Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1903-06-29

proportion to the support OF the state
and local government.
STREET CAR COMPANY.
In February 1901, the Salt Lake CITY
railway secured a loan on It's property
ipcluding franchises. OF $500 600. This
lban was presumably made in order
to acquire the property Of the Rapid
nslt railway, a competing corpora
tioa. On the 10th Of August OF the same
year, the following street railway pro-
perties Tor consideration of 81, trans
terred TO the Consolidated Railway and
Power company; Popperton Place and
Fort Douglas Rapid Transit company.
salt Lake Rapid Transit company
East Bench Street railway. and salt
Lake city Railroad company. The ar
tlcle1 OF Incorporation of the new com
pany show that II is incorporated with
capital stock OF 81. 900. 600 on the 18th
OF August 1901, the City Trust COM
pany of New York, made a loan on the
Consolidated Railway and Power com.
pany, of $4,000 O0O II is not probable
mat the company making the loan con.
siuers the property worth less than the
amount advanced. Trust companies
seldom overvalue property for the pur
pose of making a loan There is bpt
little doubt that the consideration paid
Tor the old Rapid Transit lines was
az least five hundred thousand dollars.
with the above data in regard 10 this
corporations property. let us turn TO lis
assessed valuation. including frau
chlHes. for 1902, and We find il 10 be
N6GtSL A sum over shirty thousand
dollers less than the amount paid for
the Rapid Transit alone. For taxation
purposes then Il IL valued al l23 DER
cent OF the face Of the Trust company's
mortgage and such loans are seldom
negotiated for more than two-thirds Of
The market value OF the property. The
franchise, one Of the most valuable ela.
ments OF the corporation. is valued at
ffty thousand dollars A mere pttance
Tor the privileges enjoyed under il. In
view Of the above facts. then. il is not |
surprising that the farmers and small
property owners are complaining OF the |
high rates and unjust Valuations.
Granted that their own valuations are |
very low. yet they are Unjust when |
compared to the valutlons of some OF !
our great combinations of wealth.
OlHEk COMPANIES.
The Utah Light and Power company
Is Incorporated for s.. 800 600. and FOR
assessment purposes the entire plant il |
valued at ss5s625. Multiply It's as.
sessed valuation by four and offer II 10 |
the stockholders in cash and they
Wouin not deign 10 consider the prop
osluon. Why should not this com
pany' enjoying all the privileges OF a
monopoly, be compelled TO contribute
us Just proportion TO the support Of the
atete and city government?
ne franchise OF the Rocky Mountain
~ Telephone company Tor an ~ Salt
Lake county is valued at S29.2i. For
.he privileges enjoyed by this company
me valuation OF its franchise is ride
llous' ana "A valuation ~ SO 900 on It's
.est estate aud Improvements In the
'ounty Is laguhable 10 say the least.
Inc western Union Telegraph COM
ANY pays on $500 for office furniture I'm
'aN Lake county and It's total
assessment for the county Is Si0lg7.
the law providing Tor the assessment
y mining companies ON the net pro-
'eeds OF their mines, may theoretically !
le -ood one. but without better
Method OF obtaining the true net pro-
'eeds Il II very easy to evade It and
lay only on such sums as the owners
nay see NJ 10 return The Pleasant
valley Coal company during the year
so2 extracted i0Oi.596 tons Of coal.
Ihelr net proceeds or value assessed
OF the same year was $50 236 The net
proceeds then on each ton Of coal ex-
racted for the year was only 1910
ents per ton. That seems to be rather
close margin on which 10 conduct
business.
Express companies doing business In
his state are taxed only on their tam
IDLE personal property In the state This
a mere pittance Of all NJ any express
ompanys property Thousands OF
ollars could be- added 10 our tax rolls
y requiring a license Zee on the basis
Z gross receipts in addition 10 the tax
n their tangible property There are
Their methods equally as good by
'hich 20 determine their true valuation
or assessment. The United States SUI :
rene court in Adams Express COM
any vs. Ohio State Auditor. lG6 u. s.
's' took the ground that the sltus OF !
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