The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1912-11-06

$50. whereas the Board found their
1912 assessment should be SIS, $50
The c., N. o. & T. p. r. r. In 1901
paid taxes on a franchise valuation
Of only $3,110,197, and in 1911 on a
valuation OF only $3,559,320, whereas
the Board found their 1919 assessment
should be $1G674,200. The I. c. in
1901 paid taxes on a franchise valua-
ton of only s1,9S9.S7O, and In 1911 on
a valuation of only $4,510,320, where
as the Board found their 1912 assess
ment should be $14,746,S57. The l.. &
N. r. r. in 1901 paid taxes on fran
chise valuation of only $6,5O4,S79, and
in 1911 on a valuation of only $11,-
$4,000, whereas the Board found
their 1912 assessment should be s45,-
42S,O74.
The Covington companies in the
past paid as little, proportionately, as
did most of the above mentioned com
panies, and without exception all
these companies and the two others
suing wanted the same assessments
for 1912 that they had in 1911. The
Board of Valuation and Assessment
based their 1912 assessments on con.
vincing proof of values placed before
them, and the assessments are uni
formly just and fair, and of the more
than four hundred corporations as
sessed, only seven have protested In
the courts, and these are among those
that have always proportionately paid
the least.
In the last twelve years the State,
counties and cities have been robbed,
and the word robbed is the only word
that fits the case, of more than ten mil
lion dollars in taxes. -
In the years from 1902 to 1911, in
elusive, period of ten years, there
has been an average increase in the
franchise assessments of the four larg-
est railroads of the State of only "
per cent yearlXAand this almost un-
believable record of astonishingly
small increases was made in the ten
best years for earnings that the rail
roads of this country ever saw. /,
The picture here presented of the
previous inadequate franchise assess
ments is astounding, but when one ex-
amines into the situation regarding the
tangible assessments made by Rail-
road Commissions of the properties OF
six of the corporations now suing the
State, the word astounding" is made
quate and must be here supplanted by
the word dumfounding to state more
correctly what the tangible assess
ment picture actually presents.
Work Is Delayed Decade.
Take the case of the c. & o. R. R.
and the records show that the tangible
property of this company in 1892,
twenty years ago, was assessed at
$S,019,577 In 1911 Notwithstanding
the extensions made in mileage Of
road, double tracking of vast system,
acquiring much new real estate and
probably more than doubling their
equipment of engines and cars this
company's tangible property was as.
sessed at only $6,270,27O, or 21$4 per
cent less than in 1892, twenty years
ago.
In 1892 the market price of c. g. ..
stock was around IL cents, and to-day
the stock of this company is selling
at S1.5 cents, and the capital stock
has been increased to one hundred
million dollars. Further comment to
show that our state has been robbed
Is unnecessary. The tangible property
OF the c., N. o. & T. p. R. r. was .as'
sessed in 1911 for less than it was as.
sessed in 1900, and but little more than
in 1890, Notwithstanding the great i'm
provements made by the company.
The other railroads have been similar
ly inadequately assessed on their tangi
BILE property for many years.
In May, 1910, prominent official OF
one of the companies suing, stated that
the special interests had in years past
controlled the states taxing boards,
and the records apparently prove he
told the truth In that instance. He
also stated that he would control the
present Board of Valuation and AS
sessment, but In this he has proven an
ignominious failure.
Board Acts For People.
To date the people have won. and the
Board of Valuation and Assessment
consisting OF Henry M. Bosworth
chairman; Tom 8. Rhea and c. f.
Crecelius. has finished its work FOL
1912, and, thank God, for once II has
acted in the interest Of the people.
Until this year the Board of Valua
ton and Assessment has been con
trolled In the interest of the big cor
porations by some hook or erook. eth
er friendship. political favor rendered