The morning call., 1892-09-03
4 QUEER BASIS OF ACTION.
How the State Board Of Equalization
JHStifeS Its Course.
ASSESSOR SIEBE CROSS EXAMINED.
BaHk Statements and Fictitious Values Of Real
Estate Given as Reason fOr Keeping Up
San Franchises Assessment.
ASSESSOR SlEBE CROSS EXAMINED.
Special to THE MORNING CALL

SACRAMENTO, Sept "a portion of the
time of the board was consumed TINS MORN
ing in listening to Attorney Snyder OF the
Atlantic and Pacific Railroad Company, who
wanted an assessment of SI25, COO on rolling
stock in California reduced to 800. He
claimed that the stock was az assessed at
Albuquerque, \. NJ, the headquarters of the
company, and that ouly the cars and engines
permanently in California ought to be taxed
here
To this the members of the board dis
sented, because the rule established with
the Southern Pacific is to assess the rolling
stock in proportion TO the mileage and to the
States and Territories through which it is
operated. The valuation of the permanent
rolling-stock was fixed at SS6,00o, the re-
maiuder beng the proportion belonging 10
the mileage OF the State. His application
therefore, was denied.
Assessor Stebe Of San Fran cisco was then
called before the board: He said he felt
that he had fairly assessed the city. 10
assess mortgages Of San Francisco or any
other county at their face value would be
wrong.
Morehouse reminded him that in most
counties the assessment OF mortgages was
made at their face value.
Beamer could not see how so much OF the
mortgage interest should escape taxation IN
san Francisco.
Hebron said that when a conservative
institution Ike the Hibernis Bank, limited
by law 20 loans OF not more thau o. per
cent advanced money on real estate Ii must
be assured that the mortgage is worth less
than. the property.
Siebe said that be knew mortgages that
were 80 per cent more than the property,
but he was unable to recall the names Of in
terested parties.
Morehouse said that tie Assessor had
nothing to do with assessing mortgages.
His business IS to assess property and then,
if he finds a mortgage against II, be must
deduct the amount from the property yalua-
tion. Banks have very seldom taken prop
eTiy in san Francisco for loans.
Siebe undertook TO deny this but could
not name a single instance. be claimed,
however. that he had shown a disposition
70 DO the fair thing.
MoTehouse thought it curious that the
witness could not assess property pro p0r-
tionatey 10 the amounts that banks have
upon If. As matter of fact, the banks
loan only 80 per cent OF the value Of real
estate.
Hebron 6howed from the statement Of
the Hibernia Bank for January that II held
property taken for debt TO the amount Of
only SO S5. Siebs seemed TO know very
little Of this.
Briggs said that the property values In
San Francisco were fictitious. J. G. Fair
has bought the Lick building on MOntg0m-
cry street and offered $4,000 for the Ma
sonic temple adjoining. promising to give
5000 toward building a new temple.
Fair wants to build a structure that viii be
q monument 10 himself and the finest block
in the country. The price offered for the
temple Briggs thought, was $4,000 too
high. To Beamer Briggs said that he did
not know OF any property in San Francisco
assessed Tor more than its value. He read
a list Of Increases made IN assessments this
year. which he said showed an average in
crease In the city Of IS 32-100 per cent. He
promised that hereafter there would be no
complaint 10 make CT San Francisco assess
meut.
Briggs made a long and interesting state
ment relative TO bow values are doomed By
offers made by wealthy persons who want
property fOr special purposes. during which
he said that property on Market street from
end to end was assessed for from 60 TO 20
o. per cent Of its cash value.
- Equalizer Swan said there was no doubt
that the assessment of San Francisco this
year Vas the best ever made, certainly so
faT as uniformity and equality is concerned.