The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-07-01
THE CORPORATION COMMISSION HAS JUS
Titled PUBLIC CONFIDENCE.

| ana Stea1nDOat property III Tue Staie
| The figures with a comparison of the last
| assessment appear elsewhere i'll to-day $
paper. 1t will be seen that the aggre-
gate assessment for taxation is between
| ten and eleven million dollars more than
the last assessment: that the increase IS
| chiefly on the main lines; that there Is
no increase in the new roads which are
engaged i'm development: and that the
assessments are so placed as to give all
the counties through which they run an
equal tax from the system that traverses
! it.
| The most difficult and delicate duty
| that devolves upon any public ofilclais rs
the assessment of this species OF prop
erty. II was dong taxed at a mere nom
inal sum and has never been taxed ut
ANYTHING like it's value. The present
Commission has not sought to impose a
neavy tax now because these properties
long escaped a fair taxation. 1T has de-
voted weeks and months to patient in
vestigaton and study with no object in
view except to ascertain the true taxa
bic value If they had taken into con-
sideration merely the bonds and stocks
of the roads. the assessments would have
been twice or three times as large as
they have been made. If they had con-
sidered merely the actual cost of the
steel rails. cross ties and laying the track
the assessment would have been lower
than it has been fixed. Instead of doing
either the Commission has wisely given
weight to every aspect of the matter and
has made an assessment that will COM
mend itself to prudent and fair minded
business men. 1t is fair because 1t is
based upon the reports of the. uailrOads
as to earnings. the physical condition of
the property. the dividends and interest
paid stockholders and creditors, the mar
ket value of the bonds. ana ..v"ry other
consideration that affects the value uf the
property. 1n the case of the dismember-
ed Cape Fear and Yadkin Valley Rail
road. the assessment is the exact amount
paid for the road ut public auction some
months ago. 1Mel increase is notably
large as to that property because while in
the hands of a receiver the assessment
was made very low.
There is not and has not been III
North Carolina any demand for any ac-
/ ton. as to rates or taxation, that was
unfair to the railroads. There has been
| a loud protest against permitting rail
road property 10 fix freight, aud pas
senger rates at a figure to earn diyi-
lend ON stocks and bonds Of $50 900 and
more mile and then to assess that prop
erty at twelve and fifteen thousand dol
lars mile or less. 1t us to he hoped
that the railroads Affected will see the
I1wisdom OF paying the taSss imposed
without protest or resort to anjunctlon
proceedings. The present assessment,
somewhat more conservative chan the
Legislature indicated should. be made,
leaves an average earning of more than
nine per cent to the railroads assessed,
and the :. CHEST courts have held that the
courts cannot interfere il the assess
ments leave a fair margin of profit to the
stockholders, at least one court holding
that the courts would not intervene If
the road could earn four per cent on the
actual money invested. As matter of
fact the increase in taxation leaves an
average earning Of more than nine per
cent on water as we'll as bona fi'le stock.
The taxpayers of the State will APP
plaud the action of the Commission.
They will rejoice that at last a Commits
| sion has ,een elected all of whom are
honest, air. judicio,s and wise enough
| to do what is right and just.
i. g return of the Democratic party to
| Eower is signalized by an action that is
| truly expressive of Democratic seilti-
| nent. The people of this State are tired
| Lf two classes of dena gOgues-th one
| in the employ Of corporations who howl
| tin they are red in the face if corpora
| tions are required to observe the laws
| and pay taxes like other folks, and the
| other a set Of blatant anarchists who
would rob corporations and prosecute IN
order to make the people believe they
are serving their interests. Of the two
demagogues, the first is the worst be-
cause he is a secret hireling whose pros
titution is not always exposed. while the
blatant demagogue is so loud-nMithed
| that the public takes his measure and
soon destroys him and his short-ived
madness.
| The Commission has given no heed to
either Of these public pests. 1t has done
| it's duty honestly and conscientionsly.
and the honest people Of all Glasses will
say. well done"
Referring to Governor Russelrs reply
to an invitation to attend the antitrust
conference, the Asheville Citizen happily
/ covc that fhara ara tpn reasons WHY he