The Pleasantville press., 1912-10-30
A COSTLY
FRIENDSHIP
New jerseys Loss Through the
Wison-McAdoo AffliatiOn


Trifiina Assessment Of the McAdoo
Tube Companies-Their Franchise.
Capitalized by Themselves at Over
$50 10000, Assessed at s1,oo0-Work
Of State Assessor Record.
The sudden friendship between Gov
ernor Wilson and william G. McAdoo.
who is managing the Democratic ma
tional campaign, has been a matter OF
surmise and question among persons
who watch political developments. 1t
was nonexistent before the election OF
1910.
Perhaps the tax records Of the state
afford the explanation.
Mr.. McAdoo is president Of the Hud-
son and Manhattan Railroad company
and affiliated companies. which have
much taxable property in the state OF
New Jersey.
Governor Wilson reorganized the
state board of assessors. appointing as
a member thereof the useful George L.
Record of Jersey City, whose abilities
as a manipulation became well known
when he was counsel for the riparian
commission Mr. Record has been
regular Republican. a Colbyite, Dem
ocrat and a bull moose. Just why he
was appointed a state assessor Is
known only to Governor Wilson him
self and possibly to Mr.. McAdoo.
The board of assessors had engaged
I Charles Hansel to make valuation
of the railroad property under its 1u-
risdiction, and the main stem OF the
Hudson and Manhattan Railroad COM
pany was reported as worth S7.725OOO
I in 1910
Then there were Record doings-con-
ferences with Mr.. McAdoo, confer
ences with the governor, and the 1910
assessment of Mr. McAdoo's company
was reduced to $3.6O9, ,450.
Even this was not satisfactory to
Mr.. McAdoo, and after more confer
ences the assessment was reduced to
1891 .45O. the figure at which 1t still
stands
Now the question arises: Is the re-
duction of $5.OO0.00O in the assessment
Of the property under Mr.. McAdoo's
management the price of his support
of Governor Wilson's ambition or are
there additional considerations?
There was also a reduction of $4,000
In the valuation of the second class
property Of the Hudson and Manhat-
tan company, but this Is bagatelle-
In the assessment Of the franchise.
however. there seems to be some curly
wool in the woodpile. The value or
that franchise for purposes of taxation
is placed at $1,000 Is the right to
operate railroad from Newark to the
middle Of the Hudson river only worth
$1,000?
The capitalization of the various con-
Germs interested in the McAdoo tubes
is over $15O.OOOO0O Nearly three
1 fifths of this represents actual cash
outlay. Yet an the ratables of the con
Germ in New Jersey are valued at less
than S5.O00.0O0
The McAdoo people have capitalized
their franchise at over $6O,OOO.OO0.
Half Of this at least should be credited
to New Jersey, without which state
there could be no excuse for the exist
i ence of the franchise.
Therefore Mr.. McAdoo's friendship
with Governor Wilson saves this COM
pany taxes on over $30.O00,000 worth
of franchise alone and on at least $15.-
OOO, 900 worth of tangible property.
1t certainly does take high minded
governor to get away with a stunt like
that
Meantime the school fund of New
Jersey is being mulcted up toward
S75O.OOO annually which should be col
lected.
No wonder Mr.. McAdoo can afford to
leave his business and run campaign
for so valuable friend
But where does New Jersey come in?
oh, it pays the price of having su-
perman for governor.