Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-08-23

purposes. Some show exactly the
reverse.
Before taking w individual
roads, / should explain that the J.
c. C. valuations are based on an
inventory usually about June 80,
1916, and on the cost of reproduG-
ton at 1914 prices. Exceptions to
this will be noted. The deprecated
price does not represent the value
today, since the price of materials
has advanced sharply since 1914. 1t
serves as a valuable index, hOWev-
er. and few attempts Will be
made to estimate an approximate
present price.
Santa Ne Assessed High.
Take the A., r. q S. +. (Santa
Fe) railroad. The engineering re-
port of the |, G. c., based on June
80, 1916, inventory and June 49,
1914, prices, showed the cost 20
reproduce to be SOC, 1864. W1th
&C probation subtracted, the pres
ent value at 1914 prices is esti'
mated at $46,S37,314. This does
not include land used for rlght-ot-
way and excuses some equipment
However, allowing for the spread
between 1914 and 1920 prices, /
would estimate the Santa Zee Valua-
ton at not over $4,000 600. Al
q hearing of the state tax cOmnls-
sion on January ,, 1921, the santa
Pc lines in New Mexico were as
sessed at $55, 13S,4S5. From TINS
if would seem that the property OF
the road was assessed at ninety
per cent of it's going value. My es-
innate of S60,000,00O may be too
Iow-it may he too high-but the
assessed valuation probably Is over
50 per cent of the present repro
duction cost less depreciation.
Itemized figures on the III faso
and Southwestern line along the
southern boundary of New MEXICO
were not available, but the aggre-
gate of the |. c. c. valuation Is 81 ~
100000 on the engineering repof@
alone and will not total over vi,
600, 600 when the right-of-Way ana
equipment are added. Yet the
state tax commission of January .
set the valuation of the system Tor
assessment purposes at sllShtlY
over $25,000,000. | need not say
that the road Will not accept the
/ c. c. valuation. for some of I ne
equipment is figured on a 1915 in
ventory and a 1917 price, There IS
reason to believe that the inquire Oh
the state tax commission Is souhu,
Int the significant thing Is that
the railroad Will probably devote
it's energy to raising the 1ederal
Governments valuation-not lower
ing that of the state.
wide Spread In Valuation.
THE Dawson branch OF the T.. T.
& S. w. supplies another illustra-
tion. The |. c. C. valued these
13l.94S miles of road at 1915 in
ventorv and 1917 price, The re-
suit was a reproduction cost OF S4,-
103,763, which was reduced to Vs.
329,930 when depreciation was
figured. The state tax commission
assessed the branch at S3,695,44o.
Materials have advanced since
1917, but the tax commissions val
uation is very close to present re-
production cost less depreciation
The E. p. & S. w. line up to Carl
zozo (known as the FL Paso and
Northeastern) tells a more surpris-
ing story. Its deprecated value,
| including equipment, is figured py
the bureau of the Interstate Com
merce Commission at $3,OO7,o2l'
The road was assessed on January
of this year by the state tax com
mission at $5,977717. .
Take a couple of examples of
| Tho Nptr MnYiN1
lCentral was valued on the engineer
ing report of the |. c. c. at Sl,62l,-
soc to reproduce at 1914 prices al
1916 inventory. Less depreciation,
the amount is $1,271,104. Yet the
state tax commission at nearing
on February q assessed the ll5.I
miles of road at $4,000 a mile, or
a total of S462,S0O, which is prob
ably one-fourth of the 1920 repro
duction price less depreciation. the
| Cimmaron and Northwestern was
valued at s29752S to reproduce
and s206,622 with depreciation
subtracted, using the 1916 inVento-
ry and 1914 price. 1t was assess
ed by the state tax commission on
| January s, 1920, at $132,000 ABOUT
| 0ne-ndIf or the present. icPi 49,
ton cost less depreciation. The
Santa Fe. Ration and Eastern was
assessed by the state tax commits
sion at s70,500 against depreci-
ated reproduction cost estimated
by the I. c. C. to be s17S,S99 with
1916 inventory and 1914 prices.
| If the federal railroad law is re-
| tanned, the railroads will probably
make it their business to see that
New Mexico does not miss any as
sessable values.