Alma record. (Alma, Mich.) 1878-1928, 1906-02-16

Lansing, Mich, FeD. l4.-Proiessols
Cooley and Adams gave the state
board Of assessors an awful shock at
the opening OF the public hearing in
the governors parlors Tuesday morn
ing when they said the railroads of
Michigan were worth 1924, $40, 659. The
assessed valuation fixed by the board
was 1901. 0S0,00
The experts fix the value of all Mich.
igan Central lines at $65,0S1, 500, as
compared with the state boards as
sessment of $49,SS5,0O0 r Pere
Marquette is assessed for Is $685.
100000. The experts say ii rs worth
t49,450,157. The Grand Trunk group
Is valued at s33, 12S.s01. not S25,250,-
600. The Wabash gets a reduction
from $3.50. 900 TO &3,s39.413.
Professors Cooley and Adams swore
TO their statements.
The Wabash Railroad Co. is assess
ed at $3.50. 900, an average of SCI. 900
per mile. Attorney II. C.. Smith, of
Adrian, protested to the state board
of review that this is unjust, as the
Michigan Central is assessed at only
$4,000, and the Pere Marquette at
t16,470 per mile.
Cooley Explains Method.
Profs. Cooley and Adams during the
examination, under oath by Atty.-Gen.
Bird, explained 10 the state assessors
their methods Of making their valua-
tons. These were essentially the same
methods used by them in making the
appraisals for 1900 and 1902.
I'VE have used our figures for those
two years as a basis" explained
Cooley, who appraised the physical
values. The physical value of the
railroads we fix at s22s,7s4,46s."
Prof. II. c. Adams then explained
how he had found the non-physical
value to be worth the balance, or $751;
s26,1s1.
THE non-physical value OF the rail-
roads," he said, we have found to be
s36.114,6S1.
I'VE have also found cash and cur
rent assets OF s15,9S0, SOS; and stores
and supplies OF $3,s30,s42, making a
total value, above all physical value,
of s55,926,191."
Atty.-Gen. Bird asked Professors
Cooley and Adams a series of ques-
tons TO bring out these facts:
That the Pere Marquette was the
most undervalued road, being assessed
e21, 100000 below cash. That the
Michigan Central and the Northwest
ern were the next in differentiation.
That the smaller roads were assessed
nearer cash value than the larger. That
the total physical value of all the
roads is $24S,7S4, 46s. That the earn
ings of the Michigan Central for the
last five years would give OIL per cent
on the new Cooley-Adams valuation;
and about per cent II 81 500, 90 of i'm
provements in last FIVE years had not
been charged TO operating accounts.
That the Pere Marquette was earning
6.34 per cent on a physical valuation
of over S42,000,000 That If all the
roads were valued at 1925, 600, 900, in
stead of the assessors valuation OF
1907 900 900, they would still be valued
n less than so per cent or cash value.
That II all roads were valued on the
basis of the Pere Marquette and Mich
igan Central assessments, the total
would be s12400O,000. That earnings
for 1905 were about $4,000, 900, as
compared with 500 900 900 in 1900, and
that the past five years has been as
progressive a period in railroading as
Michigan has ever known
Federal Figures.
William j. Meyers of the federal cen.
sus bureau, explained the methods by
which the federal census enumerator
found the Michigan roads to be worth
$277, 100000 five years ago. His meth
cd was much like that followed by
Adams. NJ. w. Thompson, an expert
accountant, OF Jackson, testified that
the present value of Michigan's pro-
portion of all Michigan Central secur-
ieties is about $4,000, 900.
Cooley and Adams explained that
they were still In doubt as to the ac.
tual value of some 20 roads, which
they have estimated at $4,000, 900.
Chairman Shields tried to make Atty
Gen. Bird go on record as recommend.
ing the acceptance of the Cooley-Ad. !
ans figures by the commission. Bird
replied:
Il don't recommend anything. I
have been asked TO show facts. and
] am showing them. The assessing Is
up to YOU"