Omaha daily bee., 1902-07-13

the cityf Ayes, cir.
Q.-That would be your Judgment, would
IT. Ayes, sir.
Q.-Do you know OF any property having
been sold there In recent years? Al
know when the Lincoln hotel was sold:
that r. about all.
o.-when was THAR A-That is about
three years ago, 1 think.
Q.-That was under what conditions? A.
We'll, the life insurance company which
had II wanted to dispose Of II and the Mar
kels bought It; I guess anybody could have
bought II at private sale.
OIL presume likely that IL true. Was
It subject to mortgage at that time. or
other incumbrances1 A.-Eo, sir.
Q.-It was free and clear, was IL? A.
Yes, sir.
o.-And it sold for how much' Al un-
d~erstood Ss5, 900.
Dwell, do you know7 A.-Well, ] have
the testimony Of the manage down there,
the manager OF the hotel, and he COM
plsined to me OF the value ! placed upon 1t.
Q.-The testimony. DO you mean by
that that he appeared before you as COM
missioner and under oath testified that
that was the price at which 1t was sold?
Ale did not testify under oath, but he
appeared before the Board of Equalization
and made a talk to them.
Q.-And you simply took his unsupported
statement as to the truth of that fact, did
you? Ayes, sir; took 1t that way,
but did not listen to Il.
Q.-You do not know Of your own per-
sonal knowledge what It sold for? A
l couldn't say that l do, but l made some
inquiries as to what they were willing to
sell the property for. and that is my recol-
lection at that time l thought II might
be a good purchase and-I was trying to
sell It.
Q.-Do you know how much the property
cost originally to construct, yourself1 A.
Yes, sir; 1 know something about that.
Q.-How much7 Al think the total in
vestment was about 5000, 900.
$500. 0007 Ayes, sir.
Q.-Isn't 1t worth $500. 900 today. A
No, sir.
Q.-why not7 A.-why, because It is
not situated in the best part OF town for
hotel purposes.
o.-Do you know whether It is being
operated at a profit or at a loss7 A.
Well, only from general report.
Q.-Only from general report? Ayes,
Q.-You did not make any particular in
vestigations about those elements, did your
A.-well, l don't think that 1 did at that
time.
Q.-In other words, without making any
particular inquiry, you simply substituted
your own judgment as to the values? A.
Well, l guess l had to rely entirely upon
my judgment In assessing.
Q.-And without having your judgment
based upon any particular consideration? A.
Il would say that / knew what they had
bought the property for; l knew that they
had expended some considerable money In
repairs. improving the property; l knew
they were then doing a successful business
and all Of those items went to make up
my judgment.
Q.-what about the Lindell hotel7 A
The Lindell hotel is assessed-I cannot give
the exact figures on that-but 1t is nearly
500 900; that ls, not counting the new
part.
Q.-Not counting the new partf Ayes,
sir; that has since been added.
Q.-Do you believe you could buy that
for 500, 900 today7 Al couldn't say, but ]
know that Mr.. Hoover insists that I have
assessed 1t at more than 1t actually cost
him. her.c~s-- .a. 3 TtT
Q.--Don't you know as a mater Of fact
that that property is well worth $3.50, 00C
todayf A.-No; I do not.
Q.-Do you know what II Is worth? A
Well, I will tell you, 1t is worth more be-
ing managed, you know, by Mr.. Hoover
than It would II you managed It, for In
stance.
Q.-That is only your conclusion. Is Il
not a fact that that property as It stands
today is worth at least $3.50, 900 to 5000. OOC
and that you could not buy 1t for that2 A
1t might be worth that for Mr.. Hoover
49, -. - A. A-s.V --A-zak -.
tax Mr.. Hoover's ability a. a manager and
his good will. l have 10 tax the tangible
property Just as find IL; II it was a cor.
poration, then maybe the good will might
come In under II.
Q.--You would tax It to a corporation
but to an Individual you would not? A.
would say that I can tax the capital stock
Q.-You are not authorized to assess tho
} capital stock OF q corporation, are your A
Yes, sir.
Q.-Are you not simply required to take
the capital stock into consideration in TX
ing the value7 A.-Fixing the value o.
what?
, Q.-Fixing the value of the plant which
| is represented by the capital stockT A.
You are talking about personal assessment!
I nowP
OIL am talking about capital stock
Capital stock Is assessed ana Oh course !
they have real estate you have to deduct II
The question I am asking you is. you gen
) orally tax capital as such in the hands o
the owner. do your Al tax 1t against thu
corporation.
Q.-You simply consider the capital stool
as a basis for determining the value Of thu
? plant, don't your A.-The value Of the cor
poration'
o.-Yes, sir. A.-well, I expect that Il
right.
Q.-You do not assess its capital stock
, Al do assess corporations that way.
Q.-You dor Ayes. cir.
Z o.-Do you aiso assess the shares OF capt