The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-08-31
THE DECAY OF SAN FRANCISCO.
Real Estate Wouldn't Sell For Enough
to Pay the Mortgages.

Real Estate wouldn't Sell For Enough
to Pay the Mortgages.
SACRAMENTO, Aug. 30.-The business out
look in San Francisco is anything but
bright, If the representations made here
today before the board OF equalization are
TO be relied on. The men who pictured
the deplorable business situation Of the
metropolis were leading officials and prom
inent business men. Their statements
we're made when the case of San Francisco
county came up for hearing before the
state board of equalization. j. G. James.
chairman of the finance committee Of the
board of supervisors of San Francisco, first
addressed the board. He said he had ap-
peared with Mayor Ellert, Chief Deputy
Assessor HerEer, Deputy Assessor Edgar
Briggs and Supervisor Delman in answer
TO q citation TO make q showing why the
assessment of San Francisco should not
be raised. He introduced Mr.. Herzer, who
read a lengthy statement showing the as
sessment Of the city and county OF San
Francisco for the assessment years of 1892
1893 1t showed reduction OF sl7, 534, Isl,
an average reduction OF q per cent. on
county assessments outside of San Fran
cisco, but Of only 5 per cent. in San Fran
cisco. The business of the city. he claimed.
had fallen of % per cent. The cost OF
nearly all state products 10 fully IS per
cent. less. This accounts for the reduction
on stocks of goods. Ali mercantile houses
have had TO reduce their force Of help and
their expenses In every other way. Rents
in all sections Of the city have fallen 20
per cent. while many mercantile houses
have retired from business, leaving desir-
able houses and factories vacant
There were in March last and are yet
more desirable stores unoccupIed than for
many years past. The reduction Of rent
ais has had the effect Of reducing real
estate values in oil sections of the city.
Mr.. Herzer cited number of sales OF prop
erty along Market street during the past
year. showing that IL brought less than it
could have been sold for the previous year
As further proof Of the depression in BUSH
ness during the past year, receipts Of the
customs house for 1883 were $3.50. 1873. 81
while for 1894 they were S.. go e33. n,
showing depreciation of 81. 625, 500 OF, or
over % per cent. for 1894 The receipts OF
internal revenue for the first seven months
of this year were s103, Isl less than for the
corresponding time last year. Mr.. Herzer
claimed thai as 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 or valid reason why the
assessment for 1894 should be increased.
Edgar Briggs maize a lengthy statement
to the board. bearing on the points set forth
in the statement submitted by Mr. Herzer
lie went into details and answered all the
questions that were fred 81 him by men,
bers OF the board. lie claimed that prop
erty along the water front and south OF
Market street had greatly deprecated and
would not sell today for IS per cent. of the
amount for which il is mortgaged.