Horace Gray

“ Backus, above cited, 'Whenever a question of fact is thus submitted to the determination of a special tribunal, its decision creates something more than a mere presumption of fact; and, if such determination comes into inquiry before the courts, it cannot be overthrown by evidence going only to show that the fact was otherwise than as so found and determined.' 154 U.S. 434, 435, 14 Sup. ”

“ The amount and profitable character of such use determines the value, and, if property is taxed at its actual cash value, it is taxed upon something which is created by the uses to which it is put. In the nature of things, it is practically impossible-at least, in respect to railroad property-to divide its value, and determine how much is caused by one use to which it is put, and how much by another. ”

“ It is not, and cannot be, doubted that each state of the Union may tax all property, real and personal, within its borders, belonging to persons or corporations, although employed in interstate or foreign commerce, provided the rights and powers of the national government are not interfered with. ”

“ By section 80 the movable property belonging to a railroad company was denominated 'rolling stock,' and considered personal property, and was taxed in the several counties, townships, cities, and towns in the proportion that the main track used or operated therein bore to the length of the main track used or operated by the corporation, whether owned by it or not. By section 81 all other personal property, including machinery, fixtures, stationary engines, tools, and materials for repairs, was taxed in the county, township, city, or town in which it was on the 1st day of April in each year. ”

“ It certainly has no tendency to show that the tax commissioners did not, as they were required to do by the statute, as since construed by the supreme court of the state, assess the plaintiff's property in Indiana at its true cash value, according to their best knowledge and judgment, and after making all proper deductions on account of larger proportional values of its property and business outside the state, or for any other reason. ”

“ Had they done so, the result would have been that the whole number of shares of stock, being 948,200, at $94.50 a share, would have been $89,594,900, which, divided by 189,576, the whole number of miles of all the plaintiff's lines, would give a value per mile of upwards of $472 or nearly one-third more than the valuation adopted.
The bill further alleges that there was no market value for all the shares of the plaintiff's stock; that the price obtained for a very few shares in the New York Stock Exchange did not fairly represent the actual value of the plaintiff's property ”