The record-union., 1899-08-03
SANTA Re AND EQUAlIzERS.
MAJOR MAGINNIs EXPLAINS
ITS BUSINESS.
a LAY With the San Joaquin and
Other Roads Of the
System.

Inc State Board of Equalization was
IN session all day yesterday, beginning
o'oV In the morning. The San Fran
CISCO and San Joaquin Valley Railway
oonpany was considered in the fore
noon, the Santa Fe in the afternoon.
ne Following facts appeared by the
nied statement of the Valley Road En-
aire length of railway in California,
ooooo miles; value of entire roadway,
ioaoped and rails, S1,o11, 800; total
pieces of rolling stock. 900; total value
OF rolling stock, $272,400. Earnings;
passenger, $50, 743.O1; freight, S312,-
SoSo4; mail and express, $5,923.2 -;
miscellaneous, $2,65S.62; total, $4O7,-
oZ446. Expenses: Operating, $342,-
%; taxes, $34, 9S3. 40; total, $377,-
ol6.13; net surplus, $29,SO7.73. Against
TINS, however, interest payments OF
SI04,25S34 appear, leaving deficiency
of STA, 45O.61.
By the same statement it appears
that the company lost ST., 1SS.22 en-
tered Wreck loss on steamer ]. d.
Peters, freight
Major Maginnis, land and tax agent
OF the Santa Fe, appeared for the val
ley Road, as we'll as for the Santa Fe.
He said the San Francisco and San
Joaquin Valley Road was bonded at
about $4,000 per mile, and that there
was a deficit, if interest be counted as
an expense.
by January 1st,' he said, trains
will probably be running into San
Francisco. and our receipts will prob
ably increase after that. We think we
should not be assessed very much until
we are in better shape. The road is
finished as far south as it will be for
some time
Did the philanthropist who got up
the Valley Road make anything on the
sale?" asked Mr. Beamer.
well, 1 don't think he lost" said the
Major. He got So, 500,0 600 for it, but
of course that does not include the
bonds''
DO you not consider that the value
Of the road is greater now than it was;
this by reason of through connections %
THAT is hard to determine said the
witness, "but I suppose the through
connections will in time add about
$1,000 to each mile. You must bear in
mind, however, that the Santa Fe Pa
cific's deficiency is already S2oO,OOO
greater than it was last year. OF
course the capitalists who built the
Santa Fe figured that it would ulti-
mately pay, when the country settles
and the business grows-and that is
likely correct, but there must be loss
until that growth
with the exception of Kern County
crops are pretty good
What is the franchise WORTH" was
asked.
Il don't KNOW" said the Major, "but
I think franchises are not usually con-
sidered of much value, since we pay
for our right of way, as all railroads
do; we herein differ from street rail-
road companies"
Before the noon recess a resolution
was adopted that the Equalizers apply
to the Board of Railway Commission
ers for all data they have concerning
the railroads operating in California, 1t
being the opinion of all the Equalizers
that the Commissioners have more
minute details than are otherwise OBJ
tainable.
THE SANTA FES CASE.
At the afternoon session Major Ma
ginnis appeared for the Santa Fe Pa
cific, exhibiting a statement which he
said he thought justified the company
in asking for a reduction of $1,000 a
mile from last years assessment of
5000 mile. The road runs from Mo-
jave to the Needles. He said he did
not believe it would cost over $4,000 a
mile to build the road to-day, and the
rolling stock would be worth about SSOO
a mile AS it runs through desert land
the rights of way would cost nothing.
the steel would cost $4,000 a mile, and
the ties about 81 200, there being 100
to the mile. The surfacing would cost
5000 a mile, track laying the same.
The depots are few and inexpensive
along this road, costing no more than
$50 to 500 EACH The road is 252 miles
long and it's expenses are proportionate
to the total mileage of the system
which is S1S miles. Each mile, on the
other hand, is entitled to it's propro-
ton of the freight earnings. Eve in
tend to consolidate the San Bernardino
part of this road with the rest of the
system after January, 1st," said the
witness.
What does ballasting cost?" asked
Mr.. Toland.
About 5000 a mile" he said, (which
is cheap We ballast with volcanic
cinders, as we own mountains of them
There are pits where we can get hun
dreds of carloads by using steam SHOW
els.
By the filed statements the follow
ing facts appeared: Total miles OF
track 1912, of siding and spurs 30
O53-total 26S. 800. Total miles owned
leased and operated, S1S.49, both in
side and outside of the State: in the
State. 27S265; leased lines in Caffor-
MIA 242 $40: total value in State, 1910
16S. Rolling stock in California, 69l
pieces: value of same, $3.50, 212.SO. En-
tire lines earnings: Passenger, S911.-
O93.S4: freight. $3.50, 3S4.61; mail ana
express. $3.50, Co., 80; miscellaneous
S56.919.55. Total $5,109 0S039. Elk
penses: Operating, $3.50, 92S.41; rem
= tails. 81. O40OS; taxes, $100500; mis-
cellaneous, s., 267, S756S; total, 1878
244.17; net deficit from operations, ST.
$50. 1878. The interest payments were
S640.O0O and land department expenses
were S16.317.10, making a total def
cheney of 50, 261 ,65S.S7.
The Auditor of the road filed the fol
lowing statement of the business of the
s. F. p r. r. Co., for 1898, dated July