Los Angeles herald., 1908-09-19
WANT MILLION
FOR PROPERTY
WORTH $5OO,OOO
AFFIDAvlTS SHOW WATER
SITUATION
COMPANIES HAVE NO lNALiEN-
ABLE RIGHTS
Swear Before County Board of Equal-
lzation That Actual Values Are
About HalfA Amount
Asked
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formation and belief, and as TO those matters
w. S WRIGHT.
subscribed and sworn to before me this 10th
day of July, 19u6
tseai1 c. G. KEYEs. courHy Clerk.
by L. o. Weed. Deputy Clerk.
o. S. WARD for w. S. WRIGHT.
A.
AS to franchise assessed at $50. $50.
Applicant is not a cooperation for profit Its
water is distributed principally among It's
stockholders.
lSot value of its shares does not exceed $50 per
share.
1884. ssxsso--
Tot2l MAJ ket value of shares $2oA,Vfi
Ii owns no bonds.
The assessed valuation of its tangible assets
as per the roll is IN round ngures S-ly,sSo.
Assessed at so per cent making its real
value for this purpose SiS9,67O, this leaving no
difference between market value OF stock and
tangible assets that will represent value OF
franchise according to the assessors usual
practice in arriving at value OF franchise.
B
AS 10 the assessment for water and water
rights, $4,000.
With the exception of flood water In winter.
all of the water taken by applicant is taken
uom its own land. This land and that water
is all realty and is assessed as realty.
We take some flood water in winter from the
Arroyo Seco at Devils Gate. 1t is taken from
the stream on and where 1t crosses our land
which is assessed as realty.
l. c. G. Keyes, county clerk ana ex-onlclo
clerk of the board of supervisors OF SAD
county, do hereby certify the foregoing 10 pe
tull. true and correct copy OF tne s,aa
Land and Water company's complaint hiea
with the board of equalization Of Los Angeles
county on July II, 1906. on file in my ONCE
and that / have carefully compared the same
with the original
In witness whereof I have hereunto set my
Rand ana AFFIXED the seal of the board OF su-
pervisors this 18th day OF September. ,. Evs;
tSeaD c. G. KEYES, County Clerk
BY L. r. Paxton, Deputy.
He swears that the company is not
corporation for profit, yet the jealous
champions of the purchase OF the
plants have repeatedly declared tnat
the bonds and interest could be taken
care of out of the profits of the COM
panies.
City Asked $s5 Share
He also makes affidavit that the
shares of the company have market
value not greater than $50 a share. but
the city would have to pay $50 plus the
price of the improvements claimed or
S25 more than the market value OF
the stock without considering the pos
sible increase of value on account OF
improvements.
The total market value of the shares
is given in the affidavit as $254,0I7,
while the price that Mayor Farley says
is cheap for the property IS in excess
of $600,000.
The city was to have paid nice
round sum under the original vote Tor
the water and water rights of the east
side company, but Attorney Wrlgnt
swears that the company should not be
assessed for water or water rights, as
the water is taken from the realty al
ready assessed.
When it came to fixing the price for
the city to pay, two separate boards
appraised the water, water rights and
water bearing lands and the items were
added in the final summing up of the
report of the engineers board and the
realty board.
Favor Municipal Ownership
The affidavits were made subsequent
to the arrangements whereby the city
was to buy and subsequent to the bond
election, so that if the sworn state
ments of the two men are true IT
would appear that the properties or
the two companies have either depre-
ciated very considerably since the cleo
ton or that some mistake was made IN
estimating their real value.
The opposition are in favor of muni-
cipal ownership of water almost to a
man, but they claim that the property
can be bought much cheaper and that
a clear abstract of title should by all
means have been insisted upon before
the bond election. They think that at
least so per cent can be saved by maxi
ing a new deal with the companies on
the basis of actual value of what it is
possible for them to deliver a clear
title to.
Mayor Farley, on the other hand.
contends that now is the time to buy
the plants before some private corpora
ton snaps up what he terms big bar
gain for a set of secondhand water
plants.
The surprise, however. comes from
the fact that representatives of the
companies have sworn to statements
that would tend TO depreciate the value
of the plants, and the people are left to
wonder as to whom 20 believe, Mayor
Farley or the affidavits.