People ex rel. New York Railways v. State Board of Tax Commissioners

These are thirty-nine certiorari proceedings to review the special franchise assessments of each of the thirteen surface railroads which compose the New York City Railways system for each of the years, 1912,1913 and 1914. Unquestionably, the franchises should be considered as one entire, system, and the value should be determined by the net earnings rule. The stipulations of counsel have narrowed the' issues to certain specific questions: First. What allowance should be made for depreciation? This question involves a determination of the proper allowance for physical depreciation and for…