The herald., 1898-10-17

fciRc lines in California for eighteen month";
ending June 80, 1897, amounted to $502,
| 2l7.70. The operating expenses were Ply.
806.74, which left net earnings of 1851 ,SSl 90
beyond the boundaries Of the state, amount.
ing to a., ,307 Al. net earnings on Southern
Pacific lines in California are shown BY the
Pullman statement of $3l6, $3.50, or nearly
two and half times the assessed valuation
Of the Pullman company's entire property
in the state Of California, valuation, be it
noted, which the state board, in its COM
According to the statement of w. q. Cur
tis, engineer Of maintenance and way OF the
Southern Pacific company, the Pullman COM
pany has sixty-seven first-class sleeping cars
and twenty-eight tourist sleepers in service
on this coast, worth in the aggregate $780,
$50. Their total assessment BY the state
board of equalization is only $l!9,OW. Inc
reason for this low assessment is not far to
seek: The Southern Pacific company owns
a three-fourths interest in the entire Pull
man equipment on this coast. Curtis testi-
fled on oath that the frst-class sleepers are
valued at $l2,750 per car and the tourist
sleepers at $29l0 per car; that the repairs
kept the cars up to q high standard, and
they are consequently as good as new each
one-eighth Of its actual value, and this -
satisfactory to George L. Arnold and his
associates on the state board of equaliza-
tion.
But other statistics, included in Mr..
Bogue's statement of the value of Southern
Pacific property in this city and the south
ernl part Of the state, are Of interest in this
OF the state board. Mr.. Bogue gives the
value of the shops and all buildings belong
ing to the Southern Pacific in Los Angeles
as follows: Stations, 1921 ,06l; roadway
buildings, 1922; shop, $S7, ,029; turntables,
$500; water supply (tanks and pipes),
$4SOO. These sums added together make
1881 ,2l2 for improvements. alone, excluding
franchises or real estate. The assessors fig
ures for all this property are as follows:
Arcade depot, $4,000; freight buildings,
etc, $4,000. Total, $55, 900. This time the
board got so far as to estimate the COM
pany's property to be worth nearly one
sixth of the amount which the .company's
own expert swears to be the real value.
Bogue states the value, even, Of the sta
ton grounds between Clement junction and
Port Los Angeles, l54 acres altogether, at
$6S 900, or $4,000 more than the state board
reckons all the buildings of the company in
this city to be worth. Their idea of land
values is indicated by their appraisement, of
the freight depot grounds in Los Angeles
at $27 900, which, added to the Arcade depot
RrOunQ dSScsSulCut VI COOOOy 6NCo a tOcoi "
S36 900 for depot grounds, both freight and
passenger, in Los Angeles, as opposed to
Bogue's estimate of s35, ,4s7 as the actual
value Of the single building occupied as
station by the Southern Pacific company
at Pasadena. He gives the value of the
wharf and buildings at Port Los Angeles
as S5l6,374. and the buildings alone as $2l,-
1876, or two-thirds as much as the state
board saw fit to indicate as a fair valuation
of the Arcade depot in this city. He gives
station in the city as sls,5O9, or more than
double the state boards appraisement of
$4,000 on the Arcade depot grounds reckoned
Other comparisons, perhaps equally note
worthy, might be made, for the available
has been shown to expose the whole shame
full business, and the worst of it for the rail
road company and for the board of equaliza-
ton is that the figures are official.