The record., 1912-11-07

500. whereas the Board found tneil
1912 assessment should be SlS.19S,63
The C.. n. O. q r p. II. X. in 1901
paid taxes On a franchise valuation
of only S3,l10,19I. and in 1911 on d
valuation of only S3,559,320, whereas
the Board found their 1912 assessment
should be $i9,674,200. The |. c. in
1901 paid taxes on a franchise valua
ton of only sl,9S9,S70 and in 1911 on
valuation of only s4,5l0,320, where
as the Board found their 1912 assess
ment should be sl4,746,S57 The l.. &
n. II. r. in 19Gl paid taxes Oh a fran
chse valuation of only $6,504,S79. and
in 1911 on valuation of only S11,-
S99. .2G0, whereas the Board found
their 1912 assessment should be S45,-
42s,G1..
The Coyingion 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 tbeir 1912 assessments on con-
sincing proof Of values placed before
them and the asst 1cnt@ are uLl-
loilnis just aud lair. aBa =, the l.-asS'
than four hundred corpora ,.cHs as
sessed, only seven have protested in
tbe courts, and these are among those
that have always proportionately paid
the least.
In the last twelve years the State,
eornties and cities have been robbed,
and the word robbed is the only word
that fits the case, OF more tiian ies m,l-
lion collars in taxes.
In the years from 1902 to 1911, in
elusive. a 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 "a
per cent yearly, and this Amos. un-
belieyable record of astonishingly
small increases was made in the ten
Dsst 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
qsaie and must be here suppiantsd by
the word dumfoundinG to state more
correctly what the Tangible assess
meRt picture actually presents.
Work - Delayed q Decade
Take the case OF the 6. & O. n. X.
and the records show that the tangible
property of this company ia 1853,
twenty years ago, was assessed at
sS,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
cGmpany's tangible property was as
sessed at only s6,27C,270, or 2la per
cent less than in 1892, twenty years
ago.
In 1892 the market price OF G. & q.
stock was around IL cents, and to-day
the stock of this company is selling
at S15 cents, and the capital stock
aas been increased to one hundred
million dollars Further comment to
show that our state has Seen IobbeG
is unnecessary. The tangibl1 property
Of the c., n. o. & T. u. X. X. WAS as
sessed in 1911 for less than il was as
sessed in 1900, and but little more than
ia 1860, Notwithstanding the great i'm
provements made by the company.
The other railroads haze been similar
y iRadequately assessed on their iangl.
ble property for many years.
in May, 1910, prominent official of
one of the companies suing, stated that
he 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
gnominious failure.
Board Acts For People.
To date the people have won, and tho
Boara ei Valuation and Assessment.
consisting OF Henry NJ. Bosworth.
chairman; Tom 3. Rkea and c. f.
Crecelius, has finished its work for
1912, and, thank God. for once 1t has
acted In the interest of the people