The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-08-31
UP FOR HEARING.
Before the State Board of
Equalization.
SAN FRANCISCO VALUES
Are Shown to Have Deprecated
Greatly
WITHIN THE LAST TWO YEARS.
By Next Monday 1t Is Expected the
Board Will Reach a
Decision.
THE LAST TWO YEARS.

SACRAMENTO, Aug 3O.--It is impossi-
bic to state positively what the decision
of the State Board of Equalization in re-
gard TO San Francisco's assessment will
be, but the indications so far are OF at all
favorable. In fact there seems to be-
feeling Drepense in the majority of the
board to increase the assessment for the
city as was done in the case OF Los Angeles
on the previous day, this latter in the
face of the fact that it had voluntarily in
creased its figures by So, 129, ,S01.
The active fighters in favor of increasing
the assessment are of course Chairman
MOrehouse and Dick Beamer Jabez Swan
is naturally opposed to it and Controller
COlgan will probably side with Swan. The
doubtful factor in the whole business is
Hebron, who, while he voted with Swan
last year. seems to have a leaning the
other way this time. He has given no
hint of what he intends to do, and the
trend of his questions to-day when the
San francisco delegation appeared before
the board did not in any degree allay the
feeling of uncertainty which is bringing
silver hairs into what are left of the once
beautiful auburn locks of Jabez Swan.
Mayor Ellert, Auditor Broderlck, Chief
Deputy Assessor Herzer, Supervisors
James aud Denman and Deputy Assessor
Briggs appeared before the board this
morning primed for the fray. Herzer was
put forward as the spokesman and lost
no time in oratorical display. He al once
read this statement of the depreciation Of
values and its causes in the city of San
Francisco:
The Assessors Office herewith presents a
statement of the city and county OF San Fran
cisco for the assessment years 1892 1894.
The assessment on real estate and personal
property for 1928 was S342 643179. Sor
1898 "a it was 1926, los, 1913, showing a reduc-
tion OF SIT ,534,281 as compared with 1892 90.
A careful examination of the returns made by
the county Assessors of the State to the State
Board OF Equalization for 1893 "a shows an
average reduction of per cent as compared
with the total assessment of 1S92-93. The rr.
duction for the city and county of San Fran
cisco for the same period Is 12-1Oo, or L per
cent less than the State at large. critical
comparison OF the business OF the principal
manufacturing, importing and jobbing houses
OF the city shows decline in volume of not less
than 20 per cent as compared with that of
1892-93. The cost OF nearly all staple prod.
ucts and manufactures is fully 20 per cent
less than 1929 Merchants carrying the
same volume of stock In former wears were
assessment. This accounts for the reduced
assessment in personal property In the city for
the year 1893-94.
The reduced volume of business has COM
PEELED all mercantile houses to reduce their
force of employees, as well as their expenses in
all other ways. As a result of this general
curtailment rents in all sections of the CITY
have fallen fully 20 per cent, and in many in-
stances still greae er concessions had to be
made TO help tenants.
Many manufacturers and mercantile houses
OF long years standing have retired from busi-
ness, leaving desirable houses ana factories
vacant. There were In March OF this year and
are yet more desirable stores unoceupied than
for many years past. The reduction of income
derived from rents has bad the effect of reduc.
Ing real estate values In all sections OF the city
Investors in real estate form their estimate of
values upon the rate OF interest TO be derived
on their investments, and savings banks are
paying larger dividends than can be derived
from investments in real estate values.
The following samples will show the de.
cline in real estate that has taken place within
the past two years, taking Market street as a
fairly representative business street. wholesale
aud retail, upon which to base values present
and prospective recent sale by order of the
Probate Court OF a lot on the south side of
Market street, between Fifth and Sixth,
1877 :6x165 feet, was made at S25OO per front
foot; $4,000 a front foot was asked for this
lot In 1891 and S275O per foot front was Of
fered and refused.
sale was recently made Of three lots 24x
100 feet each on the north side of Market
streer, between City Hall avenue and the june.
tioD of Jones and McAllister streets, with two
lots 25x100 feet each in the rear on the south
side of Park avenue, for 5000, 900. Lots In the
same block Of the same size fronting on Mar
ket str eet sold in 1891 at $4,000 per lot. AS
the two lots in the rear are worth 700 eacn
this sale shows decline Of $55, 900.
sale by order OF the Probate Court OF the
Montgomery block, on the south corner OF
Montgomery and Washington streets, 122x
1876 feet with Improvements for S121 ,75O.
The lowest estimate placed on this property by
competent experts In 1891 was S415.000 at
which Or ice it could have been sold then.
at the same time sale was made of twelve
water lots 40:1Ox137: :6 feet, bounded by How
ard. Fremont and Beale streets at prices rang.
ing from $17.500 FOR corner lots and inside lots
from $4,000 10 $500. In 1890 and 1891
corner lots in this section were sold from S22,-
800 TO $25, 600, while inside lots brought from
$4,000 to SIT, 500 each. The northwest cor
ner of Fro MT and Sacramento streets was sold
in February, 1894, for S25, 500. Thirty thou
sand dollars was offered for this property in
1892. Western Addition block 952 was sold
az auction in MAY, 1891, at an average of SS5
per front foot; Western Addition block 500
sold in April 1891, at S11O per front foot.
depth of lots and terms of sale the same and
the same owners. Western Addition block 36S
sold at auction In 1894 at an average of sI10
per front foot, while block 369, adjoining on the
south, sold at an average of S137 so per front
foot in 1892 The Donohue property. situated