The San Francisco call., 1899-07-14
MARKET-STREET
RAILWAY KICKS
At ASSESSMENT |
Demands a Cut of
100000 Cold.
SPRING VALLEY IN LINE, TOO
BANKS OBJECT TO TAXATION OF
BONDS.
SPRING VALLEY IN LINE, TOO
OBJECT TO TAXATION OF
BONDS.
Protests That Aggregate Millions
Filed With the Board of Equali-
zation, Which Will Con-
slider Them To-Day.

The Market Street Railway Company
will lead the long line of corporations that
will march to-day before the Board of
Equalization armed with protests against
the assessments Assessor Dodge has
placed upon their holdings. Henry Lynch,
manager of the Market street system,
filed his protest with Chief Clerk Russell
at 4 O'Clock yesterday afternon. Mr..
Lynch in his petition denies that Assessor
Dodge has any right whatsoever, under
the law, to assess the companys fran
chise, but at the same time admits that
he had by applying for a reduction in
stead of a cancellation.
Mr.. Dodge fixed his figures on the COM
pany's franchise at the extremely low fig
ure of $10,047, ,569. The company through
Mr.. Lynch asks for a reduction to $6,479,-
019, a reduction of $3568, $50. 1t gives no
reason for its figures; it quotes no basis
or system of calculation by which it ar
rived at them; it simply says that the
county has no right to tax its franchise
anyway, but that out of the sheer good
heartedness that characterizes that ami
able corporation it will stand taxation to
the extent it arbitrarily lays down
Almost modest are the Spring Valley
people. They 60 farther than the Market
street crowd, in that they back their pro-
test with a reason for it. Spring Valley S
franchise is assessed at So 800 900; it wants
these figures reduced to $500 900. The
pipe line is valued at So, ,636 GOO, which fig
ure it wants pared down to 81, ,1S2 900. In
support of it's protest il says that when
the water rate was fixed by the Board of
Supervisors the amount of taxes the COM
pany would have to pay was figured in
making up the rate schedule, and that the
assessments of Mr. Dodge are in excess of
that calculation If Dodge's figures are
allowed to obtain, says the company, the
legal income allowed it in the fixed rate
will be impaired, consequently they have
figured their reduction on d scale to con-
form to the rates established.
To-day the banks and the money brok-
ers will go before the board to show cause
why the assessments on their property
should not be placed at a figure some
where near commensurate with their as
sets. Ten o'clock this morning is fixed
as the hour for them to appear, and 1O
o'clock will see the representatives Of
more millions that will appear on the en-
tire assessment roll on hand to convince
the board that they are one and all on the
verge Of bankruptcy, and have merely
pennies where the Assessor says they
have dollars.
BY the resolution adopted by the board
on Tuesday every banking and money
broking institution in the city has been
summoned to appear: A number OF them
are already attempting to ward off pos
sible increases in their assessments by
applying for reductions in the figures al
ready established by Assessor Dodge. OF
these the bank of Wells, Fargo &. Co..
which Mr.. Dodge classed as one of the
sipperiest customers on his list, has been
first to come to the front With sur.
plus of over So 900 900 on a capital of
$500 900 the bank has the supreme nerve
to swear that it is worth in assessable
property only $516O99. The modest hgures
of Assessor Dodge are based on taxable
valuation of $726,744, but the corporation
in a protest filed yesterday demands that
that amount be decreased by $2lO,645.
The Hibernia Banking Association, one
of the wealthieSt banking institutions in
the country, asks for reduction in Its
assessment of a cool million and half.
Assessor Dodges figures on the bank
taxable assets are as follows: BONDS OF
the Market-Street Railway Company, ST.
127 600; bonds of the Spring Valley Water
Works $25S $50; bonds of the Sutter-street
Railway Company, $685. ,750 bonds of the
Powell-street Railway Company, $60,500.
Total, 81 ,615 600
In addition to these the banks fran
chise is assessed at $4,000 and there is a
United States check for s121 S75 for inter-
est due on United States bonds and loans
on bonds to the tune of $4,000. President
Kelly claims that these assessments are
not only excessive. but in a number of
cases illegal in that no deduction was
made for bonds held as security on loans.
He asks for reduction from $2,601 ,37 to
$S49 ,0O2.
The Pacific Gas and Improvement Com
pany asks only a million off on its as
sessment. Its franchise is valued by the
Assessor at $1,57972 It's entire assess
ment is 81 ,445, ,450 1t wants reduction
to 81 AS ,45O.
The Oakland Water Company, assessed
s400 900 on it's franchise, and the Contra
Costa Water Company with $750,000 as
sessment want to be cut off the list en-
tirely, notwithstanding that their prin-
cipal places of business are in this city.
dozen other of the banks of the city,
with bond assessments aggregating S.
900 900. filed protests asking that their
bond assessments be Cancelled upon the
ground of their illegality. They will all
have an opportunity to prove their cases
this morning and to-day's session should
lack nothing of interest.