The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-02-17
PUT Up THEIR ASSESSMENT.
The City Adds $4,000 TO Sternbsrg'I
g. Bros Valuation.

/ The City Adds $4,000 TO Sternbsres
& Bros Valuation.
The Sternberg fire, which has been the
talk among the insurance men and the fire.
men SINCE it occurred. developed a sensa-
ton yesterday in an entirely unexpected
quarter.
Messrs. Sternberg & Bro. we're notified
yesterday morning that the city had in
creased its assessment upon their stock and
fixtures from $lS, 900 10 100000. The in
crease Is based upon the recent settlement
OF the insurance companies of the loss by
the fire Of Feb. 8
In the adjustment Of the loss with the in
surance companies, Sternberg e. Bro
placed the total value of their stock at
$780, 900, Of which S50,00O was outside the
safe, and was damaged by the fire. The in
surance adtusters after a minute examina-
tion OF the stock and books OF the firm, de-
cided that their statement of the value Of
their goods outside the safe at $50, 600
was approximately correct, so far
as they were able to judge. and a
A claim for loss Of $4,000 was made
by the firm, and S24,00 was finally
agreed upon in settlement OF the loss, Of
which $1,000 was upon the fixtures. The
insurance men engaged upon the loss stated
that they considered themselves fortunate
10 get out Tor that amount.
Jan. IL the firm returned the value Of its
stock IN trade at $4,000 No return was
made OF the fixtures.
When these facts were brought to the at
tention OF tue city officials it was decided to
increase the firms assessment to the value
placed by them upon their stock In the set
tlement with the insurance companies Ac-
cordinglY an increase upon the
assessment OF the stock was made from
$4,000 to So, 900, and IS, 200 was added for
fixtures. making a total assessment of
100000. At the rate Of IL per cent.
Sternberg q Bro. would be compelled to
pay taxes to the amount Of 81 500, against
$40 on their own tax returns. The firm,
Mr.. Sternberg said yesterday, will appeal
TO the city council. In doing so it will be
required to produce its books, accounts and
insurance policies. The chief fireman will
also present report to council on the fire.
An insurance agent who was spoken to
yesterday about the matter said it would
not be fair TO compel business men to pay
taxes TO the full amount of their insurance
as their stocks are much heavier at some
seasons than at Others, and they are COM
PEELED to carry insurance sufficient to cover
their largest stocks. 1t is well known that
merchants largely reduce their stocks by
the fall and holiday sales, SO that Jan. 1
they are at a minimum,
This, Mr.. Sternberg said, is the case with
his stock. When the return was made it
was on a reduced stock after the holiday
trade. Since then he has bought heavily
and was in New York at the time of the
fire buying and shipping goods. Some of
the goods burned and damaged were new
goods yet in the cases in which
they were shipped. Mr.. Sternberg said
that he has had the same experience before
In regard to assessments. His stock, he
said. was returned for taxation as required
by the city and that is all there is about it.
The increased assessment will make an
interesting case, especially as it is said the
city intends to increase the assessments Of a
number of other firms.