The record-union., 1895-08-29
vent credits were only assessed at LAO.

vent credits were only assessed at 81, ,14O, =
| 600.
| Mr.. Herzer said that the bonds might
| be non n-assessable-M Arnold could not
| tell from the statement. Mr.. Arnold said
| Mr.. Herzer did not seem 10 know either.
| IL was the Assessors duty to investigate
and find out. Mr.. Herzer said that banks
| paid out large amount in dividends be-
| tween January lst and March Ist and
Mr.. Arnold said ii was simply passed, as
a general thing, to the accounts Of the
stockholders and did not leave the banks
| at all.
Controller Colgan said that San Fran
/ cisco shows about 90 per cent. OF the SOL
vent credits and money of the State. AS
she is reservoir for the money of the
| State 1t should be more.
| Supervisor Taylor addressed the board,
| saying that there had been general de-
! precl2tlon OF business in San Francisco
and III the stocks on hand. as shown by
| the assessment. Some kinds of business
are actually Worthless-the WOODEN mills,
! for instance, as well as others. The
| stagnation, the lowering of rents and
| other causes have all operated 10 cause a
| great depreciation III property. lie did
not want TO enlarge on this, or TO give the
actual state Of affairs, as he did not want
10 initiate against the interests of the
very low rate of interest. San Fran
cisco IS getting larger share OF the busi-
ness depression than any other portion OF
the State. lie had never known OF any
| time IN S0lanO when he could make any
thing out OF his property in Soleno
County. however, and Ii is worse there
now than three years ago. Wheat and
grapes are low aud the productiveness Of
tne soil is decreasing.
/ n answer To A CnpstjOn Of Mr. Ifna or; i
as 10 what he would take for his residence
property on Bush street, which is assessed
aJ S0,fIO, he said he had had II in a real
estate agents hands for sale Tor q year,
but Lad never told him what price TO ask
and st no price on it now. 1T is mort
gage. TOR 1000 lie thought il was well
assessed, however. When asked What he
would sell IL Tor he he5Itated, and finally
said tna5 he could not say until he re-
ceiVed an offer The lowering OF rents
has certainly reduced the value OF prop
erty. lie mentioned property on one
street that was only producing y per
cent. on It's value. the California Pro-
duce Exchange building, which formerly
rented Ior $500, only brings -, ,ZUU per
month now. less than 3 per cent. on its
value. The Stock Exchange building
only nets 81, $50 per annum, ana is as
sessed for 81, 900.
Mr.. Beaner asked if business was not
drifting over from California street to-
ward Market street, and Mr.. Taylor said
! California was still business street, al
though many Offices had moved TO the
Mills building and others, preferring the
/ more modern buildings The net income
Tor the st. Nicholas Hotel Is $40, 600 and it
is assessed at S60U. 900. He considered it
an evidence Of bad condition of affairs
when large amounts Of money were lying
idle in the banks. There are very few
people wanting money nowadays, he
SAID.
Mr.. Beamer said he thought. on the
contrary. that there were more people
wanting money now than ever before.
Inc trouble is that the banks and capital
lists Will not loan their money to people
III the interior counties on the best OF
landed securities. This argues that they
think that san Francisco property is goou
security for their money.
IN The afternoon ex-Mayor George Da-
Wis OF Oakland presented figures sent up
by Assessor Dalton in accordance with
promise 30 the board. The figures showed
that the best assessment OF business prop
erty IN Oakland was 81, go per front foot,
Instead OF 81 100, as stated by MIR. HerZer.
Mr.. Beamer asked Mr.. Herzer how he
thought property on Broadway in Oak
land al 81, ,260 q front foot compared with
property on kearny street, between Post
and Sutter. Mr.. Briggs answered for Mr..
H6rzar that tue Oakland property would
return the better income. 1t was SO with
property on Montgomery.
Mr.. Beamer wanted to know why the
east side of hearny street was assessed at
s., 800 foot, while the west side of the
block was assessed at only 81, 100, and
Mr.. Briggs said that until Raphael and
Roos Bros, caused rents on the west side
1 TO increase lately, they had been much
lower than on the east side. The little
piece OF property on the northeast corner
OF Geary and kearny streets. 224x3O teet
is the highest assessed property, accord
ing to its size. in the State of California.
The Lick House property is not worth
within 100000 to-day Of what Mr.. Fair
paid for it. lie did not care what the ap-
pralsement Was, be said, in answer to
remark from Mr.. Beaner Ia regard to the
appraised value. lie had no confidence
III appraisers. They were not reliable.
IL had appraised q number of pieces OF
property tor u bank, and had done so
conscientiously. His assessments an that
property were lower than the appraise-
meuts. The Lick property is worth to-
day. he thought, about Sl,000,000 and is
assessed at sos 900.
The original contract for the Crocker
building, Mr.. Beamer said called for
81, 5000 not including gas fixtures and
mantels, and it is only assessed at 500, 900.
olF. GLISSS SdlO btlaI LuS OQI1uiIlS EUSb
S2O0 600 more than 1t ought to, and was
not worth more than 100000 for ASSESS
ment purposes, and he would not assess
il higher.
"How much did Claus Spreokels throw
away when he bought the property be-
tween Fifth, Sixth and Taylor for S225,
000, and put on Sl50000 In improve
ments?" asked Mr.. Beamer.
Mr.. Briggs thought he threw away con-
siderable.
"How about the piece between Fifth
and Sixth on Market, bought by him for
5000, ,00G?''
THAT only cost S5OO,OOO," said Mr..
Briggs.
Then Mr.. Beamsr went down a long
list OF pieces sold, some of which Mr..
Briggs acknowledged were assessed low,
but others sold for good price. Some of
the property, he planned, was very pecu-
liar in value on account OF various cir
cumstances.
Mr.. Beamer said that the assessments
on all this property amounted to little
less than 80 per cent. Mr.. Briggs said
that taking all sales, it was assessed much
higher. Next year there would be re-
adjustment of values all around.
SIR. Beamer said the members of the
board had made personal inspection of
the property n his list and made careful
estimates of value. He had asked own
ers who wanted 10 sell wnal was the least
they would take. The property at the
corner OF Vallejo and Duff streets was
bought by Stearns Tor 81, 800, and as-
sessed for s. 1850. The Frank place on
EDDY street sold for Slo0,000, and was as
sessed for 500 800. The corner of Market
street, sold by >utro TO Delger for S250, 900,