The interior journal. [volume] (Stanford, Ky.) 1912-1984, 1912-11-06

III
Board OF Valuation and Assessment
based their 1912 assessments on con.
vincing proof of values placed before
them, aud the assessments are uni.
formly just and fair. and Of the more
than four hundred corporations a..
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 IL the only word
that fits the case. Of more than ten mil.
lion dollars In taxes.
In the years from 1902 TO 1911. tn
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 ~
per cent yearly. and 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 10 Delayed . Decade.
Take the case OF the c. Il O. X. Il
and the records show that the tangibl
property OF this company in 1895
twenty years ago. was assessed a
$s.0l9.5Y7. In 1911 notwithstanding
the extensions made In mileage O
road, double tracking OF a vast system
acquiring much new real estate ane
probably more than doubling theib
equipment OF engines and cars this
company's tangible property was as.
sessed at only $6.270.27o. or 2l% per
cent less than In 1892. twenty years
ago.
In 1892 the market price OF c. & o.
stock was around IL cents, and today
the stock OF this company Is selling
at SIS cents. and the capital stock
has been increased to one hundred
million dollars. Further comment to
show that our state has Seer iobbed
is unnecessary. The tangibls property
OF the c., n. o. & T. =. II. X. WAS as
sessed in 1911 for less than 1t was as
sessed Ia 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. a 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 ths
Board OF Valuation and Assessment
consisting OF Henry NJ. Bosworth
chairman; Tom s. Rhea and C. +
Crecelius, has finished Its work for
1912, and, thank God. for once 1t 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 crook. eth
or friendship. political favor rendered
or to be rendered. bribery or intimi
dalton. but never before has the state
county or city been given what it was
rightfully entitled to.
The eight suits that have been
brought against the state must be
fought through all federal and state
courts. and are OF vital importance To
our people. They involve for the state
S382.3S9. and for the county and city
taxing districts $S23. 1896. or a total.
annually. OF Sl.205.7S5.
The railroad companies. realizing
the magnitude Of this tight and anx'
ious TO win out not alone from fnan.
cial standpoint. but to prevent the
great public announcement that 10
bound to come In the wake of VIC
tory for the state. are calling up the
wonderful array Of legal talent that ID
at their command through the power
and influence that comes Of the tire
mendous amount OF money represented
In their combined capitalization Of sp
proxinatsly one billion dollars.