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

and efficiency; and they, therefore as
sert with much confidence that tho so;1
railroads have no cause to compla;n -
the valuation made by themselves rno,,
their rolling stock, and that the Same i
at a rate at least as low as that at which
the personal property of the private c;t;.
zens of the State, who likewise generally
assess their personal property, is yolnod
for taxation. And they verify believe
that the same is at less rate than tbot
at which individual personal property i
assessed.
That with reference to the allegations
in the bill of some of the complaining
railroads aforesaid, that the farming
lands of the State, comprising $4,000. 600
acres, were assessed at $4,000. 600
with a yielding capacity of from $50.
100000 to $60,000,000 while the prog.
erty of railroads is assessed ut $44,000,-
600, they respectfully show to the court
that the gross earnings of the railroads
in North Carolina for the year ending
June 80, 1898, aggregated $11 1912, 31S,
while the net earnings of said railroads
for the same period aggregated S4147,-
! 96S, or more than one-third of the gross
earnings.
That it is submitted that when you
take into consideration the cost of fertili-
ger, team, farming implements, etc, the
| immense number of persons employed
annually in earning the estimated yield
of farm lands, that the gross income
| from said lands will show that after al
| lowing these deductions and fair wages
to those engaged as laborers directly and
indirectly in farming, that there will
be very little left to represent the in
come of the capital invested in the lands
| themselves.
| That as pertinent to the question OF
the increase in the value of railroad
property in North Carolina since the as
sessment for taxation in 1898, they re-
specially show to the court, as they are
informed and believe. that the capitIl
stock of the Raleigh and Augusta Air
Line Railroad sold in open market in
| the year 1898, at 13c in the dollar; that
said stock is now worth in open market
soc in the dollar That the capital stock
| of the Raleigh and CASTOR Railroad Com
| pany sold in open market in 1898, at
from 30c. to SIC. in the dollar; that it
| is now worth soc. in the dollar; that the
Seaboard and Roanoke Company's stock
from market quotations shows S1.9O bid
for preferred stock and S2.25 asked.
| January, 1899, the common stock Of the
last named railroad company was quot
ed at SIPS. January It'll, 1899, common
stock was quoted at $500. North Caro-
lima railroad stock in 1898, sold IN open
market at $1.15; it is now worth in open
market from 81 % to S1.60. That the
stock of the Atlanta and Charlotte rail-
road was worth i'll open market in 1898,
81 10; it is now worth in open market
S1.1S That the preferred stock Of the
Southern Railway was worth in 1898,
in open market, 35c. in the dollar; it is
now worth in open market Doe. in the
dollar That the common stock of the
Southern Railway was worth in 1893, in
open market Sc. in the dollar; it is now
worth 13c. in the dollar.
As tending to show the value of the
property of the Southern Railway the
basis of it's funded Indebtedness and
capital stock, upon calculation based
upon its miles of road in North Caro-
lima as compared with its total mileage,
they respectfully show to the court:
That as shown from it's reports for the
year 1899, its funded debt
amounts to-. Sl03, Do, 3OO
That its common stock out
standing is. -. ......... 120,000,000
Its preferred stock, out
standing, is. -. $50. 6oooo,ooo
Outstanding securities of
lease hold estates. upon
which the Southern Rail-
way pays interest in form
of rentals. ............. 21,5oS, 900
Equipment notes. ..... 239, J9l
Certificates of indebted
ness. 800. ........ 2,95o,Oo0
Mortgages on real estate. $4,000
Total value of all lines of
Southern Railway on
stock and bond basis, esti-
mated preferred stock at
soc. on the dollar, and
common stock at 15c.
in the dollar. ........... 12S,6SS,291
North Caroliqa's proportion
thereof. ~. 5000. 80. ob,oSS, l36
The total assessment Of the
Southern for taxation for
the year beginning June
30, 1899, is only. ........ l5,2I0,Sl3
This calculation is made upon the basis
of a total mileage in the country at
large, and "a total mileage in North
Carolina of 1913 miles.
Lit dSSSSSIueliI Tfdtc III ADccf
upon the North Carolina MidlaDd and
the State University road is the same
as that made in 1898. That after they
had assessed for taxation the property
of the plaintiff and the other complain
ing roads and the said telegraph COM
pany, they caused notice to be served
upon each of them to appear before the
Railroad Commission and show cause, If
any they had. why said assessment was
not just, equal fair and as required by
law.
That in pursuance of said notlce on
the day fixed therein, representatives OF
the plaintiff and all of the said complain
ing railroads and the said telegraph com
pany appeared before them, sitting as
the North Carolina Corporation Com
mission, and they gave to each of them
full opportunity to be heard and to i'm
troduce evidence, and to show such cause
as they had why said assessment should
not stand as made. And after hearing
such evidence and arguments as was
respectively submitted 10y the said roads
and telegraph company they reduced the
valuation placed upon the Atlantic and
Yadkin railroad, and declined to reduce
the assessments made AGAINST tho other