Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1892-09-10
THB BANKERS WIN.
-
n, CITY Council Reduce their Capt.
tal Stock 20 per Cent
RAPID TRANSIT ASSESSMENT
RAISED.
----
- n.u Tel, phone Company's Big in-
-, ef,a,e.--lbe RAILWAY Cases stlIl
Under Considerations

49, 80 NJ some unfi uished business.
rhs following members woro in nttend'
~. chairman Loofboufow, Want
ga Evans, Horn, Hardy, Heissl 81
mon5L Lawson, POLAND, hich'
p,ardsley, Bell and Moran.
nm TINE HAS PAST.
rbs,lcs Samson, Sis Second South,
,.ntIna protest against The assessment
onbls property as being too high lie
"a. FAXED, he stated, for a mortgage OF
40 400. A dlscusnion then arose as TO
shsthsr the protect wAs in time, the
council having finished itn regular
,,,s,on as n board OF equalization.
Rlch favored considering the apph'
cation.
Lawson spid II was as proper for con
liberation IA my Of the cases they had
me, sreeially to consider
gimondi said that the time had gone
By Tor taking itup.
The chairman held that The applica-
Nom wns out Of order and could not be
considered.
NOT ALLOWED,
rhs COMPLAINTS Of ovor-asseesment
ofLaron Pratt, $50 West North Temple
street, ard Ann Sprosl, % Apple
street which had been referred to
uecinl committee, were reported on
uniavorably nnd no abatement recon-
mendej. Adopted.
TIE RAPID TRANSIT COMPANY
eompained that the time allowed was
,hori ior them 10 appear ami show cause
wby thvir assessment should not be
alicd to sl24,25O from slO2, 0i0, and
stated briefly that they had lielcd their
ears and other property at their full
value. Horn wanted 10 know ON what
grounds the assessment was proposed TO
ie raised.
Lawson said the assessment was made
on a basis Of half the assessment Of the
salt l.alt Lake CITY Railroad company.
Thought the property OF the R1pid
Tnusit company was worth about that
The salt Lake City Railroad company
had returned their forty cars Mt 5000
each, while the Rapid Transit com.
pany returned their twenty.iour at
$3.50. and the cars OF the one company
were rs good M those OF the other.
Rich said the Salt Lake City Rail-
road company had thirty-five miles
Of road and the other company had a
little over hall that mileage. Thought
Il was only right that they should pny
the same rate rs the city railroad.
Rich moved that ths assessment be
raised Ms recommended by the com.
mitiee.
Horn thought rs the company was
unropresented at this meeting that the
assessment should not be raised with
out giving them n hearing. Motion
carried, Horn voting no.
THE TELEPHONE COMPANY.
In the case OF the Rocky Mountain
Bell Telephone company, the COM
miltee recommended raisiug tho assess
menl from $4,000 10 100000. The
report states that the company had re-
turned the value Of their plant at the
price OF the raw material. Farley Il.
Williams appeared on behalf the com.
IAny and stated that the committee
must have gained their information In
some inoomprehensible manner as II
was far rom correct. Only one'thiru
ofihe companies property wns In the
Territory Of Utah, the balance being
In Idaho and Montana; said wires had
10 be charged 30 often that II was a
fair and proper proceeding to value
the wires when In position ut less than
their original cost. The RTont cost Of
running telephone fystem was In IL
maintenance. The company could
not be assessed on its capital stock but
on the value Of Its property taken nj Q
fair valuation; held that the company
had made generous return. IL might
10 that the city needed more taxes anO
The committee had therefore RAISED
valuations, but " more taxes We're 10
quired II was necessary for tho city Il
have more property. Rich raid the
committee had great difficulty In get
ing any definite statement ON which
10 base the valuation OF the Salt LAX,
hlant--could getno information OF IA re
liable character from the manager
The value Ola business block was no
estimated on the basis OF the value o
The unhewn etone In the quarry ant
he did not SEQ why telephone pol,
should be valued ut its cost In the for
tsis Of Oregon. Tho telephone com
lany had maize large net profits FOL
yeaIH and n great deal Of money haC
Teen expended on the plant. The
shares OF the company should be 81
veg cent above par.
BIZ Williams (lntertuptingl "raki
,hu actnal value OF the shares II IN,
ullh Ia what you want TO arrive nt.'
hch did not propose being luter
iup'eu IN his statement, lie hau no
Interrupted Mr.. Williams.
Lawson called for order, Chairman
ruled that Rich he allowed TO proceed
hch continuing said the earpings o
we company waa l?i per cont. OF
uh'it capital OF $4,000 Mir. wa
hhms hpd said that II took greal dea
money y maintain the plant and OF
hAl head tho company had feturnei
ms Naiuea at the cost IN the rough, hu
shlu never w0Td about the vast SUI
expended on II aud the s48, 900 ne
eInings Tor the last year. Mantlan.
'su ne thought 100000 too high an
ssuuyu Too low. The golden mean wa
ny ming. Mr.. Willlnms said th
ilee OF the stock had nothing to d
wh the case, but az matter OF fac
Wy slcek was worth $40 a shage nu
10 he, avn ''' - ""e' .
MT Murray, Of the company, sai,
,se, hel earnings ~ the company 10
~ was SlB,s90 and not $4,000
",ng 10 come peculigrIty in th0i
SU..s,NAeeplng tho sis,0OO appeared n
so 'salh lngs when IN reality h was ul
nnt Wes gross earnings.
rsitnondl asked Mr.. Williams II tells
Pnqne stock could not be hougbt al s 4
a,haTe In large blocks.