The herald., 1893-07-29
PLEADING FOR REDUCTIONS.
Proceedings Yesterday OF the
Board of Equalization.
Corporations and Individuals Who
Think Their Assessments High.
Three Banks Make Their Protest and a
Number of Citizens-rhe Cable
Road Evidently Rated
Too High.

Nickel occupied the chair and all OF the
other members present, with the ex.
eeption of Mr.. Teed.
Although the first petitioner for re-
duction of assessment on the list was
the Bank OF America. Kaspare Cohn. Of
K. Cohn & Co., appeared and stated
that If it were the pleasure OF the
council he would like to be given hear
ing, because urgent business called him
to San Francisco, where he would be abb
sent several weeks.
The council decided to bear Mr..
Cohn's reasons why he should not be
assessed $45,0 900.
Mr.. Cohn stated that the only
amount of solvent credits were
number of notes for $50
and 500, all OF which were outlawed,
he also stated that he had no money
and that neither had the firm. His cap
ital was invested in the firm of X.
Cohn & Co., in the form Of real estate.
The matter was taken under advisement
by the board.
Percy T. Morgan, the secretary of the
Sunset Telephone and Telegraph COM
pany, then came before the board and
made strong argument against the
raising of the compauy's assessment on
their franchise from $4,000 to $40 600,
on their system OF wires and poles from
| $50. 900 to $55, 900, and on the 1921 boxes
they own from $73, ,260 to $4,000 He
claimed that the cost of telephone box
if destroyed was only $40. yet they had
each been assessed by the former board
at $50. The company, with the inten-
tion OF asking reduction, had borrowed
money in ordsr to make improvements
which were much needed. He stated
that last year the net profit OF the COM
pauy was $11, ,165.l2. He claimed that
since Mr.. Hinton had been assessor he
had succeeded in getting the assessment
from $21 1000 to $150,000, and said that
the assessments in this city were higher
than in any other city in the country,
and four times what it WAS in Oakland.
He argued that the assessments Of
the company should be reduced instead
of raised, and that during the lastyear
they had expended more money than
they could regain in the following five.
Since he had been secretary the taxes
demanded had been so per cent of the
net earnings. He asked that the board
consider the matter in all its bearings.
The matter was taken under advise
ment.
Mr.. Stewart, the cashier OF the Bank
of America. appeared to show why its
assessments should be reduced from
10000 to $737. 1t was claimed that
the return waH correct, and that all the
other money was in untaxable green
backs. The case was continued until
August 9th, at 10 a. m.
The matter of the Security Savings
bank, which asked that the assessment
to them on account of premiums on
$35. 800 United States bonds, $4400, be
stricken from the rolls, was referred to
| the city attorney for his opinion.
The next matter brought before the
board was the petition of the Los An
geles Savings bank. asking that the fol-
| lowing items assessed to them be strick-
en- from the rolls, to-wit: Solvent
credits, being due from the Nevada
bank, San Francisco, $4,000; solvent
credits, being money loaned on note
with first mortgage bonds of Southern
Pacific company as collateral security,
| $135, 900; premium on 1924 900 United
States bonds, $22, 900.
w. M. Caswell, the cashier, said that
they had money in the Nevada bank,
| San Francisco, in treasury notes. He
said that it was not done to evade taxa
| tion, and that Mr.. Hellman, come time
in the latter part OF March, had ordered
| that the deposit be exchanged from d
special to regular account, and he had
received letter from him stating that
afterwards 1t had been withdrawn from
an open account.
The matter was taken under advise.
ment by the board.
A petition from the Farmers and
Merchants bank was then presented to
the board and read. 1t asked that the
| following items be stricken from their
assessment: Treasurer's certificates is
sued by sub-treasury, San Francisco,
$50, GOO; bonds, SIC, ,260; solvent credits,
| $3S, 800; premium ON $61, $50 of United
States bonds, s9790.
Mr.. Miner argued vigorously that
| these amounts be stricken from the as
sessment roll. He stated that they had
money in New York also in the form of
| United States treasury notes, and said
such transfer was made to save expense.
He, however, said such was not done
to evade taxation. The matter was
taken under advisement until August
9th at 10a. m.
@. H. Libby claimed that the assessed
Improvements on Lot II, block 8, Angel
emo Heights had been placed at $4,000
by clerical error, instead of $4,000
which was correct. The assessment
was orderedreduced to $4,000.
The petition of Mrs. Paul Schilling
asking that the assessed value of improve
ments on lot Al, block of the Koehler
& Froehling tract be reduced from $500
to $1,000, was granted.
G. B. Alexander appeared and claimed
that an incorrect description of his
property, the east 1907 feet of lot S,
block 13, Ord'e survey, had been made
by the assessment clerk.
On motion, the clerk was ordered to
make the necessary corrections.
@. Ganahl asked that a hearing on his
petition be postponed until next Tues
day at O'Clock, as he was compelled to
70 to San Francisco, which was granted
The hearing Of the petition of j. P.
Widney, asking that the assessed value
of improvements on lot l, block ID,
Ord's survey, be reduced from 10000
to $500. was postponed until Wednes-
day, August I'd.
I'D. Bethune petitioned that re-
duction of assessment from $4,000 to
$4,000 be made on improvements on lot
6, block 4, Cameron tract. He stated it
was mistake of the deputy in copying.
His request was granted.
John j. Akin, superintendent of the
parific RailWav cOmDQnV natitiOned