The Yale expositor., 1913-05-22
FROM THE
STATE CAPITOL
IRON PROPERTIES ARE DUE TO
BE BOOSTED IN VALUATION
BY COMMISSION.
GOV. FERRIS TALKS ABOUT THE
BULL MoosERs.
Michigan Brewers Fear That Fight
for State Wide Prohibition 10
Imminent and Are Prepar
Ina to Meet Il.
10y Gurd M. Hayes.l

the geological survey, II Is expected
that iron properties in the upper pen
insula are due for another boost In
valuation. Members of the state tax
commission are now in the northern
section of the state reviewing assess
ments and it is understood that some
of the mines will have several hun
dred thousand dollars added to their
assessment.
BY the first of June II is expected
that the commission will have COM
pelted its work beyond the straits and
will be ready to tackle some of the
propositions in the lower peninsula.
Shortly after the state board was re-
organized the first sof the year and
Thomas Kearney, of Ann Arbor and
o. F. Barnes, of Roscommon became
members of the commission, IL was an
nounced that new system was to be
followed. The plan was that the local
assessing officers should place all
property on the tax rolls at its actual
cash value, the state board will aid
them In their work. 1t was thought
that by following this system il would
obviate the necessity of having the
state board review all the rolls.
However, it has been called to the
attention OF the commission that in
certain sections where this plan was
being followed out that some officials
and newspapers who aided in the work
were singled out By the board of re-
view and their property increased,
while similar values were decreased.
These complaints are being investi-
gated by the state tax commission,
and it is said that there is serious
trouble in store for some of the local
boards of review If these charges are
correct Early in June the members OF
the state board plan to visit Saginaw
and Jackson, and other counties will
be visited as fast as the state officials
are able to get to them.
There is one phase of the taxation
system that is causing the state
officials considerable worry and that
is the specific tax law relative to
mortgages. Under the present plan it
is said that millions of dollars worth
of mortgages are escaping taxation.
Companies issuing trust mortgages to
cover bond issues are said to be the
principal offenders, as there is no pro-
vision whereby a reasonable tax on
this class of securities may be col
lected.
Annording 70 q statutorv nrovisiOn
the state tax commission must determ-
inc the specific tax TO be collected in
this state where a trust mortgage COW
ers property in Michigan as well as
other states. Only short time ago
Commissioner Kearney says the com
mission was asked to determine this
tax on a $3000,00O mortgage. Inas-
much as the corporation planned 10 is
sue but 100000 OF the bonds for
which it had security, there was a
question as TO whether the tax should
be levied against the mortgage or the
bond issue.
1t has been the custom TO assess a
tax only for the amount Of the bond
issue and it is the opinion of Attorn-
ney General Fellows that this is the
only system to be followed. 1t is
claimed that many trust mortgages
authorized by the state railroad com
mission do not specify the amount of
bonds to be issued and it is said to be
common practice for some public
utilities corporations to issue trust
| 20
900 and issue bonds for a small per-
centage of the mortgage as they are
needed This makes taxation ex-
tremely difficult and is one of the
hardest problems with which the state
tax commission is confronted.
Gov Ferris is convinced that the ma
tional progressive party is practically
a dead proposition, or will be before
another presidential election. He de-
clared today that four months ago he
| believed there was a future for the
bull moose organization, but now he is
convinced that the insurgent repub-
licans and hayward democrats are re-
| turning to the party OF their fathers.
IL was during a discussion of his
own political future that Gov. Ferris
ventured the assertion that the bull
moose party is losing caste. He was
asked whether he intended to be a
candidate to succeed himself next
| year. IL don't know" he replied, 81
feel that have pretty well accom-
plished what set out to do and am
not troubling myself about seeking the
governorship again. Last fall 1t was
predicted that | could not be elected,
but through the fortunes OF politics
slipped in. am what might be called
political mistake. The dcpesters
didn't figure that had chance, and
may ho I wouldn't IL nnndifinna had