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Dates: during 1930-1939
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...State of New Jersey the railroad owed $11,651,000 of taxes unpaid since 1932. That was 40% of its tax bill for that period. It had paid the rest. Month ago the State threatened to go to court to collect its bill for 1932-1933 ($7,230,000 of taxes, penalties & interest). With only $2,360,000 cash on hand to meet the tax bill, Jersey Central escaped to the courts...
...more than 50 years New Jersey has systematically milked the nine major roads* that serve it. Ignoring the earnings of the roads, the State has assessed them a straight 100% on the assumed "real value of their property" (instead of the 30% to 60% base for other 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...
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...
...left the Democratic Boss's mouth before the Federal District Court came, for the first time, to the railroads' aid. Ruling that the State could collect no more 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...