| Show PARSONS EXPLAINS STAND ON BANKERS County Assessor Declares Assessment nt of Banking Banking Banking Bank Bank- ing Institutions Is Just as Equitable as That of Real Estate Firms Cites Examples of Observation Commissioners Act Next Week That S Salt Jt Lake Lak b banking 1 institution it arc under any more discrimination in the 1 1915 9 1 5 assessment essm than tIle the real estate firms owning subdivisions is the declaration of A. A H. H Parsons larsons county assessor The count county commissioners will meet again next week as a board ard of equalization to consider the protest of the hankers on this years year's cars car's assessment The hankers seek sock to have their assessment assessment as based on the book value and not on all the market value aluc oC or the stock Commenting on tho the situation Mr Parsons said eald yesterday By way of ot preface I wish to quote paragraph paragraphs 6 5 of at section 2505 revised statute 1907 The terms terras value and full cash value mean the tho amount at which the property would be bo taken In payment of ot a Just debt due from froma a solvent debtor Tho The protests of ot the hankers bankers are the only ones onos involving large amounts Their obligations arc are based on tho the contention that It Is unfair to accept as tho true truc value alue of or their shares of at stock BlOCK current mar mar- Continued on pare S. S I p PARSONS A EXPLAINS NS Continued f from ket kat quotations although such quotations quota lions run very evenly over a period of or ten years In the case caso of oC the leading lead bail lug ing banks and uniformly at a figure to yield between 5 per pcr cent and 6 per percent percent percent cent to investors Values Fluctuate It is not nol denied d either than an Investor would have to pay about current quotations if IC he lie desired to bu buy a a. few tew shares of or any given Block or that a a. present holder could soil a afew afew few tew shares at any time limo at about market markeL It Is conceded also that 1 Ifa if ifa a lar large e block were offered at once once- lower prices would ha have hac c to he be accepted ac tIC- and that if an au effort were ma mado o to purchase a large c number of ot shares 0 ot of l any given ghen bank the lie price would no doubt depreciate more or r less As a matter maller of or fact there is 18 never much stock on the market markot The Tue feature of or the discussion on the part of or tho the bankers' bankers attorneys that has Impressed mo me most strongly strong strong- ly is 18 their claim that there is no reliable reliable reliable re re- re- re liable established actual value of or bank batik stocks While the they apparently assume that for all other classes of or property particularly for Cor real estate there is an nit established ascertainable actual value at value at which one ma may bu buy or sell Hell at any time and in any quan quan- I submit that the of or opinion outside o of hanl banking hanking ing circles would be the exact reverse Evidently E taking laking a page from the hook of or tho the bankers hankers a certain real estate company has filed tiled an appeal for relief relict on the ground that If it their entire holdings of or more parcels parcels par par- cels eels in various localities were offered for sale at one time lime the they could not be he sold for tor even the figures at which they are assessed I Makes Realty Comparisons I For another r example a real estate estale I I company buys a tract of acres and plats it In small lots puts lots puts in water vater mains maln grades th the streets plants plant trees 1 I mid and shrubs shrub pays paves the thc sidewalks and arid perhaps a thoroughfare leading leading- to and through the a addition It spends large sums Hums of oC money to advertise ad employs a n corps of or hustlers to canvass can can- vase vass sell and furnishes autos for transportation of ot prospects If Jf the total expense e of or launching the project Is I 00 per lot It Is attempted perhaps perhaps perhaps per per- haps to sell said s lots at each faR eaR easy terms 5 cash and antI 5 5 per per month no interest no taxes until deed passes Salesmen are paid commissions lons which with other ex expenses ex- ex pt consume one half of ot the anticipated an- an d profits and the other half I thereof goes Joes as a reward to lo the promoters promoters pro pro- rooters for tor their enterprise and for Interest on their thell investment in but such profits are realized only after years of or patient waiting XO Noi comes comes the assessor and values alups the lots not on the basis of ot the tho promoters' promoters investment n but on tho retail price of ot the lot lot singly ly or in pairs pairs and and assesses the large Inne group still owned by the promoters at th the same figure per lot a. a as those sold 1 Is it fair ii in the one Instance to to assess the eels pat owned b by one hol holder cl at ot a a. percentage of ot the lie alleged actual value of or the various parcels in detail rc regardless detail regardless of ot what hat might be e obtained for tor the l O parcels in the aggregate or to base basc the value of the promoting company's large lare groups of or unsold lots on the retail price of ot In Individual in- in lots This system has al always always al- al ways wars been followed in Salt Lake Luke county count and without complaint If It it Is equitable to so assess real estate nh why Is it no not equitable to assess s bank shares which arc are al always always always al- al ways liquid assets on the tho basis of their actual value as Indicated by current quotations which are ad admittedly admittedly ad- ad correct for small lots hots Touching Scenes Scones I 1 have bave wished that a group croup of or ormy my banking friends could nave watched for the past three weeks the proe procession s lon of or poor people who I have applied to the heart board of or equal equal- for relief t. t The toll toil worn widow with a brood of or youngsters whom she sIte Is IN struggling ling to teed feed The fhe scrub woman who has haM hasa a a. little cottage the 1 the mechanic with many children and small means who Is trying to pay for tor a n. cheap cottage on the instalment nt plan Tho The I plucky luck whoso patient horse stands under the bankers banker's window dally daily while it Its owner waits nulls for tor hours for fOI a 0 tour lour job joll The rite feeble octogenarian octo ode an supported by his f who helps him bin to tho the office to lo a ask Jt for tor reHe re- re He lief Tho Thu young wife ito whose husband is working for 2 per jer da day a and cannot como come himself to complain that the valuation has been heen raised Iron from J 10 in 1 U to 45 40 in 15 Thin Tho victim who has s been inveigled Into buying on e easy y ti a little place for lot l worth OO-worth worth 1000 1000 anti and wants S 25 j taken off ott lt It will save e 1 51 which will hiu buy Swon Swen a R pair hair of ot shoes next No No- Noi i vember ember so he lie can go be to school Tin The same samo stor story repeated 1 by hy scores I hour after hour and day after aller day I This panorama Is in n strong contract contract con con- tract to the meeting of tho the bankers with their corps of attorneys held one ono da day last Jast week in J Judge Armstrongs Armstrong's court and antl I ha have haC C wondered whether If It those same saIne hankers bankers had been beet compelled com corn to lo witness as aR were wen th the thit commissioners commissioners com corn missioners and assessor this pitiful spectacle they would not say say lay We Ve had as well pay a stiff stitt assessment even ln it if wo o have to reduce our divi den R to HS 48 48 per Jel share for the year ear 1915 |
