The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-09-01

Expressed in His Circular
for August.
San Francisco Is Heavily Taxed-An
Opinion of the State Board
of Equalization.

we quote the following from the advance
proofs OF Thomas Magee's Real Estate Circular
for the month of August:
There is a very fair demand for the best
steadily paying business property. This de-
mand Is due much more TO the present difficulty
OF finding any other safe investment than from
any general public desire to buy real estate
The same state of affairs exists in all of the
large cities Of the East. Enterprise and specu-
lation are both dead. Personal property In
vestmentS, such as railroad and other stocks
and bonds, are viewed with little favor be-
cause their profits have been very small aud
their value, therefore, very fuctuating. Con-
sequently city real estate IS actually force d
Into favor. This Is not a desirable state of
affairs ar all. but it Is always characteristic of
period OF great business and Industrial de-
preston and low prices for farm products and
manufactured goods. Good dwelling lots and
houses and lots, especially Pacific Heights
ward, are in fair demand. and. on the whole, at
surprisingly good prices. Mission properly is
especially duil and prices low.
There are very few applications at the saw
ings banks for really good city loans. Those
made are mostly on outside lands, lots on The
Mission bills, on the Potrero and in other out
side districts, where values are so uncertain
that no one can'say just what the lots or blocks
are worth. OF course, The banks either alto
gether decline all such loans or lend but lit lie
OF the sums asked for on them. There never
was time when savings bank directors needed
we believe they are acting most wisely and
conserVatlvely in all cases. In consequence OF
the scarcity Of frst-claSs city loans, en- dice
aud they need TO be very choice-cOuntry loans
are receiving some attention. Rates of interest
should be reduced, but there is LII present pros
pect that they Will be.
San Francisco is, all things considered a
very heavily taxed city. 1t should be the most
lightly taxed, for 1t enjoys the rare distinction
of being the only large city of The Union that Is
practically free from debt. Cincinnati, which
Is OF about the same size as this city, Is carry
Ing debt Of S26, 240, 191, the interest on
which at per cent a year amounts 80 over a
million year. Its total assessment. real and
personal valuation, is only SlSS, 751, $50, while
San FTanctsco's combined assessment is nearly
double that, viz: S342, 644,179. Thieving
SOLID mines" In past boards OF Supervisors,
equally YillalnOus past Election Commission n
erS rounded up by Legislatures that il would
De base 1atIery 10 call other than highway
men, nave placed taxation where it now Is.
lhe services of the pretended State Board Of
Equalization in piling up State taxes cannot
justly be overlooked III this connection.
A State Board OF Equalization is sitting at
Sacramento, ostensibiY to eQualiZe county
assessments for State PURPOSES. This board
processes always to be thankful for light TO aid
II IN its work. We. therefore, respectfully call
Its attention 10 the fact that the railroads con-
trclled by the Southern Pacific within the limits
OF this State have borrowed-that is bonded
and mortgaged-lts roads al $50, 600 to $4,000
mile. The board well knows, for we all well
know, tDaJ no property Is supposed TO be mort
gagged Tor over 80 10 80 per cent OF its cash and
interest earning value. Yet in the face of these
facts the board not long ago reduced the assess
ment OF the Southern Pacific lines in the Stale
TO S9303 mile and that OF the Central Pacific
should any assessments in any county on any
property VIVA ever be advanced? Two of the
members OF the board are up for reelection,
and IL behooVes them 10 look TO this matter.