Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1920-01-27
GOODRICH SAYS TAX
BOARD is RIGHT, BUT
HERE ARE THE FACTS
Governors Reply
to Times Expose
of His TQxes

Here is the statement made by Go
Goodrich yesterday in reply to storit
printed in The Times IN regard to vail
atoms for taxation and for rate maxim
purposes Of utilities in which he is ii
terested:
my attention has just been called
to. three separate articles in your
paper on the goth, 21st and ODD of
January with respect to the assess
ment for taxes Of certain public
utilities in Indiana in which l am
interested. The statements are so
unfair and the alleged facts therein
stated so untrue that I ask you not
only to correct the statements upon
your own action, but to give this
statement the publicity you did those
formerly made by you.
"First, as to the washington Wa
ter, Light and Power Company:
You state that it was assessed for
taxation at $165,860 while IL was val
ued by the commission for rate max
ing purpose for $312. 900. AS a mat
ter of fact, the records show that It
was assessed for taxation at S2S3, 200,
or more than 80 per cent Of its full
appraised value The washington
Water, Light and Power Company's
entire plant would not sell today for
a sum approaching Its full appraised
value. The appraised value of the
property slightly exceeds the entire
amount of bonds, preferred stock and
common stock issued by this COM
pany. Upon the $4,000 of common
stock. the total amount issued and
outstanding, not cent of dividends
has been paid during the last five
years. and not since the company
was organized has 1t paid to exceed
2 per cent annually.
WILLING TO
MAKE DONATION.
GAS evidence of my good faith I
will sell the SIS 900 Of common stock
in this company that I own at 20
per cent. less than its valuation, as
fixed by the state tax board Not
only that, but if you win find me
purchaser at this price, Will donate
the entire proceeds of the sale to
some educational or charitable in
stitution In the state.
Under the rates fixed by the COM
mission, this company has been COM
PEELED to borrow money to meet it's
fixed charges without paying l cent
upon its $4,000 of common stock
during the past FIVE years.
"The Jacksonville Water, Light
and Power Company's plant, you
state, was assessed by the state tax
board at $4,000, while it was valued,
by its officers for rate making pur-
pose at 1912, JOY. This statement is
not true. In the first place, its prop
erty is assessed for taxation at $685.
$40. 1t never has been valued by its
Officers, by the commission or any one
else for rate-making or any other
purpose The commission has moth
ing to do with it rates. It has never
accepted the conditions of the public
utility law, but is operating under
the rates provided by an old fran
chise' and charges less than the fran
chise rates.
TAKES UP
ANOTHER CASE.
The Union Heat, Light and Power
Company, you state, is assessed for
taxation by the state board Of tax
commissioners at $780, 600 and you
also state that the directors Of the
company value their holdings at S312,-
107. This statement is not true in
either particular The state board
of tax commissioners has assessed
the property at 100000, but to this
sum is to be added local assessments
on real estate owned in Winchester,
Union City and Portland, Ind, and
also that part Of the plant which is
located in Park county, O., all Of
which go to make up a total valua-
pf ~ to
sum shown to be the cost value Of
the plant in a report fled with the
public service commission on Dec.
81, 1918, the last report filed. The
cOmpany's own report shows that it
owns real estate in Portland, Union
City, Winchester and White River
township, all of which is locally as
sessed. This company filed a report
with the state board of tax commits
sioners, which report shows that it
has outstanding $4,000 of common
stock and So, 200 of preferred stock,
and it reported the true cash value
Of all it's capital stock to be SIZE
200. The property of this company
is assessed today for at least $4,000
more than its true cash value.
OFFERS TO MAKE
ANOTHER SALE.
"As evidence to my good faith in
making this statement, 1 will agree
to deliver to you, or to any one
who will purchase It, the controlling
interest in this company at s25. 900
less than the value of the stock as
indicated by the assessment for tax
alton Of the property of the company.
ttE,UarV ma nj thaga focto
are matters of public record. Why
The Times wishes to distort the facts,
can not know, except for polit-
tcal purposes, but l insist that it is
not legitimate to distort facts that
are matters of public record for the
purpose of discrediting any public
OffjOioIU