Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1909-01-04

If Mr.. Mushet thinks for moment
that the people of Los Angeles are
going to sustain him in his attacks
upon the board of education and SUI
| perintendent Moore, in view of the
foregoing facts, he is vastly mistaken.
and the sooner he realizes his mis-
take, if what appears to be the pos
session of a rather extensively devel-
oped personal egotism will admit of
such realization, the better it will
be for him in his relations to the peo-
| pie of the city and the more certain
he will be of retaining their respect
and confidence.
AS an evidence of the animus and
| intelligence which appear to control
Mr.. Mushet in his criticisms of the
| school board it may be we'll to advert
to another portion Of his recent report
to the city council, in which he says:
81 think when the people are asked
| to place an additional mortgage on
their property of three-quarters of a
million dollars they are entitled to all
the facts. The board of education is
holding as an investment, or as a
| speculation, a valuable piece of real
estate running from Spring street to
Broadway and known as Mercantile
place. The property is worth about
! $1,250,000. 1t is leased for $25, 900 per year,
or about 2 per cent on the investment.
| Think Of one and a quarter million dol
lars belonging to the people tied up in
a 2 per cent investment, and the people
asked to mortgage their homes to raise
three-fourths of a million and to pay
interest at 4 per cent, the bonds to run
forty years"
! The facts concerning this matter are
as follows: In the year 1904 the board
of education decided to abandon the
use for school purposes of the property
referred to by Mr.. Mushet which ex-
tends from Spring street to Broadway
and fronts 120 feet on each of those
streets. If Mr.. Mushets criticism is
correct, then the board should at once
have proceeded to sell this piece Of
property and use the money received
from such sale for school purposes. The
board, however, in view of the rapidly
| approaching value of this property evil
IDENTIFY decided that such an act would
not have been a good piece of financier-
| ing, and they leased the property in
| July, 1904, for ten years at an annual
rental of $4,000. The largest real estate
dealer in the city estimates the value
of this property at the date of said lease
at $4,000 per front foot for the Broad
way frontage and $25OO per front foot for
the Spring street frontage, or a total
valuation of $66O,OOO The amount of
interest charged upon $660,0OO of the
school bonds of the city is $26, 400 per
annum.
| If Mr.. MUshet's own estimate of it's
value is correct. at the present time,
| then the property today is worth $780,
900 more than it was when it was
abandoned for school purposes and
leased as above stated. This property
will certainly show an additional ap-
probation by the expiration of the
lease, but supposing it at that time to
be worth only what Mr. Mushet says
it is at present the city at the expense
of paying $16,40O in interest on $64O, 900,
|
leased, in excess of the total amount
of rentals received, will have gained
the difference between its value at the
time that it was leased and the value
which Mr.. Mushet at the present time
places upon it.
In other words, if the property is sold
at the expiration of the lease for what
IL
the city will be $575,6OO the gamer, by
the reason Of this business transaction
Of the board of education which Mr..
Mushet sees fit to condemn in I'M
measured terms.
| If this is a specimen Of Mr.. Mushet's
business perspicacity, then it is hardly
to be wondered at that the board of
education has resented his efforts to
apply his somewhat remarkable talents
to the conduct of that department of
| the cfty's business entrusted to their
care.
The Herald has wished and does wish
the most successful possible career for
Mr.. Mushet, for several reasons, one Of
which is that The Herald is a believer
in the non-partisan principle in city
government which is responsible for
Mr.. Mushet's election to the office which
he now holds. And realizing that Mr..
Mushet cannot harm himself without,
to some extent at least, damaging the
cause which produced him and is re-
sponsible for his being in office, 1t is
with a good deal Of regret that we have
had occasion to consider the attitude
which Mr.. Mushet has assumed toward
the board of education.
If the criticisms of that board, a
sample of which we have just noted,
are not inspired by egotism, then it
must be credited to a most unfor-
tunate inability to comprehend the
principles of correct business which
should govern the members Of the board
of education in discharging the duties
of their office.
In either case the exhibition which
Mr.. Mushet has made of himself is ex-
ceedingly unfortunate, and it is to be
hoped that the public will be spared
any further inf1iction of this character.
During the Merry Christmas and
Happy New Year celebration in Los
| Angeles three men who are not GRIMM