The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-09-29
MOVE UP SOME MORE
State Equalizers Apply the Conduc-
tors Favorite Remark to Street
Railway Company. s. ".
A Moving Up of Over Three Millions
Recommended in Assess
ment.

Three and half millions increase in the
assessment Of the Twin City Rapid
Transit company was recomm ended this
morning by the committee on corpora
tons and franchises to the state board of
equalization.
The committee recommended total
assessment of S9,00O,O00. The assessment
last year was $5,572,612. The total re-
turned to the board this year was $685.
235.
The committee recommended a $1,000,-
900 assessment for the Minneapolis Gas
company, which is returned at 1912, 1876.
1t also recommended an increase of $780,.
900 on the Minneapolis General Electric
company, which is returned at $619,930.
The report recommended doubling the as
sessment of the Duluth Electric Railway
company, which is returned at $685., 225.
A substantial increase is also proposed
in the St. Paul Gas Light company, now
fixed at s614.555.
The report was presented in an execu-
tive session which lasted all morning, the
first time the board has kept it's proceed
ings from the public.
The committee had first intended fixing
the street railway company at $7;429,950,
being SO per cent of the market value of
the common stock. The attorney gem
eral holds that preferred stock was in
debtedness, the same as bonds and tax
alton.
There was considerable discussion on
this point, several members disagreeing
With the attorney general. Mr. Douglas
quoted decisions in support Of his op1n-
ion
State Auditor Iverson said 1000, 900 was
a reasonable assessment. The company
was making nearly s2,000,OO0 net earn
lngs annually and was paying on stocks
and bonds to the value Of s33, 900, 600. He
maintained that the bonds represented
value, just the same as stock, and cited
the statutes to show that they should be
assessed He maintained that an $1S,OO0,-
600 assessment would not be excessive.
Joseph g. McKibben of st. Paul urged
an amendment Of the committee report
to correspond with the attorney generals
opinion.
Governor Van SAINT said the board was
justHed In making the proposed raise.
Any other course would be cowardly. and
It would not be following the duty Of the
board, which was to equalize values.
Fred Greiner Of Chaska moved the adon-
ton Of the committees report, but it was
finally decided to let the committee take
another chance at it. This decision was
arrived at Just at noon. and the board adj
Journed I'LL = p. m. The committee met
at once in the governors office.
Representatives Of the companies were
on hand to be heard, but had no oppor-
tun1ty. M. D. Dunn was present for the
street railway company, w. H. #Leyings
for the Minnea polls Gas company, A M.
Robertson and ]. o. III. Wheelwright for
the Minneapolis General Electric company
and Jared Howe for the st. Paul Gas
Light company.
The increase proposed would add about
$1.7OO, 600 to the taxable value of personal
property in Hennepin county.
This afternoon the committee recon-
nended the following figures to the
board:
Street Railway Company
As Fixed
Returned by Board.
RR s,nse county ....ss, 1s2, $50 $3.50 900
lsaHisey county ........ 2,l45,557 1926, 900
washington county 1850. 117,12S 175,000
OTHER coRPoRATIoNs. 70 |'0'ooo
Minneapolis Gas Light Co.. .S912,136 81 900 600
Mpls. General Electric Co.. 613,930 712, 500
st. Paul Gas Co 81 65h nm mn
Duluth Superior Traction Co 1873. 225 475oOO
NEED OF EMPLOYMENT BUREAU. /.
New Municipal Enterprise Urged Upon
Tax Levy Board.
George II. Harvey and q delegat ton Of