Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-07-19
UTILITIES CUT
In VALUATION
BY TAX BOARD
Two Million Topped Off In
diana Bell Telephone Co.,
S821,94O Off Citizens Gas.
MANY REDUCTIONS MADE
Banks, Building and Loan and
Financial Institutions Get
Values Lowered on Appeal.


Cuts of $2,226,972 IN the valuation
for taxation Of the property CT the
Indiana Bell Telephone Company and
1921, $40 in the valuation Of the prop
erty of the Citizens Gas Company
have been ordered by the State board
of tax commissioners, according to
an announcement today.
The board also cut the valuations
of a number of Indianapolis banks
and building and loan associations,
as well as Of utilities, financial insti-
tutions and other concerns through
out the State. The cuts were made
on appeals from the original valua-
tions made by the board some time
ago.
The original valuation OF the telephone
company this year was $50. This
was reduced to S1S,817917 There is no
possibility Of comparing this valuation
accurately with that of last year be-
cause consultations in the Bell system
have greatly changed the affairs of the
company. The valuation of the Central
Union Telephone Company last year was
$14 7O9, ,4S7. After the valuation was made
the Indiana Bell Company was organized,
taking over the Indianapolis Telephone
Company and several others. Tne
property of the Indianapolis Company
last year was valued at S2936,366.
COMPANY ASKS
INCREASED RATE.
The Bell company has pending before
the public service commission a petition
for increased rates. The reduction in
valuation made by the tax board viii re-
lieye the company Of considerable OF
Its expenses in the way of taxes.
The cut in valuation Of the Citizens
Gas Company was made in the property
Of the indianapolis Gas Company, leased
by the former company. Tha original
valuation this year was S6,75G, 700. This
was reduced to S5,934, 7G0. The valuation
of the property last year was S5,372, ,OG0.
, This you'd cause the taxes Of the gas
company to be slightly higher this year
| than last on the basis of an equal rate,
but they would not be as high as an
tlcipated by the company in its actions
for increased rates.
INDIANA TRUST
NOT CHANGED.
Phree banks and trust companies we're
successful in making their appeals. but
the Indiana Trust Company failed to OBJ
tain reduction. Tho tax board values
the property of financial institution, sub
tracing therefrom the value of the real
estate. This causes tax board valuations
to be very low in some cases.
The original valuation of the Indiana
Trust Company was S1,366,9O0. This was
allowed to stand. The valuation last year
was S1,399,O0
Because of large real estate hold
ings, the tax board valuation of the
Washington Bank and Trust Company
was placed at only $500 The original
valuation was $4,000. The board noted
on the papers in the case that a stipula-
tion concerning S14S,s0O worth of real
estate was made pending a Supreme
Court decision. The valuation last year
was $119,5OO.
The State Savings and Trust Company
was successful in obtaining a reduction
from $685.. eco to S671 800 The final val
uatiOn last year was S611. .OO0
The final valuation placed on the FL
deity Trust Company was $4,000. the
original valuation having been SS7, 800.
Last year the final valuation was S150.900
Four savings and loan associations also
succeeded in obtaining reductions. Only
part of their property is valued by the
State under the law, and for this reason
the valuations give no indication as to the
size of the companies The various vaIu-
atiOns of these concerns follow:
Final Original Final
1920. 1921 1921
Advance Savings and
Loan Association. $3.50 $3.50 s3,7Oo
Fletcher Avenue Saw
ings apd Loan As
sociatiOn .......... 7030 Sc 500 SS5
IrvingtOn Savings
and Loan Asso-
citation ............ 800. SIS 400
West indianapolis
Association ..-,.-. -'9,'1 8,275 e17o $40
RAILROAD VALUES
ARE REDUCED.
number of railroads also received re-
ductions. but in some cases the totals Of
these can not at this time be accurately
determined because Of a method of valu2
ing according to the value of each mile Of
track.
The Baltimore & Ohio and Chicago
railroad succeeded in obtaining a cut of
nearly S1,OO0OO0, from S24163. $50 to
$23, ,430,2J0 The valuation last year was
$2LS79, 4401 The Chicago & Erie Railroad
also received a cut, but the exact extent
can not be determined because Of de-
creases in valuation Of individual units
Of property.
This is also true of the New York Cen
trail and the Big Four Railroads. on
the New York Central the following cuts
in valuations per mile were made: Main
line, 100000 to 100000; DanviIIe branch,
$40 900 to 100000; Kankakee branch, $685.
600 to $4,000. On the Big Four the fol-
lowing mileage cuts were made: Main
track, $4,000 to $S5 900; Vilcennes
branch, $4,000 to $4,000; Cincinnati, La
fayette Chicago track, 100000 to $780,,
coo; side track. $4,000 to $4,000:
The Michigan Central main line valua-
tion was cut from 50, ,632, $50 to 1920, $50
A mileage cut of from $780, 900 to $4,000
was made on the Southern Railway.
No totals of the decrease orders have
yet been compiled by the tax boar In
dications are that the reduction was CON
siderably under the original valuations
but not very far under those of last
year.
The board Is now in its third session
considering the equalization of valuations
as among individual units.
Truck Driver Hurt