| Show BANKERS OBJECT j- j TO ASSESSMENT I Action Taken Take With View to Obtaining Ob- Ob ObI Obtaining Ob Ob- I Injunction Against l Assessor I All An of the banks In the Salt Lake Lako I Clearing House association with t the thc exception of or tho the National Bank of the thc Republic were represented at the meeting meet meet- In ing held In Walker Brothers Brothers' bank meet meet-I yesterday yesterday yesterday yes yes- to tako take action looking toward the enjoining of A A. A H H. H Parsons county assessor from rain certifying to the valuations valuations valuations of or bank stock which he has made The bankers were reticent to talk of or what action was taken until T. T W W. W Boyer Royer cashier of oC the Continental National Na Na- bank bane who was chairman of the tho meeting prepared a statement and Na-I Na appointed appointed ap ap- ap- ap pointed a committee to handle the banks banks' side Ride of the assessment ques ques- tion air Mr Ir Boyer Boer did not appoint his committee yesterday ester afternoon afternoons John I ree president of at the Merchants bank was secretary of or the meeting but referred all Inquiries to Mr Ur Boyer The Thc banks take exception to the stand stanel of the count county assessor that bank stock be assessed at Its Us market value Instead of Its book value It was pointed out at the thc meeting that some Rome of tho the bank stocks Jn Sn Salt Lake are quoted on tho the open market at a much higher value than the book bool value as shown by the tho books of the bank It was as asserted that th the assessment made b by the count county assessor Is not the correct correct correct cor cor- way of or arriving at the true value of the tho stock One Ono of oC the largest savIngs savIns sav sav- ings Ins banks hanks In the city It was pointed out out Is earning on only 3 J per cent on Its It deposits capital and surplus although It pa pays s 's 24 per cent dividends on Its lIs capital capit l stock The bankers threshed out the tho reason for Cor its stock selling us high as a sharo share and contend that the assessor was as attempting attempting to assess the good will of the bank banks bank's s business b besides assessing the Influence whIch Its officers and directors might have In the matter of obtaining deposits am and the making of lar largo large e loans Tho figures already published arc are the Justification of the the assessment This office Is willing to submit to tho the judgment of or any disinterested disinterested disinterested disinter disinter- ested group of business men as to the equality of ot tho assessment Insofar as those banks having having- the tho significant In Increases Increases increases In- In creases are arc concerned If It If thero there are an any Inconsistencies Inthe in inthe inthe the assessments as made such operate against tho those c banks whose valuations are arc practically the same or even oven less than last year The law defines fair cash value as tho price for which It would sell on the tho open market and the market price of or stocks s ha has been taken as the basis of valuation for all of the banks that have havo been materially raised It has been that book value Is the proper basis for tor assessment assess assess- ment but one Illustration will show tho the absurdity of ot that position One bank In the city eHy which paid 6 65 per cen cent dividends in 1914 and whoso whose stock is 18 i quoted at about 1100 per share has lias a book value of per share while an another another another an- an other bank which levied an assessment of GO CiO per pel cent In 1 1911 and whose stock is quoted below par has a book value of per share The following figures I show the percentage per per- e of oC the assessed valuation to market price of all bank stocks which are arcs quoted In tho tiro market While th the country countr banks are assessed at It figures figure ranging front from Si 81 per cent of or par on one of tho the Murray banks hanks to pe per percent percent cent of par In tho the case of the Citizens Citizens' State bank of Bingham ham and all at 7 75 per cent of book boole value Deseret Savings Saving's bank 62 1 per cent Deseret National 62 2 Continental National Farmers ers ers ers' 4 Merchants Merchants' 73 2 National CIt City 74 5 rational National Copper 90 National NH Na- a- a Bank of tho the Republic 76 8 Utah Savings SaYings Ss Trust 85 Utah State Stat National 60 Walker alker Brothers Bankers Bank Bank- ers lions lion's Savings s Bank Trust d Co 6 64 |
