The record-union., 1899-08-04
IDEAS ON RAILROAD VALUES
EQUALIZERS SPEND A DAY IN
TAKING EVIDENCE.
X
Some Interesting Figures and
Opinions as to the Equity Of
Assessments,

At yesterdays session of the State
Board of Equalization the first bust
ness heard was the statement of the
affairs of the Carson and ) Colorado
Railroad Company. Jerry Burke and
Superintendent r. j. Laws appeared ON
behalf of the road. According to their
contention the road is operating on the
hope of business. rather than the real
ity. Trains run three times a week.
"The train runs from Carson to Haw-
thorne," said Mr.. Laws, land there the
engine is stalled. the crew eat and go
to bed until the next day, when the
journey is completed to the terminus
of the road. We have a great deal OF
competition from Bodie. where freight
teams do a large business. 1t costs us
about the same to conduct our road
in California as in Nevada, and we do
not expect to extend the road until the
country is developed"
Mr.. Toland asked whether the road.
as a physical structure. was not worth
more than $1,000 a mile.
L don't think it is worth more than
the value of the scrap iron; it is not
worth moving, and as a mechanical
structure it is practically worthless, and
! it was mistake to build it at ALL"
Mr.. Burke testified that the stock had
| no market value. Only one sale had
| ever been known. H. H. Taylor testi.
fed that he bought 1928. 800 alta Sher-
ifs sale some time ago, for $50, and
the money thus expended by Taylor
was a dead loss. Mr.. Taylor, who was
present, remarked that he thought he
was getting a bargain. but he found
| that he had bought white elephant.
The report of President H. M. Yer
ington showed the following facts:
Value of entire roadway and rails, Cali
fornia, $780, $50; length of road, 1O7 go
miles in Mono and Inyo Counties; pieces
of rolling stock, 80; value of same,
S.. 400; as it has been in use for eigh-
teen years. Earnings. passenger, $31, =
641. OF; freight, $1O2, 254.2S; mail and
express, $15,944.64: miscellaneous,
$780, 70; total, $15O179.73. Expenses
operating, $1O4 .691 A; taxes, $12,-
1I134; safety appliances, 1854. 81;
total, $124, 4O4.05: net $25, 1858, blu,
against this further taxes appear, by
reason OF a change in Nevada's laws.
Repairs to track amounts to $24, 1871.
The next road heard was the North
Pacific Coast which was represented by
the assessments ought to be reduced,
the true basis of assessment being, not
the cost of construction, but the road 8
ability to earn. The company had
heretofore appeared at a disadvantage
because of bad system of bookkeep-
ing. which has given the ferry earnings
(erroneously) as part of the roads
earnings. The branch roads to Mill
Valley, San Quentin, ETC., were held to
be feeders of the ferry. The ten miles
feeding the ferry should be assessed
higher than the rest as this part of the
road earns more. The Judge thought
an assessment of So. 500 mile on 1914
miles of the road would be fair; it
would not be fair to judge the whole
| road by the earnings of it's best ten
miles. The ferry and it's belongings
| were last year assessed at $4,000
Mr.. Toland asked whether it was not
| fact that the ferry got a small por-
ton of the gross earnings on through
tickets; he had found a ferry charge
of but cents on a through ticket
Judge Geary could not answer.
In the afternoon the case of the San
Francisco and North Pacific was heard
1t is now operated by the California
northwestern Railway Company, which
leases it. President A w. Foster ap-
! peared for the road. stating at the out
set that the lease was made last Sep
TENDER. Among other things Mr. Fos-
ter said: Our road is paying, but not
| as much as it should pay. We hold the
view that the railroads of the State are
all over assessed. as we have shown
by former figures. We are entitled to
| the same consideration granted to cap.
ital invested in other enterprises even
| if we are making some money. Our
road runs from Tiburon to Ukiah The
study of our expenses for ten years
shows that we are constantly paying
more taxes"
| Mr.. Fosters. argument was based
| largely on an exhibit of receipts, ex-
penses, taxes and net earnings He
said the roads gross earnings per mile,
compared with its taxes. would show
it to be the highest assessed road in the
State. The proportion of taxes to gross
| earnings appeared as APO per cent for
| 1893 and the proportion to net earn
ings was 1904 per cent The follow
| ing table of taxes and earnings was ex-