Mr. Derrickson, in accordance with notice given yesterday, moved to reconsider the vote by which the motion of Mr. Mosier to receive and adopt the report of the Committee on Assessment of Railroad Property, was not adopted. Motion to reconsider adopted. The question then being on adopting the motion of Mr. Mosier, the yeas and nays were demanded, and resulted-yeas 14, nays 5, as follows: So the motion of Mr. Mosier was adopted. Mr. Warner presented the following protest: To the State Board of Equalization: The undersigned, members of said Board, respectfully enter their dissent to the method adopted by said Board for the assessment of railroad property, for the following reasons: We believe 1st. That the constitution and laws of the State of Illinois contemplate the assessment of all tangible railroad property. 2d. That the improvements beneath the iron and ties constitute a valuable tangible part of railroad track, and should be so assessed. 3d. That the failure by this Board to assess such tangible improvements of railroad track will involve the ultimate loss to the assessment rolls of the State of an amount exceeding thirty-eight millions of dollars, for the year 1873. ED. B. WARNER, S. H. DEWEY, Mr Hunter presented for adoption the following resolution: Resolved, That pursuant to the assessment as reported by the Committee on Assessment of Railroad Property, showing the valuation of railroad property denominated "railroad track" and "rolling stock," adopted by this Board, the distribution to the several counties of said values, so assessed, be certified by the Chairman and Secretary of this Board to the Auditor of Public Accounts of the State of Illinois. The resolution was adopted. On motion of M. Mosier, 4 WEDNESDAY, OCTOBER 8, 1873. The Board met, pursuant to adjournment. Mr. Lippincott in the chair. The minutes of yesterday's proceedings were read and approved. Messrs. English and Whitney asked and were granted leave to record their vote in favor of the motion of Mr. Mosier to receive and adopt the report of the Committee on Assessment of Railroad Property. On their names being called, they voted in the affirmative. Mr. McCabe offered, for adoption, the following resolution: Resolved, That the Chairman appoint a Committee of five, who, together with the Chairman, shall constitute a Committee on Revenue, and whose duty it shall be to recommend to the State Legislature such amendments and alterations to the assessment laws as may, by this Board, be found necessary to a just and complete assessment of the property. The resolution was adopted. Mr. Mosier moved that to-morrow morning at 10 o'clock be fixed as the time for final adjournment. The motion was adopted. On motion of Mr. Willmarth, The Board adjourned until 7 o'clock this evening. 7 O'CLOCK P. M. The Board met, pursuant to adjournment. Mr. Miles in the chair. On motion of Mr. McMaster, The Board adjourned until 9 o'clock P. M. 9 O'CLOCK P. M. The Board met, pursuant to adjournment. Mr. Lippincott in the chair. Mr. Miles, Chairman of the Committee on Assessment of Capital Stock of Corporations, submitted the following report: To the State Board of Equalization: Your Committee on Assessment of Capital Stock of Corporations, herewith submit, in tables marked "A," "B" and "C," the result of our work. Table "A" shows the assessment of the Capital Stock of Railroads. The aggregate amount thereof is $64, 611, 070, which amount is distributed to the several counties in the proportion required by law. Table "B" shows the assessment of Capital Stock of Telegraph Companies, amounting in the aggregate to $1, 238, 394, which amount has been distributed to the several counties entitled to the same, with the exception of $70,000, assessed against the Great Western Telegraph Company. This company made no returns, therefore your Committee have been compelled to assess it on its capital stock from the best information at our command. We recommend that the Chairman and Secretary be authorized to distribute the amount ($70,000) to the proper counties, and certify the same to the Auditor of Public Accounts. In the event that proper information cannot be obtained by said officers, we recommend that the aggregate amount be certified to the Auditor of Public Accounts by said officers, and that said Auditor be requested to commence suit for the amount of State taxes thereon. Table "C" shows the amounts assessed by your Committee against companies and associations incorporated under the laws of this State, other than of railroad and telegraph companies, amounting in the aggregate to $19,658,068, and gives the respective localities entitled to the several values therein set forth. This sum your Committee is satisfied is small in comparison to what it would have been had all the assessors in the State performed their duties properly under sections 32 and 33 of the revenue law. The following is a recapitulation of our work: Assessed value of capital stock of railroad companies... -$64, 611, 070 1,238, 394 19,658, 068 Aggregate capital stock assessments....... The entire amount of value ascertained for the capital stock of railroads is... .$85, 507, 532 .$133, 496, 522 The equalized value of tangible property of said roads assessed in counties is.. Making total equalized and assessed value of tangible property... 9,568, 043 59, 317, 409 .868,885, 452 This sum ($68,885,452) being the aggregate of the several amounts deducted from the ascertained values of the several railroad companies, leaves $64, 611, 070 as the aggregate assessment of capital stock of said companies, as shown in detail in Table "A." Tables "A," "B" and "C," hereinbefore referred to, are hereto attached and submitted as part of this report. All of which is respectfully submitted. R. W. MILES, S. D. FISHER, J. W. SAVAGE, D. L. MCCAWLEY, Committee on Assessment of Capital Stock of Corporations. |