The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-09-15
MIR. BROWNS AFFIDAVIT.


MIR. BROWNS AFFIDAVIT.
Mr.. I'll. G. Brown, secretary of the
Corporation Commission, makes an af-
fidaylt, giving in detail the value tine
railroads place on their property. their
gross and net earnings, and many other
facts that show that the assessment
is under rather than over the true value
For example, the rolling stock on the
various roads is assessed at the value
placed on it by the roads themselves.
The locomotives ON the several roads
are assessed at these figures: Southern,
S3,0O0 each, Wilmington and Weldon,
$4,000; Raleigh and Castor, $5,820.S2;
Carolina Central $4,S14.73, whereas
the average cost of these locomotives is
from ten to fourteen Thousand dol
lars. Lit will strike the average man
as strange that the locomotives on the
Carolina Central road Ga side line) are
assessed at $4,000 while the main lines
on the Southern and Atlantic Coast
Llne-tthrough Ines put their engines
down as worth only $1,000 The pas
senger cars and freight cars are put
down at equally as ridiculous class a
valuation. For example: First, pas
senger cars cost from $4,000 to $4,000
each. The Southern gives them in at
81 800; the Wilmington and Weldon at,
$1,000; the Raleigh and CASTOR at
-, 263.33.
In his Exhibits Mr.. Brown gives
some figures from the official reports
that are interesting. The North Caro-
iina railroad is assessed at $4,000,O0O.
Its stock is selling at $160, thus show
ing its true money value to be $6,400,-
600. Its net earnings last year were
S419,2I9, an increase of $56,977 on the
previous year. To show how the earn
ings have grown these figures are given
In 1895 the gross earnings were 81 .225,-
533.66, and for the year ending March
31st, 1899, they had increased to 81, $685.
360.S9, or over 100000 in period of
five years. The Atlanta and Charlotte
Air Line in North Carolina is worth ST.
$50, 1864 measured by cash sales of stock
whereas the tax assessment is $956,410.
The Western North Carolina earned q
per cent. on S6.525, 1872 last year
March '9S to March, '99 1t is taxed
at $3,766, $50.
The total assessment of all lines owned
and operated in North Carolina by the
Southern Railway is $15,270,013, while
North Carolina proportion Of the stock
and bond value of the property is $780,
6S1, 136. The average assessment per
mile in North Carolina for 1899 is $13,-
$4,000. The average value per mile of
all the Southern Railways lines in the
United States upon stock and bond
basis is 1907
The Wilmington and Weldon railroad
from March, '9S to March, 49, earned
6 per cent. on $16,523,324. 1t is assess
ed for taxation at 50, 765, $40. The in
crease in the net earnings last year
earnings being $2,519,S51. In addition
to it's dividends, the road had a surplus
from the operations for the year ending
to have paid o per cent. dividend on the
capital stock, or an equivalent of over
II per cent.
The North Carolina proportion of the
Norfolk and Carolina railroad is worth
SO, 27S,0S5, based upon value Of stock,
and it is assessed at 81, 433,324. Its
gross earnings have increased from
S2S1, 1888 in 1891, to $6S6,S5 in 1898
80.
The Petersburg railroad earned enough
to have paid 10 per cent. on its capital
stock. It's property in North Carolina
is worth $500, 040, and it is assessed at
S194,904
The Seaboard and Roanoke railroads
property in North Carolina is worth
ST, 1S6,622. 1t is assessed for taxation
at $502,9S6.N 1t has surplus Of ST.
603. 756.
The Raleigh and Castor railroad
earned s per cent. on $4,S07, $40 and is
assessed for valuation at $2,717,031.
In addition to the above figures, which
have condensed in order to show
chiefly that railroad property in the
State is assessed at only between so and
60 per cent. of tits value in money"
Mr.. Browns affidavit gives these facts
with reference TO the rise in stocks and
bonds of the corporations complaining
that their property is assessed too high.
He swears:
The market value of Raleigh and
Augusta Air Line Railroad stock during
the year 1893, was Ii cents in the dol