Show r INDIGENTS ASK REDUCTIONS r That Number Appeared Before County Equalizers According to A. A H. H Parsons r LOO MORE THAN IN 1914 r. r Assessor Makes Statement in Which He Comments on Bankers Bankers' Action Sixteen hundred persons applied as idl to the county board of equal equal- l- l j I rut I on asking either abatement or re- re of ot IHo crt assessment during the recent sessions of ot the thc board boud ac- ac to A. A H H. Parsons county as- as C or Till This number I Is more than d In 1014 Others Other who made ap ap- this year car for tor reductions num- num bored a s as compared with 1317 In UH 1914 Mr Parsons gave out an Interview yesterday commenting on the action of or local bankers banker in iii opposing the assessment assess assess- ment nt of f bank stocks at al their market I value alile It follows r By way of oC preface I wish to quote p paragraph 5 Ei of section 2503 i 05 Revised no Statutes 1 1907 07 Oj The terms value and ancl full cash value mean the lie amount at which the property would be he taken in pay pay- ment of oC a just debt due from a aol ol debtor IP L The Thie protests of or time the bankers are the I only nl ones Involving large amounts yr heir objections are aro based on tile tie contention contention con con- that it is unfair to accept as th the true truo value of ot th their lr shares of oC stock current market markel quotations although such quotations run ery very evenly over o period perIo of ot ten tell years ears in the tho cae case of or the lo-Ading lo banks hanks and nd uniformly at a. a t l figure t tc ta yield he between tween 3 5 per cent and andS andS' S' S per pel cent to investors It Is not elther that an In Investor investor In- In vestor estor would ha have hato to pay about current quotations I If he lie desired to buy a few shares hares of ot any given stock or that a present holder could sell a few shares at any time at al about market It is conceded d also that if it a large block were offered at nt once lower prices would have to be bc accepted and that thai If It an effort were crt made to O purchase a lar large num number er or Of snares or 01 an any ammy given inc price would no doubt appreciate more or less As Asa a matter of fact tact theme Is never much stock on the market Value r 1 L The Tho feature of the discussion on the part of or the bankers banker's attorneys s 's that has impressed mo me most strongly I Is their claim that there is no reliable established established estah- estah actual value of or bank stocks While they apparently assume that for tor I nil all other classes S of ot property particularly particularly larl for tor real estate estale there Is an es established established es- es ascertainable actual value value aluc at which one may bu buy or sell at any anytime time lime and ani In 11 an any quantity I submit subunit that the of ot opinion outside of ot banking circles would be the exact reverse B l Evidently taking a page Ja e from the lie book of the time bankers banker a certain real es estate estate estate es- es tate company has filed an appeal for relief on tho the ground that If Ie their en entire entire en- en tire holdings holding of or more parcels In various localities were offered for tor sale at lit one time they could not be bo sold for or even the figures at which thc they are ase as- as e ed 4 For or another example a real estate state I company buys bus n a tract of ot acres and I plats pints it in small lots puts lots puts in water mains grades the streets plants trees tree I and shrubs paves the lie sl sidewalks and p perhaps a thoroughfare leading to and andt t through r fh the thc addition It Jt spends Jargo sums of or m ne t to advertise em employs loys a corps of hustlers to canvass and sell ell elland and nd furnishes autos for transportation nf or mf prospects I If IC tho the total expense of or launching tho the project is 15 per lot ItIs it itIs itIs Is attempted perhaps to sell said lots at It each easy term 5 cash cacti and ands S per pcr month no Interest no io taxes until until un un- til UI deed passes Salesmen are arc paid Commissions which with other expenses one half of or the anticipated profits and nd the other half halt thereof goes foes as IS a reward to 10 the promoters for tor their enterprise and for tor or t on un their Investment in- in vestment but hut such lIeh profits are arc realized only after years of patient waiting J. J lIeu I Method Now ow comes ti tilo assessor and values the he lots lilts not nol on the thc basis of the promoter pro moter Investment In but bUl on out the time retail price of ot the tIme lot singly l or in pairs pairs pairs- and aull assesses the tho lar large e group roup still stilt owned by the promoters at the sam r figure nrc per hier lot as those soMIs sold soM Is f it fair fall In the thc one instance to assess the parcels owned by bv one holder at n a percentage e of the alleged actual value of the time various parcels In re regardless 11 regardless ardless of or what that ml might ht he be obtained for tor the 1 io O parcels In the thi a ag aggregate aggregate ag- ag re ate or to base baso the value alue of oC the promoting company's compans large groups g of or unsold lots on th tin tho retail price of oC In In- In d lots This system has In h Y always alway u in Iii oun itiL L J tI C county any Without complaint P I If I it is equitable so to assess real l ij estate lat lato why I Is It not equitable to assess batik shares which arc always liquid Resets assets on tho th ba basis ls of or their actual AS s Indicated h by current quota quota- lions which are arc admittedly correct for lots lots' lotsI I 1 have han wished that a group of ot my 01 Lut friends could have watched I for or tho the past three e weeks s the procession of oC poor p people ople who tho have applied to tho lie board of or equalization for or relief relict lun Seek Keller The worn toll wl widow ow with a brood cf cr youngsters whom she Is struggling to o feed teed the scrub woman who has a l little cottage the mechanic with man many children and small means who isho Is try try- lug irig to pay for a cheap cottage on the time plan the pluck plucks express express- man whose p patient horse stands under the bankers banker's window dall daily while Its owner waits walts for hours for tor a four bit rob ob the tho feeble octogenarian supported support support- ed cd b by his lila wife wIre who helps him to the theoffice theoffice office to ask for relief Teller tho lie young oUn wife whose husband is working for tor 2 per da day and cannot annot conic come himself to complain that the lie valuation has b been en ralso-l ralso from HO 40 40 in H 14 to S 43 in Hi 15 13 the victim who has been inveigled Into buying on easy terms terms' a little place for worth hOO-worth worth 1000 and 1000 and wants 26 25 taken off otC off It will save 1 which will buy lUy Swen a pair of j shoes t ne November No- No 0 vember so lie he can go JO to school The story repeated b by scores hour after hour and antl Ila lay day after d day This panorama Is in stron strong contrast to tIme the meeting of oC the lie bankers with their corps of oC attorneys held one da day last week in iii Judge Armstrongs Armstrong's court and I have won wondered ered whether If It thos same annie bankers banker had been compelled to a as were the commissioners and ass ass' assessor sor t this ls pitiful spectacle th they would not sa say Wo as well vell pa pay paya a stiff EUf assessment even een if It we have to reduce our dividends s to 18 IS per share for time the year 1910 |