The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-07-16
BANKS COMPLAIN
OF ASSESSMENTS.
Claim Their Property Has
Been Too Highly
Valued.
BUSINESS WILL SUFFER,
For Banks Will Have to Get
the Extra Taxes Out of
the People.
DUNNS INTERESTING FIGURES
Show a Wonderful Deficiency in the
Assessments of the Large
Corporations.
DUNNs INTERESTING FIGURES

The Supervisors met yesterday morning
as Board of Equalization, with TAYLOR in
the chair. There were present also, King.
Benjamin, Scully, Morgenstern, Dimond,
Wagner, Hughes and bunker.
Repre- sentatives from the local banks
fold their tales of woe to the board and
prayed for reductions in their assessments.
Various pleas were made-the money as
sessed was out of the State, or if it was
an the banks it belonged to somebody
else. The absurdity of supposing that the
taxpayers will ultimately benefit to any
extent by raising the assessments of the
banks was unwittingly shown by one of
the bank representatives when he declared
that the banks would have to make good
the extra taxes they had to pay by charg-
ing the people higher interest.
The Mutual Electric Light Company
petitioned TO have the $4,000 for franchise
assessed against it stricken from the roll
on the ground that the company actually
had no franchise or special privileges,
having been formed regularly under the
laws OF the State.
The assessment of the Market-street
Railway Company was to have come up
for consideration, but no representative of
the company was present, owing to Clerk
IL.
Andy Clunie, who wants the company's
assessment raised from $4,000, 600 to SIS
10000, was all ready.
Thomas |. Bergin appeared before the
board TO ask that 81, 434, 257 be stricken
from the Nevada Banks assessment of
$2,o30,616 on the ground that the property
In question was not in this State on the
hrst Monday in March, 1896 but was in
Wisconsin and Illinois.
The protest of the California Safe De-
post and Trust Company was next taken
up. Attorney Booth representing the COM
pany, claimed that the assessment of the
company's vaults as personal property for
$50 600 was illegal because the vaults were
part Of the building. Moreover, $9I, 9O6
OF the total assessment of 1853, 704 was out
OF the State on the first Monday in March,
deposited IN various Eastern banks.
William S. Woods, representing the
Croker Woolworth National Bank,
wanted the banks entire personal prop
erty assessment stricken out because it
was assessed to the bank and not to the
shareholders"
Sidney V. Smith, appearing in behalf of
the Bank OF British Columbia, wished the
banks assessment of 81. 155, $50 to be re-
duced by $1,475, 760, which the bank owed
10 bona fde residents of the State. A
large portion of the money assessed
Smith declared was money belonging to
other branches of the banks and merely
happened to be in the bank for few days
at the time of assessment. The money,
not being used by the bank, should, he
argued, not be taxed.
incidentally Mr.. Smith made a protest
against the raising of the assessments of
the banks of the City. If the present high
assessments are allowed to stand, he de-
clared, number of the banks will have to
suspend. Besides" he said, lit will in
1ure the people. for, of course, when the
banks nave 10 pay more taxes they must
get their money back from the people,
The business community is, therefore, in
danger"
A strong delegation from the Pacific
Coast Savings Society appeared to protest
against an assessment of $50, 600, which
they did not have, and which, even If they
did have IT, they would owe to their de-
positors. The corporation was practically
building and loan association, and the
excessive assessment would work a great
hardship. Vincent NeaIe and Wendell
Easton both declared that the original
statement they had filed was true and
Just, and wished to have it left unchanged.
The matter was taken under advisement.
This afternoon at l O'Clock the protests
OF some sixty or seventy small property
owners will be heard. and on Friday sew
eral other banks will be given a hearing.
Attorney Clunie will argue for the raising
OF the railroad company's assessment on
Saturday morning at IL, and in the after
noon the Grand Jury's report on the AS
SCISSORS valuations will be considered.
Owing to the rush of business the board
will be unable to complete its labors this
week, SO resolution was passed yesterday
requesting of the State Board twenty DAYS
additional time in which to hear protests.
Foreman Maskey of the Grand Jury has
submitted the following interesting COM
munication to the Board of Equalizers in
regard TO the assessments made by Mr..
Siebe:
To the Honorable the Board of Supervisors. act
ing as the Board Of Equalization In the Cftaj AMI
County of San Francisco = GENTLEMEN: The
Grand Jury of the City and County of San
Francisco, having made investigation in the
matter Of the assessments of the property of
ness in this City, herewith most respectfully
present 10 you the report OF the same
Mem.-'An property shall be assessed for its
full cash value, or what it would be taken in
exchange for solvent debt
This must be the valuation on the first Nom
day in March. Value can be arrived at bv evi-
dence; that is to say, market value obtainable
by noting the latest sales, rents, incomes and
other indications of value applied to all prop
erty.
haas to real estate we find in San Francisco and
other counties OF the State the assessors have
most generally arrived at value in the way
specified above, and we presume 10 cover the
contingency of forced sales which foreclosure
or forced exchange create have adopted a rule
which they follow after all OF the above evil
dence has been obtained Of assessing property
for 90 or60 per cent.
This rule when general works equally for all
anu is Just IN conseq uence anu seems 10 iolioW
the law as strictly as required because the ex-
perience OF real estate buyers and sellers at
the time of present consideration-viz. March
2, 1S96-will not uphold price above 30 or 90
per cent forced realization.
We cannot therefore, discover any injustice
to any citizen in general adaptation OF this
rule. which custom has made, and we believe
law would equitably uphold, and II IS assess
ing property nearly as practical Tor Its full
value or what it would be taken in exchange
for a solvent debt.
Corporations - Their saleaDle conditions
being about the same, we see no reason
In not following the above rule in
arriving at their proper valuation. Take as
nrst Monday OF March. Add the market OF
pohqs, II any are issued so per cent OF the
totAl being the assessable value OF the COM
Pany' as the law directs, this kind of property
dnust De assessed separately as personal prop
Sty anu real estate, the remainder being the