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the real estate clearly taxable as real estate and real estate only, but
that the wires, poles, mains etc are also real estate and that the actual
personal property taxable as personal property is very small indeed.

Had the assessor assessed the personal property of the Gas Co. with-
out a rendition by the Gas Co., I am of the opinion that the valuation could be
reduced so that it would only cover the actual personal property which I
have heretofore stated was of very small amount, but the Gas Co. having ren-
dered such things as personal property, it is not for the city at this time
to dispute the rendition of the Gas Co. and to say that the Gas Co. has not
the property which it rendered independent of and in addition to its proper-
ty which is real estate, and for that reason I do not believe that the Gas
Co. can successfully impeach its rendition, that is reduce the valuation
below the amount specified by it in its rendition, but when a question of
raising the valuation arises a different legal proposition is presented, and
in order to sustain a raise I am of opinion that it would be necessary for
us to show , in order to make the estoppel work, that the Gas Co. has inde-
pendently of what is in law its reality, personal property of a value in
excess of that fixed in its own rendition. This, of course, under the fore-
going opinion would be impossible.

The only point that the city could make on appeal would be that
the Gas Co. having rendered the items by it shown in its rendition as personal
property, that it would be stopped to say that such property is realty.
This I am inclined to believe is true, but only to the extent of the valua-
tion placed upon it by the Gas Co. itself, for no duty devolved upon the Gas
Co. to render its realty and the presumption of law would be that its realty
was assessed by the assessor at its legal value, and the appeal having been
taken by the Gas Co. only from that action of the Board of Equalization which
raises the valuation of the personal property in issue to the valuation
of the real estate cannot be considered or determined on this appeal.

If the court should hold, which I do not think reasonably probable,
that the property rendered by the Gas Co. should upon the principle of estop-
pel be held to be personal property and not real estate, the only test of
value that could be applied would be the worth of the stuff as personal
property disassociated from any valuation of intangible assests and disassociat-
ed in my opinion from all other elements of value except the ordinary test