The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1905-09-21
VALUE OF COAST LINE.
Raised Assessm Made by Georgia
Attorney General Virtually SuS-
tained by Tax Arbitiasors.

The Atlantic Co.'s. Line Railroad
company must pay taxes On s2,olo.-
ee6 more than TIE amount at wa:cn
j. returned it's total property in Ceor-
gia fer taxation.
This was the conclusion reached
bv the arbitrators at a meeting IN At
lanta Thursday, when they made their
report to the comptroller general.
COMPTROLLER General Wright is nat
urally very much elated over the re-
nor- for It sustains his assessment
almost in toto.
The Atlantic Coast Line returned
it's physical property at sS,165,S42 and
it's franchises at s2,4e4,57o, making a
total of s1o,629,s12. The company has
about 6ss miles of railroad in Geoi
gia.
Owing to it's increased earnings and
the remarkable financial showing
made, Comptroller General Wright re-
iected this return and assessed the
roads physical property at S9,26s'4o2'
and it's franchises at s3,3SS,100, max
ing a total of s12,657,502, or an in'
crease of s2,O27,5sO over the compa'
ny's returns.
The board of arbitration made sew
eral important changes in these fig
ures without materially affecting the
general result.
The arbitrators reduced the valua-
ton of the Coast Lines physical prop
erty to s9,12s,O3S, which was about
$4,000 less than the comptroller
generals assessment, but what is re-
garded as more important, it increas-
ed the valuation of the comrany's
franchises to s3,514.570, or nearly
$4,000 more than the assessment
made by Comptroller General
Wright. AS the valuation of fran
chises is regarded just now about
the most important feature of corpo-
ration returns and assessments, it IS
believed this action of the arbitration
board will have no small weight.
AS will be seen from the foregoing
figures the total valuation of the At
tantic Coast Lines property in Geor.
gia has been fixed by the board of
arbitration at s12,640,6OS, an increase
of $1,010,696 over the company's re-
turns, and only s16,ss4 less than the
assessment made by Comptroller Gen.
eral Wright.
The arbitrators who made this
award were Railroad Commissioner
Joseph M. Brown, representing the
state; c. p. Goodyear of Brunswick,
representing the Atlantic Coast Line,
and Judge Richard Johnson of Jones
county, umpire.
Colonel Goodyear dissented from
the award. holding that the assess,
ment of 1904 was the maximum valua-
tion which should be placed upon
this property. Commissioner Brown,
on the other hand, held out for An
an assessment even in excess of the
amount fixed by the comptroller gen.
eral, contending that the increase
should be made on account of the
company's sworn statement before the
United States court as to the value
OF it's property. On this occasion,
Third Vice President T. NJ. Emer-
son made afidavite that the Coast
Lines property in Georgia would cost
to replace it s17,600,750, and that this
did not include the value of the fran
chise. With this wide disagreement
between the two arbitrators, the mat
ter was practically in the hands Of
the umpire, Judge Johnson.
The assessment made by the arbi.
tration board on the Coast Lines
property amounts to a total of $1e,.
923 per mile.
Judge Johnson, who was umpire
in this case, is also the umpire in
the Southern railway arbitration,
which will come up in the course of
a few DAYS