Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-10-16

\ There is no clue to his identity, ana
lie will be held in the Jail at Delphi until
some other provision is made.
CAROLINA ASSESSMENTS.
Some Trouble Prevails Down There
Law Suits Ensue.
i Raleigh, N. c., Oct. 16.-A suit involv-
ing an increase of SOS, 100000 in the taT-
able value Of railroad property in North
Carolina has been brought in the SUI
perior court of Wake county. The cor
poration commission, which corresponds
10 the railroad commissions of other
states. is thu. body which values railroad
/ property for taxation in North Carolina.
4 Two years ago suits were brought
against ii by the several railroad com-
panies to restrain it from putting q GER
tain valuation on the property of the
/ corporations concerned. These suits
were compromised last winter with the
/ understanding that the railroad proper
ty should not be valued except once IN
every four years, as is done with all
other real property. Notwithstanding
this compromise and agreement Sherin
Jackson, of Washington county. has
brought suit against the corporation
commission to compel it by mandamus
/ to raise the valuation of the property OF
! the several railroad corporations OF the
state from $4,000, 900 to $3.50, 100000.
Sheriff jackson asserts, and he brings
! forward the reports of the various rail-
1 road companies as filed in the office OF
, the corporation commission to sustain
] his assertion that the true and honest
cash value of the railroad property IN
this state is $3.50, 600, GOO. This valuation
! includes the franchise in addition to the
real and personal property
The section of the law under which
| Sheriff jackson seeks to require the COR
1 poration commission to make this yalu-
alton as of June last without waiting
! until 1908, provides that annually in the
month of June each railroad shall re-
port to the corporation commission the
amount of capital stock authorized and
the number of shares In which such
stock is divided; the amount of capital
stock paid up. the market value, then
the actual value of the stock, the length
OF line operated in each county and the
total in the state. and the total assessed
value OF all tangible property in the
state. The commission is then required
to determine the value OF all tangible
property and then 1t is required to as,
sess the value of the franchise, which
shall be determined by due considera-
lion of the gross earnings as compared
with the operating expenses, and more
particularly by the consideration of the
value placed upon the whole property by
the public ms evidenced by the market
value of all the capital stock, certificates
of indebtedness, bonds or other secprl-
ties, the value of which is based upon
the earning capacity of the property"
The aggregate value of the physical or
tangible property and the franchise. as
thus determined, shall be the true value
OF the property for the purpose OF ad
valorem taxation.
The chief lawyer in bringing the suit
is ii. S. Ward. who is state senator from
Washington county. and assisted In
framing the law under which he seeks
to compel the railroad companies to pay
nearly four times the amount they are
row paying in taxes. At the meeting OF
the State Bar Association at Morehead
City last July Walter Clarke, associate
justice OF the supreme court, made the
principal address and in 1t declared that
according to the figures and facts COM
tained In the reports OF the several rail-
road companies Of this state then on file
in the Office of the corporation commits
sion, the railroad property of the state
was valued at $15o,oo0o00. Senator Ward
appears to have taken the marrow of
this address and made It the foundation
OF his suit.
II Senator Ward can succeed in his
quit he will add to the taxes Of the state
and counties 100000 each year, exclu-
sive of the amount to be paid to the
cities and towns. This increase would
enable the next legislature to exempt all
real estate from taxation for state and
county purposes. The corporation COM
mission, thru Attorney General Gilmer,
With the approval of Governor Aycock
and his administration. is strenuously
opposing the suit. 1t is admitted that
the corporation commission has the
power to assess the tangible and intan-
gible property of the railroad companies
in 1908, and to raise the present assess
ment of value to s15O,000.o0 but 1t is
contended that this power is In abey-
ance until June, 1903.
The term of Associate Justice Clark
will expire on Jan. /. 1903, and his sue
oessor must be elected at the November
election of next year. He Is the senior
justice on the bench and is the only
democrat. The terms OF Chief Justice
David NJ. F'urches and Associate Justice
Cook will expire at the same time.
Clark is an avowed candidate for chief
justice and is making determined
fight to be renominated. Ex-C Chief JUS
tice James E. Shepherd is also candi-
date for chief justice. He was defeated
for reelection in 1894 when the coali-
ton of republicans and populists carried
the state. The democratic machine and
the railroads are said to be supporting
Shepherd.
1t is openly asserted that Clark gave
the inspiration for the Ward suit, and
that when the case reaches the supreme
court for II final decision in February
next he will be found writing an opin-
ion supporting Wards view of the law.
Some of his friends hope that by having
this issue injected into the campaign OF
next year the real estate owners will be
rallied to his support and that he Will be
tr!umphantly renominated. II the law
Will not permit the corporation commits
sion to make the increased valuation be-
fore June 1, 1903. Clark's friends will
contend that his fight will force 1t at /
that time and that after next year own
ers of real estate will not be required to
pay taxes on this class of their property
for state and county purposes.
All, cEARCAEn EnR WEApONS