The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-07-19
PLEA FOR new RAILROAD
III. c. STARR TALKS FOR CINCINNATI,
MUNCIE & RICHMOND.
The Richmond Natural Gas Company
Mr.. Sheerin Talks About Tele-
phone Companies.

The State Board OF Tax Commissioners
listened yesterday morning 10 a statement
OF the condition of the Cincinnati, Muncie
& Richmond Railroad. a new steam road.
The statement was presented by II. c.
Starr, attorney, and ". +. Bradbury
president of the road. They said that the
road had in operation on the LIST. day Of
April. 1901 eighteen miles Of track and that
1t was not earning anything at that time
and ought not therefore. to be assessed
upon an earning basis. They suggested
that $500 a mile would be a fair valua-
ton Of the road on the date mentioned. 1t
was stated that at that time the remainder
of the road was in the shape Of right OF
way that had been secured at an average
cost Of about $1,000 a mile.
Mr.. Starr also appeared for the Richmond
Natural Gas Company, in conjunction with
Elger G. Hibberd. superintendent of the
company. Mr.. Hlbberd talked interestingly
of natural gas plants. He said that the
property of his company is diminishing in
value rapidly and dividends have shrunk
from q per cent. to per cent. Mr.. HID
berd said that the owners of the plant are
now getting back their principal and that
whatever the company may be earning
cannot, for this reason, be justly claSSed a 5
profit. He supposed the case of man that
bought 4 farm and the following year sold
half of it at 500 advance, and the next year
sold half OF the remainder and so on.
Pretty soon," said Mr.. Hibberd the man
would not have any land left. And that is
just the position of the Richmond Natural
Gas Company. When gas gives out entirely,
as it is certain 10 do, we will have nothing
but plant of little or no value. The pipes
will De old and rusted and Will not pay for
their removal from the ground. Messrs.
Starr and Hibberd reported the stock OF the
90 N he
original value 1t was originally worth
100000 and is now estimated to be worth
s. P. SHEERIN HEARD.
S. P Sheerin. of this city, president of
the New Telephone Company and of the
New Long Distance Telephone Company,
gave some valuable information concern
ing telephones and telephone systems in
his plea for an equitable assessment OF the
property Of his companies. Mr.. Sheerin
said he is satisfied with the present assess
ment. He admitted the New company had
done we'll the past year, but declared IL
had had hard fight for supremacy and
pany. He said II had cost great deal of
money to start and operate the business,
but that the business OF the company Is
increasing at gratifying rate He de-
clared that in his opinion sooner or later
the company will be Of great value, but
did not think the board ought 10 discour-
age this and other companies Of local
nature by making an exorbitant assess
ment. The tax board asked Mr.. Sheerin
what he thought the stock is worth and
he said IT ought 10 be worth so per cent,
but he did not know whether he could get
that price or not. Mr. Sheerin said that
April 1, 1901, the New Telephone Com
pany had In service in this city l,SS0 bust
ness and 2l55 residence telephones, or 4035.
Last year the company had $3.50 telephones
in operation. He said also that the earn
lngs of the New Long Distance Telephone
Company last year were $25.672 and the net
earnings S,372 It's authorized capital is
81, GOO, 900, OF which $747 900 has been issued.
In the afternoon the board resumed its
work of assessing telephone and other
property. This morning pleas will be made
by Charles Murdoch for the Lafayette
Street-railrOad Company. by James T.
Beasley, representing the Terre Haute
Street-railroad Company, and by Samuel
o. Pickens. of this city. representing the
Western Union Telegraph Company.