Word: centralizes
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Dates: during 1930-1939
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...real estate). In 1937 the tax assessed was $9,902 per mile of line. It gave New Jersey the U. S. rail-taxing championship: nearly seven times as high as the U. S. average, 2½ times that of the next highest State (Rhode Island). It amounted for Jersey Central to the equivalent of $682 per employe...
Owned 56.5% by Reading Co., which is in turn controlled by Baltimore & Ohio, Jersey Central is B. & O.'s cherished connecting link with New York City's metropolitan area...
Like the other eight New Jersey roads, however, Jersey Central has failed each time it went to court for relief from the State taxes. Altogether the nine railroads owe New Jersey approximately $50,000,000 in back taxes and penalties. Several months ago the State Senate passed a bill compromising that sum for $14,250,000. It never got through the Assembly. Last week the reason was known: like C. I. O., the railroads were the victims of the despot of Jersey City...
Pointing a long finger, Senate President Robert C. Hendrickson shoved it directly under the falcon nose of Jersey City's Mayor Frank Hague, charged that he alone was responsible for Jersey Central's bankruptcy. Reason: Boss Hague blocked the railroad tax compromise. Hague excuse: The bill was an attempted "tax steal." Roared he: "They are walking out with $35,000,000, and they are going to crucify Hague because he tells them they can't take that. . . . Mr. Railroads, just as long as the small taxpayers must submit, you'll submit. . . . Hague and Hagueism will haunt...
...than 60% of the nine roads' taxes for 1934-35-36, the court ordered a sweeping revision of New Jersey's assessment methods. Until all of the roads' properties were revalued, said the court, the 60% payment rule would hold. Too late to save bankrupt Jersey Central, the order was not too late to apply to the nine roads' 1939 tax bill ($18,261,000), due next month. It may save New Jersey from killing more of the roads which pay its golden taxes...