| Show DECIDE TO S1 j RESiST INCREASE IN t Claim They Have Long Been Subjected to Unequal and andt t 3 Unjust Standard of Valuations i Efforts to increase the thc assessed valuation of banking institutions institutions will b te be vigorously ly resisted under resolutions and action Salt Lake City bankers Resolutions declaring that the i taken ken by banks of Utah have long been subject to unequal and unjust assessment were adopted by the thc bankers in attendance at yesterdays yesterday's yes yes- I es meeting I With two exceptions ns all aU the banks in In Salt Lake City were represented at the meeting The two banks not represented have since inre been advised of the movement and have promised support of the Continental tal National bank acted as chairman t i T 1 T W W. Boyer c fh the HIP and John Pingree of the Merchants' Merchants bank acted I i to toI toL tot chairman was authorized I committee to represent the tho int a. a L t f Salt Lake e b banks Lt in resisting the tho efforts ef- ef The tho the assessment t. t forts forte to Increase given full tull power to toj committee W Wall waa of or the follow follow- get id and is 18 composed j tug Ing T. T W. W Boyer Boer chairman R. R T. T h ger of ot the Utah State National Walker Bros of ot I L L. H. H Farnsworth r W tf TV W. Armstrong of or the National Copper and W. W W W. Riter of or the Des Des- cret Sa bank The resolutions adopted by the thc then n CI ting follow WHEREAS for tor many years urs tho the assessment of banks for tor taxation tax tax- I atlon has been unequal and UnS un unJust unjust un- un S just as S compared with valuations valuations r placed on other forms or 1 kinds of or property t NOW TH THEREFORE Bo Be It Rel Re- Re l B 1 That it is the Judgment 1 of of this mooting meeting that a a. state wide movement should be 00 instituted r among the banks o of at Utah with ir r the end in view of or bringing about Ir an equitable adjustment of MIl as assessment ast M- M Il t of banks as compared p f with other cla classes ses of taxable t property and that conditions and the results result to be achieved warrant war war- rant in our Judgment the unI unQualified un- un I Qualified support of every bank bankin in the of ot Utah AND FURTHER Be It ReS Rero Re- Re ro v d Th That t. t all efforts effot shall h ll be S directed toward a complete permanent per per- mane manent t and equitable correction I of the Injuries and discrimination tion that exist against the banks and not particularly with tho the I object of correcting the flagrant 2 cases caus of Injustice that have reF recently re- re I f F tenth been directed against 6 lain fain banks and j s BE IT RESOLVED that the banks JJ 4 here represented pled pledge go them- them tj selves to the above purpose f tl Statement i The increased valuation of ot bank r I stocks in Salt Lake county amount i to With reference to this Increase County Assessor A. A H H. ParThe Par- Par icons eons says MYS r The figures already alread published are aref f the Justification of ot the a. assessment nt This office is willing to submit to toI I the Judgment of an any minded fair-minded die die- Interested group of business men as f to the tho equity equit of or tho the assessment In M ao far tar as those banks having the sig- sig E cant Increases are concerned I If there are any Inconsistencies 4 In the tho assessments as ns made such Ii u 3 operate against those banks L chose valuations are practically the lame earns or even less than last year The law Jaw defines fair cash C value as as the price for which It would sell en the tho open market and the marB marI mar- mar B ket et price of bank stocks has been taken laken as the basis o of valuation for all I lor 0 ot the banks that have been lily raised railed tS- tS It t has hag been suggested that book value la is the proper basis for assess- assess but one Illustration will show show the absurdity of ot that position One Ono bank in the city which paid 65 per Ier cent l dh-l dividends in 1914 and whose e E stock Is quoted quote at about 1100 per harp has hM a book bool value of ot per perr r while another bank which t levied le an assessment of ot 50 per cent fIn n 1914 and whose stock Is quoted be- be jiow Par has a a. book value of P Per r share L The following table shows the per- per milage of ut the assessed essed valuation to Market price of all bank stocks which afe In the market While the f country Countr- banks bank are assessed at figures ringing from SI 81 per cent o of par on one of ot the Murray to per pr percent percent cent of par in the tho case of the tho Citizens State bank of Bingham all are at 75 per cent of book value Per Por cent of or assessment to market Bank value Deseret Sa Savings S bank 61 Deseret National l Continental National Farmers K Stock Merchants 1 National z City National Copper 90 90 National Bank of or the tho Republic Utah Savings Trust 85 Utah State National Nl Walker Brothers Bankers Zions Zion's Savings Bank Trust Co McCornick 1 Co 64 64 At the m meeting Ung the tho bankers also aleo authorized the appointment of a committee committee com corn to aid in the entertainment of Utah bankers hankers during the annual meeting of ot tho the Utah Bankers Bankers' association association asso asso- clation to be held in Salt Lake in June JunC The committee is composed of E. E A. A Culbertson of or the National Bank of ot the Republic S S. A A. Whitney of or McCornick Co 0 O C C. Beebe of ot the Zions Savings Bank and Trust company and Eugene Giles of or the National Copper bank |
