New-York tribune., 1900-03-28

No"o, on the demand OF the local authorities or
use Aorieit Its contract and $50 900 under Its bond
= Haa never earned 10 per cent the maximum al
"eu under the contract; - can never earn more
because the overplus must be paid the city.
oamuei A. Beardsley represented the Consoli-
uduea Telegraph and Electrical Subway Company
tne franchise of which has been valued at s. 10000
Inc valuation placed the property OF the COM
Pahy' he said would be q practical confscation of
property because il would reduce it's earnings
nam The Consolidated Telegraph Electric
subway Company had q contract with the city
which may be terminated at any time. This con-
dition should be taken into consideration and Il
certainly detracted from the valuation Of fran
chise
The Standard Oil Company was represented by
Lewis E Carr. He held that the valuation Of
$4,000 placed the franchise of the company
was excessive. He presented proof to show that a
large amount Of the property of the company was
situated on private property. and therefore was
not subject the tax.
Ezra A. Tuttle. counsel for the Tubular Dispatch
Company and for the New-York Mail and News
paper Transportation Company of the city of New
YORK, argued 10 secure red Icton cancellation
OF the assessments made against these companies;
arguments that as each OF these companies paid 70
gross receipts. which paid were full and
adequate compensation for its special franchise, "
Cqmrnissioners should De wholly cancelled.
Nylys Terry represented the Van Brunt Street
and Erie Basin OF Brooklyn on the franchise OF
which a valuation of $4,000 had been placed. He
dividend, and could not afford TO pay increased
taxation.
SEEKING REDUCTIONS
Harcourt Bull, representing the Staten Island
and Midland Railroad Company contended that his
company will be unable TO pay taxes OF valuation
Of $SsS0'O placed its franchise The company
pays no dividends. and has been unable TO pay the
interest on its bonded Indebtedness
- ne Long Island Electric Railroad Company, the
NV i ~ ORR and Queens County Railroad Company
2shN Were represented by J. r. Beetem. were
~ Itic Illuminating and Power Company of
Long Island, the franchise of which has been val
ued az Si9,se0. and the Long Island City Illumi-
L1I-ns company. valued at $500 The last named
eoI.pshy the attorney coutended has tran
s;acted business since 1895. He was allowed until
The Go C9ney icy. Island and Brooklyn Railroad Conn
T-I9hpanY We're represented by William Dykeman.
The valuation placed the franchise OF the former
.oI4pdny id was $2Soo 600. This. Mr.: Dykeman con-
.tiutd should be reduced u S705.000. The road of
ma. ma COMPANY runs TO large extent over private
'akth INTO consideration, Mr. Dykeman said.
-7r+; a. ale adternoon session Samuel A Beardsley;
Power Company OF New-York objected TO the
Eauaton OF $4,000 placed the franchise OF that
company. He questioned the Jurisdiction of the
% pss+4 20 assess his company on the grounds that
tAe FRANCHISE Tax law is unconstitutional This
rule CT The Board +o oeT1 an is 1ne qLo9n
questions, holding that they must be brought be
Mr. Beardsley also appeared for the Brush uuni-
naI3ng company and the United Electric Light
former corporation has been valued at $3.50 O0o and
mar OF the latter company at 1893 600. Mr.. Beard
mile 10 the Consoii5a+e7 Tajegrs1 anS 800
SUBWAY Company for the use OF It's conduts. This
finished the hearings for to-day affidavits from
reduction valuations The corpors tons from
which these we're received and the tentative va ua
PPonS P p4acea on their properly are; The Pelham
Company. 5000 the City Island Railroad Compan nv
:loG99 and the Hudson Tunnel Railroad Company