The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1901-05-17

hN&~thAA0eisCo 80 yAstOO Ookl -cAAt ~ -oh \
freight locomotives. at 81, 500 each
5000 freight cars at $40 each. Why
$40 would not pay for one-half of q
truck under one end of car"
Mr.. Clarke was again on his feet to
call attention to the poor equipment OF
the road, claiming that It was of kind
which would not he used on any other
road, and that the bridges would not
admit Of heavier rolling stock.
The vote on the question was then
called for by Auditor Craig, who was
the chairman Of the board of auditors.
A painful silence ensued. First one
and another auditor moved uneasily in
his chair. but no motion was made.
You can make that motion yourself,
Mr.. Craig" said the mayor.
The auditor looked again at his asso-
ciates and said in joking way: Can !
second It also?'
After another short wait Auditor
Craig put the motion with the above
result
Professor Bemis then proceeded to
make his argument in favor of a de-
cided advance in the valuation Of the
road. He was we'll supplied with sta
tistics and said in beginning that all Of
his. computations were made on con-
servative figures.
He read the stock and bond quota
tions Of the roads, and stated that the
quotations Of stock were the quotations
of the minirity stock, as the Lake Shore
Railroad company held the majority
of the stock of the Nickel Plate and
would not sell 1t to competing road
at any price. The value of the road. as
determined by the market value of it's
securities, was S39, ,6S5, 500. According
to the statement of the professor, the
valuation of the road for purposes OF
taxation last year was not IA per cent of
the states share of the market value.
NO f!COME TAX FOR MAYOR.
c In reply Mr.. Clarke attacked the rlar
OF Professor Bemis of estimating the
value of railroad by its earnings or
the value of its securities on the stock
market. There is no income tax In
Ohio. Personally, l believe in it."
j do not, interposed the mayor de-
cidedly.
las to the market value of the
stock" continued Mr.. Clarke, "it is
worth Sl,t'i0,o00 less this week than i,
was last, and if we do not fix things ,p
with MOI gan over in Europe il will lie
worth $1,000,000 less next week than
this. Railroads have been taxed for
years and years in the value of the land
and construction"
The mayor replied that he did not
advocate the capitalization of the earn
ings to make the value of the road, but
claimed that the earnings showed what
the property was worth and what II
would sell for
What we want to show" he said,
lis that they have put low values on
the property mentioned in the report.
and neglected to mention other prop
erty. Give us an opportunity to do
this. and that is all we ask. We are
not here to raise any mans taxes. We
want the burden of taxation equalized.
We want the same rule applied for the
taxation of railroads which applies to
other property. This property is worth
sac, 100000. But take his own figures,
and 1t could not be rebuiltifdr $2O,O0O,-
900. These people have had twenty or
thirty years to prepare their side Of
the case"
At this iunotnre Mr.. Lewis, of Loraiu
county, took a part in the discussion.
and wanted to know If the mayor could
refe- him tc any property which was
taxel ut the valuation which he advo-
rated
Il can," replied Mr.. Johnson prompt
IS. 'The banks are assessed on the 20
per cent. basis"
Now do you think" continued the
mayor addressing himself to Mr.. Lew
%. that the railroads are properly as
'sssed- that they are valued as other
mo, do not" replied Mr.. Lewis.
1T is right there tnat we make our |
'ase.' was the reply " the maycr.
VALUE AGREED TO.
The auditors then began the consider
ltion of the valuation of the road. The |
irst item on the list was the rolling
'tock. which had been reported at So |
40 per mile by the company. Mr.. Lew
s, OF Lorain county, made motion |
hat this be increased to $1,000. Three
,otes We're cast for and seven against |
he motion. Those favoring the in.
rease were Auditors Craig and Lewis
md Deputy Auditor Leopold, of Put
lam county. Through the rest of the
Meeting this trio voted for an increased
'aluation, and John H. Beattie, of
iuron county, on several occasions
Idded his vote to theirs. The only in
rease which was effected was that on
he side tracks, which was a very
mall item. The appraisement of the
Dad was finally agreed upon as fol-
ows: Rolling stock, per mile, $500; |
and improvements. as re-
urned by the company. tools, supplies,
moneys, and credits, $500 per mile;
main track, $4,000 per mile: second
rack, $1,000; side track, $4,000 Audi
or Craig seconded the motion of Mr..
lewis to make the valuation of the I
main track SIS, 900 a mile, but fhe solid
TX votes, with that OF Mr.. Beattie add
ID, defeated the motion.
y. "a ~