The citizen. [volume] (Berea, Ky.) 1899-1958, 1912-11-07
JusTus ooEBEL

| $50. whereas the Board founi theh
! 1912 assessment should be $1S,79S, $50
The C.. n. o. n +. =. II. II. In 1901
paid taxes on a franchise valuation
OF only s3.110,197, and in 1911 on a
valuation OF only s3,559.320. whereas
the Board found their 1912 assessment
should be s1O.674.20O. The l. c. In
1901 paid taxes on a franchise valua.
ton Of only sl.9s9.S7O, and in 1911 on
valuation OF only s4,51O,320, where
as the Board found their 1912 assess.
ment should be s14.746,s57. The l.. 4
n. II. Il. in 1901 paid taxes on a fran.
chise valuation of only s6.504 .s79. and
in 1911 on a valuation OF only sll,-
$4,000. whereas the Board found
their 1912 assessment should be s45,-
42S,074.
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. 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 Ia
per cent yearly. and this almost I'M
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
what the tangible assess
ment picture actually presents.
Work Is Delayed a Decade.
Take the case OF the C. e. O. r. r.
and the records show that the tangible
property of this company In 1892,
twenty years ago. was assessed at
SS,0l9,577. In 1911 Notwithstanding
he 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
tangible property was as
'essed at only S6.27O.27O. or 21% per
cent less than in 1892. twenty years
lgo.
In 1892 the market price OF G. & o.
took was around IL cents. and to-day
he stock OF this company is selling
It Sis cents. and the capital stock
las been increased to one hundred
nilllon dollars. Further comment to
bow that our state has Seen Iobbed
: unnecessary. The tangibls property
I the c., N. o. & T. p. r. r. was as.
essed In 1911 for less than 1t was as.
essed in 1900. and but little more than
4 1890, Notwithstanding the great i'm.
made by the company.
he other railroads have been similar.
7 inadequately assessed on their tangl.
lie property for many years.
In May, 1910, a prominent official OF
ne OF the companies suing, stated that
he special interests had In years past
ontrolled the states taxing boards,
nd the records apparently prove he
Did the truth In that instance. He
lso stated that he would control the !
resent Board OF Valuation and As
essment. but in this he has proven an |
,nominious failure.
Board Acts For People.
To date the people have won. and the
GARD OF Valuation and Assessment
OF Henry M. Bosworth
hartman; Tom 8. Rhea and C. v
recelius. has finished its work foi
BIZ. and. thank God, for once II has
ctsd In the interest OF the people.
Until this year the Board Of valua
on and Assessment has been con !
oiled In the interest OF the big cor !
orations by some hook or crook, eth