Omaha daily bee., 1902-03-02

therefore deducts the bonded Indebtedness
from the capitalization. How much can we
tax Il? And yet that public corporation
is worth in the market over 100000
In Omaha there has been considerable
agitation lately, and the matter is now
before the supreme court. ] shall not refer
to the valuations Of the city assessor or the
tax commissioner, but l do make this point
on the public service corporations. These
corporations that derive their life from
the people and that are maintained by the
people, who pay them tribute, do not re-
turn an adequate equivalent for the privi-
leges enjoyed. So far in this state they do
not pay any royalties for these privileges,
and the returns which they make to tax
assessors are grossly inadequate and under
value. Please remember that the revenue
laws demand that these corporations. shall
be taxed at their valuation. yet what do
we ind
Look at the Douglas county valuation on
those public service corporations, the street
railway. the gas company, the water COM
pany, the electric light company and the
telephone company. II has been clearly
established what the values of these cor
porations are In the market; that the
stocks and the bonds are worth so much,
hence the property worth so much, but
the return by the assessors and the treas
urer and county commissioners of Douglas
county on these public service corporations
is only. in the case OF the street railway. a
little more than IA per cent of its market
value; OF the gas company not 3 per cent
Of its market value chat at which they
can go out and sell for at any time). and
of the water company, 4 per cent. The
statutes Of our state. the law, says: Assess
it for its cash value; that which you can
sell it for.
These conditions also exist in Lincoln,
and, I dare say. in Beatrice. Hastings.
Grand Island, Norfolk and other places.
As It Affects Railroads.
Regarding the administration OF the law
as far as It applies to railroads. When
got to looking this up / was astonished
The total value returned by the State
Board of Assessment upon railroad proper
ties and telegraph properties in the state
Of Nebraska Is a little over s26, 000, 900
Nearly $500 miles OF railroad traverse thiI
state. not counting 1000 miles Of sid'
tracks. The telegraph lines parallel thu
railroads. The market value OF thes'
properties as evidenced by the stocks anS
bonds which are sold upon or in the imam
cial markets Of the world. makes the ap
proximate value OF these properties In tn
state of Nebraska nearly $3.50. 900. 900.
Let US take up the Union Pacific first
The State Board Of Equalization has as
sessed the Union Pacific a little more thai
the rest OF them. / md that It has In tn
state Of Nebraska over 900 miles OF line
| Who will deny the fact that the most valu
able portion OF the Union Pacific system
Is In the state OF Nebraska7 The tota
| system is something like $500 miles-in thl
state, nearly 900 miles. The bonds OF thi
: company are all selling above par. TAX
that as = basis for the valuation Of tn
: property. and / md that the capitalizatio
D and bonded Indebtedness Of the Union Pa
. cinc railroad "a. as q whole. approximate
4 $4,000 q mile. but in the state of Ne
braska the average valuation as laid dow
by the Board OF Assessment IL $500.
The part OF the Burlington system east Q
a the Missouri river is more valuable tina
q that In NebfAskA. but the STATE Board Q