Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1915-08-17
Nebraska
LINCOLN TRACTION
PLEADING POVERTY
Tells State Board of Equalization
that 1t Has Not Made Money
for Past Six Years.
REALTY VALUATION UNCHANGED
Trom a Staff Correspondent


LINCOLN, Aug. 16.-(Special.) THE
lincoln Traction company is not making
any money and has not made any for
the Last six years. according to a state
ment made by President Sharp of that
company before the State Board of
Equalization this morning.
The remark was brought out in a hear
ing before the board given to officials OF
the company In order that they might
make . showing why the assessed valua-
tion Of the corporation as returned by
the Lancaster county assessor should not
be raised as compared to the assessed
valuation Of the Omaha & Council Bluffs
Street railway assessment
Paid Big Price for stock.
President Sharp went into the history
of the consolidation of the two Lincoln
companies several years ago. and said
that the public had wrong idea as to
the valuation of the company, partly be-
cause OF what had been paid for the
stock at the time the two companies were
consolidated. He said that he had paid
a big price for the stock Of the old
company simply that he might gain a
controlling interest, and that the invest
ment. as far as dividends were con-
stock of the company had paid only s
per cent for the full five years past.
Omaha and Lincoln Values.
He said that the Omaha company was
assessed at N,5S0,0Oo, or $12 $50 mile.
The Lincoln company is assessed at
$3.50. $40. or $3.50 a mile. The difference
was that the Omaha company owned a
large amount of right-of-way over which
pany owned comparatively none of the
property over which the road operated.
In addition to this, the Lincoln company
was compelled to pay for the paving
along its tracks and taxes on the same,
Notwithstanding 1t did not own the paw
ing and received no benefits therefrom.
Depends ON Light Revenues.
He told the board that the street car
company had to depend upon the income
of the lighting company to pay expenses,
and while the latter was Incorporated
as different company it was owned and
operated by the traction company and
was assessed separately.
Asks Phone Cut.
Superintendent Hurtz of the Lincoln
Telephone company talked for a few
moments in an effort to show the board
NhNS eaAo ooScSoAiOnt OA NHdL company
should not be raised. He showed the
board that Notwithstanding the property
OF the company was assessed at a higher
valuation than any other telephone
property In the state, the same had been
raised this year.
The discussion before tho board ap-
peared to show one thing and that was
that the present system of assessing val
uations was Inadequate. and that some
new system should be evolved by the
legislature so that assessments could be
made equitably.
Valuations Stay Same.
Another session of the board was held
this afternoon. and 1t was agreed that
the valuations in Douglas and Lancaster
counties should remain the same as re-
ported by the county assessors, the
former at $4S.l5s.sS4. and the latter at
$24.5s0,3 1884,
May Exhibit Babe King.
Tom Dennison of Omaha has written
Secretary MelIor of the State Board of
Agriculture asking II he might exhibit
his pony. Babe King, at the state fair.
Inspect New Bridges.
State Engineer johnson has gone TO
Clay county to inspect number of new
bridges that have been put in to take
tho place Of these washed out by high
water. The county board desired to have
an inspection before the acceptance.