The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-09-17


gross earnings. The net earn
ings of the farm lands of the State
are not five per cent of their value.
1.-THE last report of the Southern
Railway in North Carolina shows:
Gross earnings of SAILS, $50; net earn
ings, S1,421, 100. Upon six per cent
basis its property would be worth $23,-
519,321. 1t is valued by the Commits
sion at $13,S25,570.
"Wilmington and Weldon Railroad;
Gross earnings, SO, 333,3S5; net earnings
81 1893. SO5. Upon a per cent basis the
property would be worth $23, go, 0S6
Valuation by the commission at 9,76o,-
620.
"In neither of the above estimates is
the Atlantic and Yadldn Railroad in
cluded.
"Seaboard Air Line: Gross earnings,
50, 226, 291; net earnings, S610,S01. The
property would be worth, upon q per
cent basis, 81, $780, 1872. Valuation by
the commission, $500, 7j4.
For the three systems above taken
together: Gross earnings, $10,2TS06;
net earnings, $3,4S5, 765. Upon g
per cent capitalization the property
by the commission, $34,645, 100.
There has been an increase in the
tax valuation of railroads, but it must
be remembered that the value of the
stock in these railroads have tremen-
dously increased during the past year.
Inere has also been an in
crease in the assessed value Of private
property since the last assessment Il cal
culation based on affidavitS from thirty
counties indicate an increase of
S2J,000,000. We have shown also
that the commission has taken the val
nation of rolling stock at the figures fixed
by the railroads. In this valuation you
will note a great diversity. The Coast
lime values its best engines at $4,000
each; the Southern at $500 and the
Seaboard at $1,000 to $4,000 when every
body knows they cost not less than from
$4,000 to $4,000"
The increase in the tax valuation in
railroads rs accounted for by Mr.. III. c.
Brown, clerk to the Corporation Com
mission, in the following affidavit:
THE first assessment of railroad prop
erty made by the Railroad Commission
was in 1891, and the aggregate assess
ment of the railroad property then sub
ject to taxation was $1S423, 29S. Since
that assessment the most valuable
property in the State has been placed
upon the tax lists by reason of the sur
render of its exemption from taxation.
These roads are the Wilmington and
Weldon, Seaboard and Roanoke, the
Raleigh and CASTOR and the North
Carolina Railroad. The number
of miles of railroad placed up
ON the tax books since 1891,
and the number of new railroads
built since that time amount to 901 90
100 miles This includes the North
Carolina Railroad, which had a partial
exemption from taxation, and the
amount of property thus placed upon the
tax lists since 1891 amounts according
to the assessment this year to $14,654,
al"
Among the names on the 1874 affidavits
presented from Wake county by the
attorneys for the State are the fol-
lowing, which may be interesting to
many readers Of this paper: j. G.
Burns, w. G. Hunter, w. G.. Crowder,
G. II. Scott, George f.. Gill, NJ. G..
Chamblee, Il. w. Jeffreys, J. G. Fergu-
son, ]. w. Patterson, w. r. Lyon, j.
ID. Allen, G. c. Bledsoe, w. G. Jones,
r. Il. Richardson, n. w. Poole, ID. II.
Johnson, j. T. Edwards, A. w. Moye,
B. X. Partin, w. B. Hutchins, l.. ID.
Womble, II. A. Bland. A. r. Hodge,
w. b. Smith, Q. B. Guile, G.. NJ. Spence,
g. w. King, John S. Jones, G. ID. Ar
thur, w. B. Mann, @, r Lee. Frank
Stronach, w G. Forsythe, B. f. Mon
tague, G. II. Stephenson, w. b. Ed
wards. w. Fl. Hood, NJ. w. Page, Jul
illus Lewis, Willard Mial, James w.
Pegram, A. NJ. Sorrell, w. G. Brewer,
CASTOR L. Powell, s. ii. Averitt \.
b. Broughton, III. H. Croker r. G..
Upchurch, c. G. Whiting, J. A. Monta-
que. w. B. Turner. w. NJ. Russ. S.
II. Smith, W. n. Jones, r. G. Patrick,
Thomas Johns, j. ID. Johnson, p B.
Rand, q. l.. Bartholomew, @. |. Hud-
son, Il. b. Sturgeon, j. A. Norris, A. b.
Hunter, A. v. Baucom, l.. ]. Atkins
]. j. Dupree, S. G. Olive, J. j. Rogers,
James III. Sears, A. G. Bell, Arch j.
Wood, Nathan Holleman.
FRED l., MNRR TIT