Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1905-07-20
FIX VALUES OF
THE RAILWAYS
The Executive Councin is in
Middle of Assessment
Hearing,
ROADS WANT NO INCREASE
Discussion Turns on Value of Roads
in Whole Country Railroad Men
Here Differ From Their Represen-
tative in Washington.

Des Moines, July 11.-At the rail.
road tax hearing before the executive
council yesterday 1t was disclosed
that at least some of the represen-
tatives of the roads doing business in
Iowa who appeared in the hearing
did not wholly agree with Slason
Thompson as to the correct value OF
the railroads of the United States.
Mr.. Thompson is the secretary of the
association in Chicago of the general
managers of the railroads which were
represented before the council yester-
day and his figures, presented to the
federal senate committee on inter-
state commence, have since been cir
culated as the railroad view of what
railroads of the nation are worth.
Mr.. Thompson said that the roads
were worth in excess of $4,000 ,000,-
600 or more than SCI 900 a mile. Other
railroad men before the senate com
mittce insisted thy were worth S13,-
400, 10000. Governor Cummins was
rather taken to task in Washington
when he limited that he could not be-
lieve the roads to be worth quite this
sum. Yesterday, however, w. l.. Tar
bett of the Illinois Central insisted
that the roads could not be worth to
exceed $1,000, 600, 900 or $4,000 a mile.
These figures were Endorsed by other
railroad men as the more nearly cor
rect valuation.
1t was shown, however, by the inter-
state commerce commission compila-
ton OF railroad reports that their
net earning for 1904 in the whole
country, were $643 100000. This sum
capitalized at 6 per cent would make
their value in excess of $40, 500, 000,.
600 or over $51, 900 a mile.
Railroads in Iowa are assessed at
$685. 900 a mile instead Of $51 200. 1t
seems to be conceded that real prop
erty Is assessed at about four fits OF
its real value and that Iowa railroads
are worth perhaps two-thirds as much
as the doadS in the nation, per mile.
On the basis of capitaliZing the net
earnings of all of the roads at 6 per
cent, the Iowa assessment, the condl-
tons mntioned being taken into con-
sidration, would be about $28, 900 a
mile, such an increase as has not yet
been given CONSIDERATION by the coun-
Gil.
Des Moines, July 12.-The Council
Bluffs delegation asking the executive
council to increase the assessment Of
the Union Pacific terminals in that
city was heard by the board yester-
day. Spencer Smith, former state
rni1rno1 nnrn raicCiOnn~ runo cnnInS-
man for the delegtion. Mayor Donald
Macrae addressed the council. Mr..
Smith told the council that the Union
Pacific has, in addition to three miles
of main line, about thirty miles OF
~so-called side track in Council Bluffs
which is used actually as main line,
for over it passes all of the traffic
which goes either way over all of the
Nebraska lines to Omaha, and all the
Iowa trunk lines into Council Bluffs.
The assessment of this property has
been cut down from $760,0O0 in 1899
to about $1S0,000 last year. It's earn.
ings have increased. The Union Paci-
fic is stocked and bonded at $4,000
a mile. The actual value of the prop
erty in use, in dollars and cents, as
estimated by competent engineers, is
about 81, 500, 900. The people of Coun-
Gil Bluffs would appreciate the in
crease of the assessment at least to
the actual value of the plant as it
stands. Mr.. Clancy denied all the
statements of the Council Bluffs pee
pie. He said the stocks and bonds OF
the Union Pacific really amount to but
$3.50 a mile. He denied that the
value put on the physical property
was of the size fixed by Mr.. Smith
and the city's engineers, and thought
the assessment should be reduced in
stead of increased.
Judge Cook of the Milwaukee road
said many who were after the rail-
roads were tax dodgers. He insisted
that Iowa is worth $50 an acre and
railroads are assessed higher, in pro-
portion to their value, than are farms.
Tax Commissioner Dudley of the
Milwaukee made an address before
the council designed to show that the
Milwaukee is assessed higher than it's
fellows and that railroad assessments
already are high enough.
George Sewers appeared for the
Iowa Central and the Minneapolis G.
st. Louis, showing that they are as.
sessed higher than any other roads
in proportion to their earnings.
Des Moines. July 13.-For the first
time in years, the farmers of Iowa
were represented yesterday by farm
ers at the hearing before the execu-
tiv council to determine an equitable
assessment of railways and farm lands
of the state. The session was marked
by the largest attendance of the year
and several tits between the railroad
attorneys and the representative farm
ers present. Incidentally, the agricul-
turists through James j. Ryan of Fort
Dodge and others presented figures
showing that the farm lands in many
A woman without a parallel for COM
mercial wit entered a large depart
ment store in New York City to buy
a yard of silk, which the clerk told
her would cost her seventy-fve cents.
Her purchase left a remnant of one
and one-half yards. The clerk suggest
ed that she buy the remnant. What
will you take for it?" asked the wo-
man. Fifty cents, madam" replied
the clerk politely. We'll, I'll take it,
but you can keep the yard you've just
torn Off" The clerk was staggered for
a moment but approaching the humor
of the proposal, made the exchange.
Sealing wax, strange to say, does
not contain a particle of wax, but is
composed of Venice t%urpentine, shell.
lac and cinnabar.
The marigold is a little weather pro-
phet. IL the day is going to be fine,
the flower opens about five or six
o'clock in the morning; but, if wet
weather is in store, the marigold does
NOT omen at all.