessing the rolling stock and
the other tangible personal property of
the plaintiff and the aforesaid COM
planning railroads, they adopted the
valuation placed thereon by the plain
tiff and the other said railroads, re-
spectively.
That they hereto attach the statement