The record-union., 1893-07-26
ASSESSING THE RAILROADS.
The State Board of Equalization Sit
ting in Judgment.
Reductions Asked for by the Colorado
and Carson and the Nevada
Narrow Gauge.

The State Board of Equalization sat
yesterday to listen to the statements of
the railroad companies which had been
notified to appear before it, the Carson
and Colorado and the Nevada Narrow
Gauge roads sending their representa-
tives.
ID. a. Bender, for the Carson and Colo
RADIO Railway Company, stated to the
board that last year the various divisions
of the road as existing before that time
were sold to the present company, max
ing the road California corporation. The
change resulted in reducing the debt of
the roads from 100000 to the present
debt of 100000. The net earnings for
the past year are estimated at SIT 900,
which falls about S33,000 short Of paying
the years interest. The road, therefore,
Is not being operated with profit, and
fair assessment would be on the cost of
the material used in the construction of
the road, say 81. 800 per mile.
The company realizes that the outlook
points to the fact that unless business in
creases, of which there is no prospect at
present, the enterprise will have to be
abandoned. 1t therefore asks that the
assessment be placed at LOO per mile.
! The road, he said, would have been in
the hands of a receiver years ago had it
not been for the fact that the stock was
taken by private subscription from citi-
zens of this State, and the stock holders
and bondholders are the same persons,
and therefore have not pressed the COM
pany.
Mr.. Swan asked if, one-third of the
road being in this State, one-third of the
net income being about $4,000, the
assessment of the road at $l62, 900 was not
rather light.
Mr.. Bender replied that the portion in
this State brought the least income in
proportion, being the poorest producing
portion. The only paying property in
this State is the soda works at Mono
Lake. Outside of that there was very
| little to bring an income to the road.
In answer to question by Mr.. Heb
bron he said that he did not think road
| built for mining purposes stood on the
same basis one built for the purpose Of
developing agricultural districts. Mines
were not always permanent in duration
In answer TO Il question by Mr.. More
house he stated that at Bellville the camp
used to contain about $50 men; now the
mills are shut down and there are not a
half-dOzen men there, and this is a sample
OF the failure of business.
MIR. Beamer asked question in relation
to the stockholders and was informed
that d. O. Mills, the estates of Edgar
Mills and Sharon were the principal
ones. They were interested in other rail-
roads and mines in Nevada and had tax en-
hold of this.
There is much prospecting in Nevada.
but 1t was for gold mines, the price of
silver at present not encouraging effort
in that direction. Mr.. Bender, however,
said he had faith in the future of the
country, its grazing and agricultural
interests and his road, and thought that
within the next two years business would
improve.
At present an enterprise is on foot at
BOdie TO run the mills for the reduction
of ore by electricity generated by water
power fifteen or six teen miles distant, and
the projectors were sanguine of its sue
cess. 1t would be large saving over the
use of wood.
The dairles which have been established
near the line are near Carson, and do not
add to the income of this portion of the
road. There is only one locomotive in use
i'll this State. The main freight hauled
over this portion Of the road is merchan-
disc to supply Inyo County; and going
back it is soda in its crude state from
OVENS Lake.
Mr.. Beamer said the board had ex-
pected that a large reduction in the
assessment roll would be the rule all over
the State, on account of the depreciation
in value of live stock, as well as the fail
n,
had made their assessments nearly the
same as last year. Had there been gen
eral depreciation of values, Mr.. Bender's
road could have been included in it. He
did not wish, and the board did not wish
to do any injustice to the road, but it
stood on the same basis as other indus
tries.
Mr.. Bender said the income of his road
for the past year had fallen to less than
one-half of the average income of the
past few years. They wished to effect
such saving in their expenses as would
enable them to run the road. Taxes were
one item of expenses. If they could
not effect sufficient saving they would
have to cease operating the road. He
hoped the board would take these circum-
stances into consideration.
In 1892 the Carson and Colorado Rail-
way Company was assessed for 1872
miles at the rate of -, 1877 IA per mile.
making total of $780, 600
George Fletcher appeared for the Ne
vada Narrow Gauge Road, which was
assessed in 1892 for TWENTY-FIVE and a |
half miles at S4,222 20 per mile, with a
total assessment of S95, 600
He stated that the mileage this year
was the same, ana the earnings about |
the same. lie thought that the raise of |
$4,000 from 1891 was little too much, as
the road IS an expensive one to keep UP, |
on account of the number of bridges and !
trestles. The locomotives in use were
seventeen years old and the boilers are
liable to give out. New ones like them
could be bought in the East at from s.. 900
to $1,000. Business was improving IN the
county still the owner would sell the
road as it stands for the amount the
board had assessed it for.
Mr.. Swan thought that if there were
bonds of the road outstanding amounting
to 500 900, the road must be worth more
than S95, 900 additional, but Mr.. Fletcher
could not see it in that light and thought
the assessment should be lowered. The
rolling stock, he said, was deteriorating
all the time, although it was kept up as
well as possible. The road also had been
an expensive one to build and was ex-
pensive to keep up.
The board took both cases under adj
viseneut
To-day the claims of the Southern Cali
fornia and San Francisco and North Pa
citic Railroads will be listened to,