The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-10-29
CORPORATION TAX DECISIONS
Capital stocks aud Franchises to be AS.
sesse as Well as Tangible

Springfield, ILL.,, October 24.-The SUI
preme court this morning, affirmed the
judgment of the circuit court of San
canon county in what is known as the
Chicago teachers tax case. This, in
effect awards a writ of mandamus
against the state board of equalization
to compel it to assess the capital stock.
including franchises, of twenty Chicago
corporations. The cash value of this
capital stock, including franchises, over
n above the value of their tangible
property, is alleged to aggregate $685.
900, 600.
Following the the corporations direct
ly affected: Chicago City Railway
Company; West Chicago Street Rail
way Company; North Chicago Street
Railway Company; Chicago Union
Traction Company; Peoples Gas Light
and Coke Company; Chicago Telephone
Company; Chicago Edison Company;
Chicago Consolidated Traction Compa-
ny; Chicago Electric Transit Company;
Chicago n Jefferson Urban Transit
Company; Evanston Electric Railway
Company; Cicero and Proviso Street
Railway Company; North Chicago
Electric Railway Company; North Side
Electric Street Railway Company;
Ogden Street Railway Company; Chi
cago North Shore Street Railway Com
pany; South Chicago City Railway
Company; Chicago West Division Rail-
way Company; Chicago Passenger
Railway Company n North Chicago
City Railway Company.
This case was instituted by the states
attorney of Sangamon county at the
instance of the Chicago Teachers Fed
nroftnn tt 1-oc f0- ---;4
mus to compel the state board of equal
ization to assess the foregoing corpor-
atoms which, it was alleged, have hith-
erto escaped taxation by the board.
The court holds that the board in as
ssS1ng corporations does not act as a
board of review. but as an original
assessor and that the performance of
it's duty to assess the fair cash value of
capital stock including franchises over
and above the value of tangible prop
erty may be enforced by mandamus.
Instead of making a proper assess
ment the u says that the board ar
bitrarily and willfully failed to follow
a proper and long established rule in
force in this state for making such as
sessments. by refusing to take into con-
sideration, in making assessments. the
bonded Indebtedness of said corpora
tons. They also disregarded all other
rules for the making of such assess
mentS in force at the time of the filing
OF this petition, and for the purpose
of evading their duty sought to pass
new rules for their government in
making said valuations and assess
ments, and refused to consider the in
formation then before them, furnished
by the assessors, as provided by statute
and assessed the capital stock and fran
chises of said corporation mt nominal
sums instead of at the fair cash values
thereof.
The board is ordered to forth
with at Springfield and assess the capi-
tai stock including the franchises in
the manner provided by law.
Mayor Harrison said: 1.-THE decision
adds sS.000,0 600 to h funds Of the state
and of this 81, 000, 900 will come to Cook
county where the teachers started the
fight. 1t is now up to the board of
equalization to bow to the lie
tates of the court. One effect it will
have, probably, will be to squeeze a lot
of the water out Of the stock of various
corporations, and it may drive some OF
them out of the state to fairer climes-
New Jersey for instance"