The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-09-06
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10
This increase OF real property OF over
~ odn Nm ND .Siexuotly 20 per Gent. ADVANCE
upon tho figures of Ave years ago. VII.
We. nre sure, be a pleasant surprise 10
Yourselves and to the citizens generaily.
We believe i Is }9u9 1air nna liberal 10
tho citizen, and Just and equltaI DE 70 'llS
.cityIind State.
It furnishes most abundant proof OF the
general and great prosperity otatn nad con-,
| OF our people inithe future Of Richmond:
Altar wo had progress ed three ana
! nnlf months in the performance or our
anes h sn Sly cH s Directed sy 1' and
| uuircd us to assess the property Of the
city upon the Same basis as TO values
|e,c, az III the same were listed Tor taxa
tion by citizens.
In the discharge oEthis duty and after
tho completion OF the several wards OF
tie city. so as not to- delay the nnal
compilation transcrlbing and addition OF
our current work by. the assistant as Is:
the state law compelled 70 turn In the
books all completed BY September 1,p.
We addressed ourselves assldlously 70 th.s
ate sheets, full and complete assess-
Under the Limitations Of this ordinance
we were confined to valuing the lands
and buildings only. Hence We have val
UPON which they are built exclusive Of
the fire apparatus and the general sup !.
plies OF this department A full and
complete and, apparently a very conserva-
tive inventory of these items can be
found In the last annual report OF tho
Board OF Fire Commissioners
| In like manner we were restricted to q
valuation OF the school buildings and the
| grounds belonging thereto. A list Of the
a ate'of' A p1 u.s. may agp s. had from
2, p. Walford. ESQ. supervisor Of pub pub,
All the public parks have been assess
where there are established streets sur
rounding them. and BY projecting street
bic. according to our best Judgment
The only exception to this was In the
case OF the Now Reservoir Park. mas
much rs there exists no survey OF netgn-
! boring streets (being located In tho coun-
|tty) = and these grounds were, therefore
4 valued ~ the acre. y "A
i Manifestly our valuation OF the City
Gas Works and City Water Works arc
Without value. because, although We took
a detailed and comprehensive inventory
Of every building at both the Upper and
Lower Gas Works. and all the grounds
Illustrate the great value Of Tho Gas
Works. the chief cost and productive
value OF which consist OF their miles Of
street mains, the holders, purifiers. the
retorts, benches. power and machinery
used in the manufacture and distribution
OF gas. "
II In like manner, the valuation OF tho
lands and buildings OF the City Water
4 Works counts but little compared with
the cost OF the enormous pumping ma
chinery, It's vast reservoirs and the nets
work OF distributing pipes Throughout tha
entire city. x
4 We therefore, suggest that the valua-
ton Of these properties should be deter
mined by capital!aing them upon has .
Of ,per cent, Of their annual earnings.
In this way only can the great value
OF tho ownership OF the franchises OF
these public utilities be properly and ac-
tI,curately ascertalned. 1t Is the method
\ universally lemployed by capitalists and
dustrlal and other properties, VIZ the
earning capacity OF the plants in ques.
ton, What do they pay? Is the question
asked. In the case Of these two proper.
ties the answer la not dlfflcult
& Their earnings, over and above operat
Z Ing expenses and cost OF maintenance am
repnir, are annually reported by thei,
respective superintendent and arc veil
q ned by the books Of the City Auditor
1t remains only to apply the results
e ened solution OF the question:, and !lth'
value OF each property can be set dowl
= at figuro far In excess Of tho yalu,
heretofore Put upon them and upon {
OASIS Apso'usctS ''e'Ne' ''o'A"0 ~" eo''
After After very careful study Of tn
annual reports, supplemented by confer
I erces with tho heads OF departments AM
v the City Auditor, VIC have found;
Flrst-The City Gas Works pays owe
nor cent, net ppon q, eapitaiiEat,on Q
inyentorled ut three millions Of dollar
in the list Of city assets. instead Of on
second-That the City Water Work
PAYS over 4 per cent, net upon q capt
tallsation OF ss,boo,ooo and In our judg
ment should be inyentorled Mt three an,
a half million dollars in the list OF cit,
assets, Instead Of ,yo million ono hun
ant. Moreover, IL the City Gas and Watr
works produce such earnings ms woul
J Justify fheir lease by private parties q
Of Of ten nor or twenty years duration, We sub
nit that. lnasmuch as the city. own
ionH'its occupation and control Of ther
,, and without. possibility Of eomnel'lo