The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1891-07-02

From advance pr0of-sheets OF the Real
Estate Circular pubishedsby Thomas Ma
gee, we make the following interesting ex-
tracts:
FINE RESIDENCE PROPERTY
Is not now in active demand in the Pacific
Heights region. The highest price yet
reached out there was $500 per front foot
for middle lot on the north side of Broad
way, between Buchanan and Webster
streets. That lot, however, was in the ma
ture OF corner, inaSmuch as it looked into
the spacious grounds of fine residence ad-
joining. Inside lots on the best portions of
Pacific Heights, on the north side of the
street, where the bay view cannot be shut
out, are quotable at S275 to $500 per front
foot, with an upward tendency.
During the past six months there has
been tendency on the part of factories and
lumbermen toward large lots and cheaper
rents on or near the North Beach water
front. between Vallejo and Beach streets,
This movement has tended TO make rents
and prices rather weaker between Mission.
Folsom. Fremont and East streets.
Good inside business property paving
steaiy income sells as well as ever: There
IS very little of such property for sale.
When offered at anything like fair price
II at once finds buyer. The same is nearly
as true OF second and third class business
properties between Sacramento, Pacific,
Kearny and Drumm streets But all pros
pective business property, including Market
street between Eighth and Valencia, is
weaker OF Mission and Valencia this is
also true. Only that class of property
which is reasonably certain of renting
steadily and paying a good net rent with
little trouble in collection, is now in good
demand.
THE SAVINGS BANKS.
The supply of money at the city savings
banks during the past six months has been
sufficient TO meet the legitimate needs Of all
city and country land-borrowers. The
former were charged and the latter gener-
ally per cent per annum, the banks paying
the mortgage tax. That tax averages 81 60
In the city to about 81 10 in the interior
counties. The supply of money at the saw
lngS banks about four months ago became
so large that two or three very large ami
choice city loans were made at 6b and 6A
per cent. The hope was then INDUCED in
that these or even lower rates might be-
come general. This hope was the more
easily INDUCED in by borrowers because of
the fact that for several years our largest
saving bank lent money in all sums at per
cent per annum, 1t paying the mortgage tax.
The wishes, rather than the conviction of
borrowers, especially large ones, therefore
In THIS matter leads them TO think that per
cent Is the natural rate. AT present, how
ever and especiallyin view of the scarcity
of money in Europe and the heavy ship
ment of gold from New York, there
is no probability of the per cent rate being
soon resumed. We regret this. for we be-
lieve that even depnsitors get more out of
constant employment at full wages, which
cheap money tends TO create, than they can
possibly do out of l per ceat larger divi-
bends on th-ir deposits. In speaking of de-
po,itOrs here, we mean the average deposit
tors, who work for a living. Their money
constitutes the bulk of the deposits in our
savings banks, and the average deposit of
each is but about $1,000. But, desirable or
undesirable, the present outlook is that
money is not for some time likely to be any
cheaper than at present. The savin gS
banks could frequently get higher rates if
they would lend with smaller margins on
property; but on that point they wisely
look first at the security and then at the rate
OF interest. The security always comes
first If it were not so, our savings banks
would simply be institutions which
an extra inducement of interest would bride
into aiding high prices and speculation. Ii
this policy were pursued, the result would
soon be loading up with foreclosure prop
erty, on which the banks could not begin to
realize the debts due.
The total number of mortgages recorded
during the past six months was 246S, of the
value of S9,4S3,613 The number for the
previous six months was 225l, of the total
value of S6.9SS, 709. The total number of
releases for the past half year was l4i9, of
the value of Sc 626, O96. The total number
OF the aggregate value oil IS, S36, 924
THE DOLLAR LIMIT OF TAXATION.
S3-called improvement CLUBS, some Super
visorS and several newspapers are con-
stantly urging an increase If the S0-called
dollar limit, although the fact is not denied
that San FranciscO.is nov the NEST heavily
taxed city of the United States. A city of
3G0, 600 inhabitants is this year to pay 81, 1885,
27S for city taxes alone. Now, we ask the
advocates of increased tax burdens to
| answer this question: II you were en-
plOl ed to overhaul the affairs of any conf
mercial or manufacturing enterprise which
reliable statistics showed TO be the most ex-
travagantly managed Of any like enterprise
in the United States, would your first
move be 10 reform the management and re-
| duce the expenses, or would II be TO shut.
| your eyes to the extravaganza and Increase
| the amount Of money in the hands of those
who have been guilty of itp We think t1ere
| can be but one answer to this question.
| John SWEET, Superintendent OF Schools, has
! lately shown how the School Department
has been managed, and the curtain, in late
| investigation, WAS partially lifted on the
| management of the Fire Department. Both
| glimpses exhibited waste and extravaganza,
| il not the worst OF robbery. Those who ad-
yOcate increased taxation ignore these facts
| and speak OF the parSlmOny OF taxpayers
| and the fOgylSm Of those who object to the
| expenditure of more money, just as II there
were no room whatever for complaint of
| ever. is that far more than enough money is
| now being taken from taxpayers to make
all the improvements that the most ardent
advocate of item desires, If it were only
spent with even fair amount of
| honesty and business ability The ma
| jority in the last Board of Supervisors
| were plunderers who only stopped short of
| breaking into the City Treasury with crow
| bars. These facts are open and notorious,
| and can be denied by no one. Why, then,
| should there not be more of reform and re-
| trenchment instead of increased taxation?
| The need of the first is UNNECESSARILY
| greater than the last. If the advocates of
| increased taxation would devote their ener-
| gieS to having honest expenditure of the
| taxes now paid, they w6ald then find no
| difficulty in getting taxpayers to consent to
! an increase Tor any honest purpose of bene-
! fitting the public health or beautfyiDg the
| city.
SOME OF THE SALES OF LAST MONTH.
Outside Land Block Sg7, bounded by NJ
and \ street, and Thirty seventh and Thir-
| ty-eighth avenues. has been sold for $3.50 !;
| not yet of record. Such blocks were selling
for $1,000 to $500 four years ago.
The property, west side OF Fillmore street.
1896 north of Union, 25x100 in size, has
been sold for $1,000; not yet of record.
The property north side of Fourteenth
| street, 70 east Of Noe, 25x105 in size, has
been sold Tor $1,000
! The property south side of Washington
| street, III Is west Of SaUsUme, 30X122 to
| Merchant street in rear, has been sold for
| S3i 0O0: not vet of record.