Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1910-04-21

value of over $677,OoO with the execu-
tive council of the state, and this prop
erty was appraised by competent men
acting under oath. Their highest as
sessment during the last five years
that have been able to find, is $685.
0O0 and this year only 100000.
The Fowler-Wilson Co. is incorpo-
rated with an authorized capital OF
$4,000; principal place of business
Ottumwa, Iowa. and therefore their
capital stock is assessed In Ottumwa.
It matters not where they hold prop
erty; their corporate shares are as
sessable in Ottumwa. In ascertain1ng
the value c. these shares they are al
lowed to deduct the assessed value or
their real estate located anywhere In
the state, from the gross capital IN
vested, and this gives the taxable
value Of their shares In Ottumwa. See
sections 1924 and 1924 Of the code,
Real estate owned outside the state is
not to be taken into account in making
UP this valuation.
The Roseland Coal Co. comes under
the head Of grain, ice and coal dealers.
See section 1915 of the code: Grain,
ice and coal dealers shall be assessed
on the average amount Of capital used
in conducting their business" This is
explicit and places them In the same
class as merchant, except they are
to be assessed on the average amount
of capital used in conducting their
business because of the transient ma
ture of their merchandise. while mer-
chant is assessed on the average value
of his goods during the year because
the goods are always in sight.
Mr. Gilmore quotes an opinion hand
ed down by the United States SUI
preme court in book case In New
York in 1866. Since that time the coun-
try has grown wonderfully and the leg
islature of Iowa has found 1t necessary
to enact laws to meet the changed con-
ditions For example: National banks
are assessed to the individual stock
holder; state and savings banks are
assessed on their capital stocks, sur
plus and undivided profits, and private
banks are assessed on reports they
are required to furnish the county
auditor, while other corporations, as
the above, are to be assessed IN the
manner I have stated above. In the
case of the Ottumwa Railway & Light
Co. it is simply case of mathematics.
They purchased this plant in Decem-
Der, 1905, paying in cash and bonds
assumed and commissions, 1871 $50.
They were assessed January !. 1906,
less than thirty days after, at $116,O0O.
Since then they have bonded the plant
for $1,500000. and have sold part OF
the bonds. Now they are assessed at
1925, 900.
Mr.. Gilmore is mistaken in saying
that l stated that I was not acquainted
with the value Of the MOrrell packing
plant. did say that as this was class
ed as a manufacturing concern we
would have to get at the assessable
value by deduction. These manufactur-
ing plants are assessed on the average
amount of raw material used In max
ing up the manufactured article.
! Theivalue of this raw material must
of necessity vary from time to time or
/ from year to year, hence as | said be-
| fore, it's value must be obtained by
deductions.
There are many other firms as well
as individuals who are just as culpable
as those mentioned above and more so
perhaps, because they are not Of equal
benefit to the community in general.
Such, for instance, as the party who
will by stocks and mortgages and
withhold the assignment from record
so the assessor cannot find it, or the
one who keeps his money in bank ut
small interest and withholds 1t from
the assessor, or the farmer who under
values his land, but none of these ex-
cuse the other.
I have gone into this subject more
fully than otherwise should but for
the fact that so many are not inform
ed on the tax question and are prone
to look with disfavor on any attempt
to make these large concerns bear
! tt cir just share of the burden of gov
eminent. My attorneys have their
briefs ready and If we could get proper
assessments made by the proper Off.
GERS we could put into the county
| treasury at least $4,000 that should
have been paid in years ago. In any
event the county Is protected by our
bond from any expense that may be
| incurred
Respectfully submitted,
D. B. Davidson.
Mr.. Editor, Dear Sir: noticed a
communication from r. H. Moore In
| the Tri-Weekly Courier Of April 16,
i under the caption of the Tax Ferret
Now Mr.. Moore seemed very much OPP
! posed to the tax ferret, whom he
| -. So IL - ho