The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-08-29

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San Francisco?"
81 never saw the time / could realize
profits in Solano County. As to costs of
property heretofore, they were less in out
side counties than in San Francisco. /
have property for sale in the latter place
and can get no offer-my residence, for in
stance"
"Your residence is assessed for $5710
Now, what's It's worth? What will you
take?" queried Mr.. Morehouse.
II am not prepared to say. I cannot say
that am Judge If / could get an offer.
or if it was a place bringing rentals,
might be able to answer"
"You have mortgage on that property
of $500, within $500 of what it is as
sessed." said Mr.. Bemer. "That is good
rate of mortgage, is it mott"
"Well, perhaps the bank thinks So"
'But, Captain Taylor, you assert that
property is assessed for its tull value, and
yet you are unable to state the value of a
piece of your own individual property.
Now how can you consistently make such
an assertion?"
II based my investigations on property
proceeds from rentable property"
He had been talking with John D.
Spreckels few days before. and he had
remarked to Spreckels that he hoped that
the proposed CALL building would be the
last building OF that height to be erected in
San Francisco. 1t struck the speaker that
the investment was not prudent business
venture. Those sky-scrapers were a seri-
Gus detrment to the property near them,
because they reduce the rents of the neigh
boring buildings.
A discussion followed on the valuation
of the st. Nicholas Hotel property and the
Lick property. Mr.. Herzer, in speaking
of the latter, said:
1.-The Lick property to-day is not paying
8 per cent on investment. L could take
81, 900, 600 and invest it to better advantage
than in the Lick, assessed at $753, 900 and
bought by Fair at 81 200 0OO."
Mr.. Bemer-Well, there is a good mar
gin between the assessed value and the
purchase price.
eyes, there is. We don't care to do in
justice to any one. Property values have
deprecated and we have given them the
benefit. l figure on the contracts in erect
ing the building and don't care if build
ing is rated at 100000 and is in reality
worth but 5000, 900. 1 assess 1t at the
lower figure"
Mr.. Beamer-How much more did it cost
Claus Spreckels to buy his property than
it would bring in open market?
"Hc paid 100000, which is at least
500 600 more than it is worth, and he
threw that amount away"
After long discussion of property
values and assessments the newspaper
property of the City received the attention
of the board. Following is the list of as
sessments as read:
Bulletin $3.50. Report $3.50, Post s1O,-
965, Chronicle $35, 800, CALL $40, 900, Exam
liner $4,000.
Equalizer Beamer-THE CALL sold short
time ago for $3.50, 900. Now l see that
although it is assessed higher than any
other paper IN the City you have not
valued it at anything like its cost price.
How do you account for this?
II am fully convinced" answered the
Assessor, "that the price was paid for the
good will, and that is not assessable."
"Well, there was new press purchased
but short time ago. What did that
cost?"
sit cost $50, 900, but after being used it is
rated as second-class property and I as
sessed it for $50, 000."
Then Mayor Sutro's property came
under consideration, and in looking over
the list it was discovered that the City s
executive possessed a 50 COW and $3.50
worth of headache producer, and illusions
were made to milk punches.
After considerable desultory talk on
valuations the session adjourned.