The San Francisco call., 1904-07-28
HEAR PETITION
FOR REDUCTION
State Equalizers Take Up
the Assessment of the
Southern Pacific Company
INCREASE IN EARNINGS
Report of Central Pacific
Shows a Decrease in All
Classes of Rolling Stock

SACRAMENTO, July 27.-The State
Board of Equalization to-day took up
the assessment of the Southern Pacific
Railroad Company The road this
year operates 23SG.S4 miles of road in
the State, which with sidings and spurs
gives total of 327957 miles. The val
uation Of the entire roadbed, roadway
and rails is given at $40, 72O, ,S95 and the
rolling stock at $3.50, 400. The total
gross earnings are returned at s24, 339,
7S1 %. as against $21.574,712 81 the year
before, an increase of $2,765.O69 1S.
The revenue for the year is divided
as follows: Passenger and freight,
$23,O44.6s2 80; mail and express. sS4S.
o46 IL; miscellaneous, $451, ,542 62.
Against this the operating expenses
are given at 15,024,2 ,291 55, taxes SILL,
644 2S
Under the classification of better
ments and additions" the company ac-
counts for an expenditure of So, $751;
996 %, which gives a total expense ac-
count of $19, liz 1888 49, leaving a profit
of $0,221 ,848 OF over the cost of actual
operation of the line.
The interest on the sinking debt fund
amounts to S4,905, 022 13.
Side lines aggregating 235.49 miles
come under the jurisdiction of the
board this year for the purposes of as
sessment, which were not assessed last
year. These are branches operating
wholly in one county but as part of the
general system, and under an opinion
| recently given by Attorney General
Webb, are to be assessed by the State
Board of Equalization instead of the
Assessors OF the counties in which the
branches are operated. In consequence
several counties will show falling Off
in assessments, having lost these
branch roads.
The surplus on hand for the entire
system, in and out of the State on
June 80 was $45, ,025, ,2S4 70, against $39,-
26S,S5 IL for the same date in 1903 In
the statements presented to the board
there is nothing to show what the sur
plus as relates to that part of the
Southern Pacific within the State is.
Auditor Williams said the locomo-
tive mileage had increased per cent
and the train mileage had increased Is
per cent, which explained the increase
in operating expenses. While the gross
earnings had increased over those of
last year there had been corresponding
increase in the cost of making the new
mileage, as train crews had to be paid
for extra work performed, overtime for
these employees figuring largely in the
item of cost.
The assessment of the Central Pacific
Railroad Company was considered this
afternoon. The Central Pacific has
1122.66 miles of road in the State.
valued by the company at $4,000, 900
The rolling stock is valued at 1885,, =
450. The gross earnings are given at
$40, 3S3 "a, and the expenses at
81, S34 81, which includes 1913, 1873 %
taxes. The interest on the funded
debt accrued, is returned at $S,022,-
4SS 90, and the net earnings are given
at 81, ,S17,9 81.
There has been no increase in the
mileage OF the main line, but an in
crease of 1886 in sidings and spurs is
shown.
The report shows a reduction from
last year of fifteen locomotives. Aud
itor Williams said this number of 10
comotives had worn out and had been
sent to the scrap heap and when re-
placed had been charged to the South
ern Pacific Company.
A reduction in all classes of rolling
stock is shown in the Central Pacific
reports, with a corresponding increase
charged to the Southern Pacific.
The increase in gross earnings over
those of 1905 is $414,992 IS.
The report of the South Pacific
Coast Railway shows a mileage of So 16
miles valued at $277 ,250. The rolling
stock is valued at $1S2,975. The gross
earnings from operation were $75S, ,233 4S
and the operating expenses were ST.
213,0 ,0S4 64, leaving a deficit of s454,S51 16.
The steamers net earnings had reduced
this deficit to $436,5 ,599 16, but other ex-
penses, listed as funded debt 1920. 900.
taxes $27, PIG A and permanent i'm
provements $107 144 A had increased the
deficit to a total of $790, $3.50 04. This is
the narrow gauge road to Santa Cruz
and was built as competitor to the
Southern Pacific, which absorbed it by
allowing it to be bonded at per cent
on $500, 900 and agreeing to operate it
steadily. In consequence the company
has to operate even at a loss.
The Carson and Colorado Railway
had a mileage of 1882 miles in the
State valued at s125,716 The rolling
stock is valued at $9225. The gross
earnings from operation were $466, ,205 0S
and the operating expenses were $751;
0S4 90, leaving an income from opera
tion of $2S5, ,120 II. Interest received on
open accounts swelled this sum to
$29S. 500 Is. The deductions from this
| income are as follows: Interest on
funded debt. $4,000; taxes, s19, 9,64S SS,
and permanent improvements $4650 03,
a total deduction of $104, ,29S 81, leaving
a net income of 1894, POI "a.