Los Angeles herald., 1907-07-26

ARE LOWERED
BOARD OF EQUALIZATION ENDS
LABoRS
REDUCTIONS AMOUNT TO MORE
THAN $e,oooooo
Corporations Fight Hard to secure
Decrease in Valuation Of Their
Property for PurF oses OF
Taxation

Adjourning promptly at O'Clock, tne
| scheduled time, yesterday AFTERNOON ~
city council sitting as a board OF equal-
| ization. concluded its three weeks laoors
| with the following results;
Reductions on the $271, 100000 assessment
\ amounted to between 100000 and W.
! 600, 900, including the 2OOO,OOO Doneny
| Mexican petroleum assessment which the
civ attorney advised the board to cancel
Last years assessment was $2OSOOo'VoU.
Cuts made on the nine big corporations
praying for relief were Sl,5ooVVO. Inc
| Edison company secured reduction OF
$500 900 and the Los Angeles Gas COM
pany 100000
Veteran city officials say that no board
has ever had as many serious questions
confronting it as the 1907 reviewers, ans
adjournment came to them with a great
relief.
The hardest fight of the week came
yesterday when the power, lighting and
| telephone companies cases were consid-
cred.
Pleads for Edison
Councilman Wallace contended that the
| Edison company had been assessed un-
fairly compared with the others. its COM
petitors.
1--WE are here sitting as board to de-
eide rightly or wrongly, but to seek to
make the equalization as near just as we
cam" he said.
Councilman Pease also urged that a
reduction be made on the Edison as
sessment.
Both these men contended it was unfair
to use the quotations on a few shares
of stock which rule one day as basis
on which to estimate the values of mill
lions of the same stock.
When the gas company's case came up,
Councilman Pease said:
1T looks to me like this assessment
is heavy one. 1t may be right, but
declare cannot see it. The company is
one of the big factors. in this city"
Councilman Wallace retorted with:
IT can't forget that in arriving at the
value of the tangible assets that the
earning power counts, and we are told
this amounts to $2,U000O0 annually for
this company Any one who has a gen.
eral knowledge of gas companies knows
that they are big moneymakers.
"Of course depreciation in a plant of
this character is more marked than in
any other. Yet it is evident that the stock
has big value"
Councilman Dromgold urged that the
board stand by the assessor.
Finally Councilman Wallace moved to
cut the Edison company assessment $780,
900, Lyon seconding. Councilman Yonkin
wanted it amended to 81, 000, 900, but with
drew it. This was carried.
Councilman Blanchard moved that the
gas company assessment be cut $500 000
which was carried, to T. the negatives
being the on-partisans-Messrs. Wallace,
Dromgold, Wren and Pease.
Cuts chutes Park
The board allowed a cut on the Chutes
park property from $277,000 to $235,O00 A
reduction to 100000 was asked Judge D.
K. Trask representing Mrs. Norah Nc
Cartpey. owner of the property, explained
that largely through his advice, he believ-
ing that the property would be wanted
for municipal purposes eventually, the
park land had never been subdivded. The
lessees paid to Mrs. Mccartney only a.
monthly rental of $500, and the Chutes
property was assessed at higher valua-
ton than property across Main street
and Washington street
Cuts allowed by the board among char
liable institutions were:
Little Sisters of the Poor, 30 per cent
Deaconess' hospital, 80 per cent.
Orphans home, 80 per cent.
Hospital of the Good Samaritan 80 per
cent.
Hollenbeck home, 90 per cent. exclusive
of the home of Mrs. Hollenbeck.
Miscellaneous cuts were:
Equitable Savings bank, from $4,000 to
$4,000.
Coulter Dry Goods company, from &c.,
900 to 5000.
Hauser Packing company, from $4,000
to $5000
Sun Drug company, from $4,000 to
$29, 000
Fullerton Oil company, from s211 $50 to
100000.
Rice Ranch Oil company, from $274,OOO
to $3.50, 900.