The record-union., 1894-08-31


nothing of the millions that are con-
cealed. He wanted to know if Mills had
the reputation of knowing what he was
talking about.
Mr.. Briggs preferred not TO criticise
Mr.. Mills statement.
Beamer then read an extract from aSan
Francisco daily, stating, as an evidence
of prosperity, that 5000 new houses had
been built in the past year, representing
value of So, 100000.
MIR. Briggs did not know whether that
was correct or not. Newspapers are apt
to get their figures wrong.
downtown property has deprecated
so much because people are going out
side to live and rents for downtown
flats have decreased.
Morehouse asked how he assessed the
Blythe and Baldwin blocks compara-
lively.
Mr.. Briggs said he rated the Blythe
block about Il per cent. higher than the
Baldwin.
Then Morehouse fired a broadside of
questions at him from data which he held
OF rents paid by the Golden Rule Bazaar
and many other places on Market street
as indicating value of the property rented.
Mr.. Briggs was not posted on rents III
those localities.
Morehouse asked about the assessment
on the Blythe estate, which is appraised
by the Public Administrator counsel at
y, ,9o5,575 The buildings in the Blythe
block bring in a monthly rent of $4,000
and II is steadily increasing in value.
The assessment on the whole estate
this year is 81 ,074, 800, decrease from last
year OF S74,990, IN spite of the fact that
Counsel Sullivan reports it as steadily in
creasing in value.
SOUTHERN CALIFORNIA ROAD.
q Inlfa~boff o,,naopo1 fOy +l,a Soufh-
ern California Railroad in the morning
before San Francisco's case was taken up.
tie said that he asked a reduction on the
ground of the state of business and earn
ings of the road, and also on the ground
that for the past two or three years the
property has been assessed higher than
adjoining property of the same value.
In Los Angeles, for instance. the roadbed,
| ETC., are assessed higher than private
property.
AFTERNOON SESSION.
In the afternoon, when the subject of
mortgages came up, Morehouse asked if
Mr.. Briggs thought that the banks or
capitalists loaned the full value OF prop
erty on il.
Mr.. Briggs thought they probably
would not.
Morehouse asked if the Hibernia Bank
would loan in that way, and if the rec
the mortgages were equal or nearly so TO
the assessments what explanation Mr..
Briggs could make for his valuation
being so low. He was answered that
II would indicate that those loaning
money had higher opinion of the value
OF the property than the Assessor did.
Beamer cited case with which he was
personally familiar, knowing the buyer.
1t was the sale by Adolph Sutro oil the
| southwest corner of Market and Sixth
streets to Fred Delger of Oakland for
got, 900. The buyer went to the Hiber-
MIA Bank and secured loan Of SI20, 600
on it. 1t is assessed for only S9o, 200. lie
asked Mr.. Briggs if he thought the assess
ment high enough.
MIR. Briggs said that Delger paid big
price for it.. 1t would have been well sold.
he thought, at SI75,000.
MorehOuse read long list of mortgages
for small amounts on which the assess
ment was from a little over One-half TO
two-thirds of the mortgage. he thought
there were so many OF them that Mr..
Briggs would find it hard work TO ex-.
plain away the cold fact that bis assess
ments were entirely too low, when peo-
pie would loan so much more money on
property than he assessed it for.
Then Beamer pulled Magee's circular
on him, saying that Magee has sworn
that his figures are correct. Some of the
property was only assessed for At per
| cent. of what it sold for, and ranged from
that to so per cent, which Mr.. Briggs
claimed was the amount he aimed to as
sess property for. Many mortgages e4-
ceeded the assessment by a considerable
percentage.
Mr.. Here questioned the correctness
of Magee's figures, and Morehouse said
that Magee had sworn to their correctness
in court.
Mr.. Denman made a remark about the
board having picked out abnormal cases
to support their side" when Morehouse
interrupted him, saying that he had heard
that remark made before. He wished
the gentleman to understand that there
was no sides" in the matter as far as the
board is concerned. 1t simply wishes to
get at facts and actual values. There had
been no picking out of isolated cases.
Magee's circular had been taken as a basis
and an expert had ascertained for the
board the assessment on each piece of
property sold. He had also examined
the mortgage roll and ascertained the
amount OF mortgage, if any, on each
piece. The board has proceeded in pre-
cisely the same manner in each of the
other counties of the State, treating all
alike, and had no ssides'' to take in the
matter.
Mr.. Denmau said that he had not used
the word in an offensive sense or as re-
Election on the board. They were asking
questions with view OF ascertaining
why the county should not be raised and
naturally the San Francisco people were
arguing against it, or taking the other
side of the question.
Beamer said that the statement had
been made several times that court ap-
praisements were not reliable. He
stated that in view Of this fact he had
written to Judge Coffey on the question.
He had received letter III answer,
which he read, saying that the writer
had always taken care to appoint as near
as possible, reliable and competent men.
He thought that the statements referred
to by MIR. Beamer were without ade-
quate foundation. 1t would be hard to
make an appraisement that would be
much out of the way without detection.
The fact that the competition is open at
the sales and they must be on the basis of
the RppraiSemenL aud confirmed by the
court, he thought showed that the value
must be established by the opinion of the
buyers.
MIR. Herze paid high tribute to Judge
Coffey's integrity and carefulness, but he
did not think the appraisements were al
ways a fair criterion.
Then Beamer pulled out a formidable
list OF sales of pieces of property, which,
he SAID, ne mad taken special pains to
have verified. Among them are the fol-
lowing: North side of McAllister, near
Hyde, sold in May, 1893, for $50, 600, mort
gagged for SlS.e00, assessed for SIC, 730;
Mason. south of Chestnut, sold in Au-
gust, 1893, for 81, 600. assessed for SO, 400;
Clay, west of Taylor, sold in October,
1888. for 81. $50, mortgaged for $1,000, as
sessed for So. 500; Bush, west of Leaven-
worth, sold in July, 1894. for S1l, 900,
mortgaged for IS, 800, assessed for s., $40;
Third street, southeast of Perry, sold in
March. 1898, for $1,000, mortgaged for