The morning call., 1894-08-31


east corner OF Valencia and Fifteenth streets,
lOOxl2O, was sold IN 1890 for $40, 900. This
properly Is for sale at $50, 600 to-day. Inc
sharon estate comprises some of the most de-
slrable business and residence properties In
Inc city. recent appraisement OF the real
estate by competent ex perts makes the depre-
citation 20 per cent from former appraisements.
This list could be extended still further. but
the above cases will suffice TO show the marked
deprecia tion In real estate values. As afurther
proof OF the depression in business during the
past year we give in conclusion the following
figures furnished from an official source show
ing the receipts of the Custom-house at San
Francisco for the fiscal year, ending June 80,
1898, TO have been S7,616,133 "a. The
amount collected during The same period for
1894 was So, 1906 81, showing depreeia-
ton of S1,625, 900 OF, or over 20 per cent
for 1894.
The receipts Of the Internal Revenue office OF
the San Francisco District for the first seven
months of the year show falling off of $lO3,-
151 from The receipts of the corresponding
months of last year.
III presenting the foregoing statements bear
ing on the assessment OF 1894, the fact that the
reduction made in San Francisco is less than
the average Of the State, and the further fact
that since the assessment was made the decline
in real estate has become more pronounced,
there can be no good nor valid reason why the
assessment for 1894 should be increased, and
we leave the case in our hands.
HerZeT submitted the statement without
comment, but Morehouse said that unless
the assessments were included the state
ment had little value. Deputy Briggs
said San Francisco real estate had de-
creased in value from 1892 to 1898 al least
25 per cent. The very best property, he
thought had decreased 90 per cent Occu-
pied buildings in some portions Of the city
were not paying per cent of the assessed
value.
Il take the ground" said Briggs,
that property throughout the State is
assessed beyond It's value. San Francisco
is assessed in proportion TO its population
higher than any other city in the United
States" Briggs mentioned that money
was going East for investment, interest
was so low. Allyne White had informed
him that they were drawing in their MONEY
and investing it in New York, where they
could get per cent. AZ cannot see any
thing as encouraging" said Briggs, ''as
things were few years ago. have prop
erty along Market street that would not
bring 70 per cent of the mortgages"
docs that apply to the entire State ?"
asked Hebron.
at does" answered Briggs.
Hebron wanted to know IL the depres-
sion was not due to the attitude of the
San Francisco press Briggs thought it
was not different to any other press. and
refused to talk politics.
Swan tried TO explain that 1t was in ref
erence to such deal as the postofice site
that Hebron had asked the question.
Hebron said that if the amount of the
roll was cut down the percentage would
have TO be raised.
Then Briggs reviewed values in various
parts of the city and said that the mort.
cages on which the board laid some stress
were eight or ten years old and some were
double that. San Francisco, he commended,
was the most depressed city in the State in
proportion to its size and former business.
Morehouse suggested that the city had
had all the fairs, horseraces and muscle
dances and drained the State of money in
that way. Swan remarked that probably
some of those who visited the muscle
dancers came from Alameda.
More than IS per cent of the fair visit
ors came from San Francisco" said Mayor
Ebert.
Supervisor DeDman stated that there
were over 5000 vacant houses to let in the
city.
Beamer retorted that W. II. Mills had
stated publicly that many millions were in
hiding
Briggs said he would not criticize Mr.
Mills statements. lie pointed out that
the Blythe block was the most valuble in
the city and that the Baldwin block came
next. In the latter stores had been vacant
for months and rents had decreased. A
store in the Blythe block that rented for
$3.50 in 1890 is now renting for 1925.
Then Morehouse pulled statement on
Briggs that the Blythe block brought in
$4,000 month in rents and suggested that
that was pretty good.
Swan had falling out with the chair
man at this point when Morehouse tried
to shut off question be was about to ask.
Swan said he did not propose to be shut
off, and he was not
In the afternoon Beamer, who brought
lots of figures, asked why the following re-
auctions had been made: De Ioung's
building. assessed for $410,s 800, reduction
of S12 40; Croker building, 1928, 500, re-
duction of $1,000; Palace Hotel, 81, 700
600, reduction of $4,000; Baldwin $780,
$50, reduction of $50, $50, and d. o. Mills
building, $765,000. reduction of ST.. 400.
Briggs said that property in the city was
assessed at 60 per cent of its value.
MoTehouse selected number of instances
where property was morlgaged for twice
the assessed value. To this it was replied
that the man who made the mortgage had
a good deal to do with it.
Magee's Circular was quoted showing
that sales in December aggregated S221. 700.
the assessed value of the same being S141,-
$50. In March last sales amounted to
S193,695 and the assessment was only
S92, $50.
1t was suggested by Briggs that Magee's
record was not closely kept Of late. Bea-
mer wanted to know why P. L. Archibald.
W. II. L. Barnes, Barclay Henley. Lux &
Co. and others were on the delinquent list
for seven years previous to 1881. Colgan
said the delinquencies amounted to S1.I99..
zoe. This year San Joaquin County was
only $3.50 delinquent and Sacramento $40.
Supervisor James laid the blame on the
law, ard Colgan said State and county
taxes should be collected together.
''Do you believe the banks have been
conservative in the matter of mortgages ?"
asked Morehouse.
II believe" replied Briggs. "that the
banks have been lOaning too much money"
Morehouse insaDUed the case of the men
who bought the corner building at Sixth
and Market streets for S25O.O0O and imme-