Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-03-12
A NOTABLE REFORM VICTORY.

The greatest surprise of the legisia'
tive season was perpetrated Iuesoas
when. by vote of S3 to 9, the lowe
senate passed it's committee bill Tor re-
forms in the assessment of railway
,,ronerties. The strongest railroad lob
by that has infested the Iowa state
house in years was said to be present
fighting this measure, and 1T was theli
open boast that no railway assessment
bill would pass the senate this session
For two months the legislature has
been sitting and not a word has been
heard of any such bill coming up even
for discussion. The patience of con-
stituents who had voted on the
strength of reform promises was be-
coming exhausted, when all at once a
bill is reported and passed without de-
bate.
The committees measure as whole
IS a most excellent one. 1t does not
fully suit the radicals since it fails to
establish the set rule of stocks and
bonds value as a basis of assessment,
but in the spirit of evolution rather
than revolution it leaves the assessing
to the discretion of the executive
council with explicit directions for
their guidance as follows: THE execu-
tive council in determining such valua-
ton shall take into consideration the
stocks, bonds and securities of each
railway, the gross earnings. the net
earnings, the physical condition of such
ton forwarded by the reports required
to be made, together with any other
matter necessary to secure a just and
equitable assessment"
To conservative minds it has seemed
impracticable to adopt the stocks and
bonds basis exclusively since stock
market quotations are often speculative
and hence fictitious and since proper
ties often have no stocks on the mar
ket for quotation. A capitalization of
net earnings at 6 per cent is likewise
uncertain and impracticable, since
roads with no net earnings at all
should not escape taxation as being of
no value and all roads can easily ma
nipulate their net earnings by charges
to other accounts on their books. Gross
earnings also are not alone sufficient
for a basis of assessment, since the
volume OF business done is not correct
gauge of value. Large business may be
done at small profit. However all of
these features of railroads business
should be considered and this the law
provides.
There is no set rule that can be es-
tablished to determine the value of a
railroad. The assessing of property of
THIS KIND must always remain matter
of Judgment with men who have before
them full information as to all condi-
tons surrounding the property. The
executive council will have to make the
assessment as heretofore but the new
law will require that all their delibera-
tons be open to the public. that they
apply the same yardstick to all meas
urements and the conditions to be con-
sfdered are definitely set forth. 1t is a
most excellent bill and should meet
with equal favor in the house. If the
railroad lobby can rule there as is their
boast, God help the members when their
constituents get hold of them. There
can be no mistaking the temper of vot-
ers who passed the railway assessment
resolutions In many a county last sum
mer or who made the air ring for Cum
minis and Herriott at Cedar Ra pids. The
iowa citizen made up his mind regard
ing this assessment question a long
time ago and we pity the representa-
tive with political ambitions who will
dare to record his name on the side of |
the railway lobby. The command has
gone forth, Gentlemen, stand up and be