East Oregonian : E.O. (Pendleton, OR) 1888-current, 1910-06-24

through failures would be practical
ly impossible, would be to enact a
banking law containing restrictions as
to the Investment of savings deposits,
which would not only safeguard the
depositor but be a protection to the
bank as well.
A law of this kind, when enacted,
should be enforced and the penalty
for the violation of any of its provi-
sions should be severe. With such a
law properly enforced, postal savings
banks and bank guarantee laws would
soon be thing of the past.
There are many other questions now
being discussed by congress which
will be for the benefit or injury of
the banking interests of this state
and the incoming legislative commit
tee should give all these matters its
earnest consideration.
Protective Committee.
The protective committee of the
association has been active and sue
cessful in the apprehension, prose-
cution and conviction of criminals
who prey upon banking institutions
| and excellent results have been OBJ
tanned.
Postal Savings Banks.
The postal savings bank bill, I do
no think will affect the banks of this
state. Its effect. If felt at all. will
be in the larger centers, where the
! foreign population is dense.
The minute detail and red tape es-
sential in the conduct OF such an in
stitution would prevent its patronage
by many of our people and l have
no fear of its affecting our banking
Institutions should it become a law.
| People now depositing their savings
in our banks certainly have conf
| dence in them and l am sure will
not withdraw their savings from our
banks and deposit them with a postal
| savings bank for from one to two per
cent per annum less interest.
Taxation of Bank Stock.
| During the past year your presi-
dent has endeavored to ascertain what
method was pursued by the assessors
| of the various counties of the state
in making their assessments on bank
| stock and / was much surprised to
learn that almost every assessor had
a plan of his own and that the law
was not being followed except in a
| few cases
1 have never believed that banks
| should carry more than their just
proportion of taxation, but from the
information l have gathered I know
that they are doing so, wherever the
assessor follows the law. Take Multi
| nomah county for example: The as
| SCISSOR claims to assess real property
at 10 per cent of its real ground val
ue and 60 per cent of the cost of the
| improvements, while banks are as
sessed for the full value of their
stock, ascertained by adding to the
| capital the surplus and undivided
profits. The law clearly provides that
real value and it is unjust and un-
| fair to assess real estate at less than
| it real value and to compel banks
to pay taxes upon their capital, sur
plus and undivided profits.
This is an important matter and l
wish to urge and impress upon the
bankers of oregon the necessity for
taking steps that shall enable the
bankers to properly present the ques-
| ton, of taxation to our state officials.
would also call your attention and
suggest that at our annual meetings
we take up and discuss practical sub
! jects pertaining to banking. Much
good can be accomplished by an in
terchange of ideas and I hope that
we will give this feature of our work
more attention in the future than we
have in the past.
I would be ungrateful, indeed,
should 1 not at this time express to
| the members of this association my
gratitude for the great honor confer
red upon re in my election as the
president of this association at our
last meeting and believe me when l
say that I am truly and duly grateful.
Respectfully submitted.
r. w. SCHMEER,
President.