Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1911-06-17

Des Moines, June 17.-The bankers Of
Des Moines will make the fight to have
declared illegal the new law as to
assessment Of bank stock. They will
do it whether other bankers join them
or not.
They will have to make a remarkab bly,
good showing before they can get the
law overturned, for the supreme court
has had bother enough with the old
system, or lack of system. The new
law was made to some extent, because
of abe infinite bother the old way was
for the courts.
The latest decision of the supreme
court settled it that a test would be
made Of the law. AS between this de-
cision and the new statute the bankers
nave been hard hit.
The decision Of the supreme court
rendered this month in a Polk county
case, taken in connection with the new
law, makes it impossible for a bank
owning real estate to get the benefit Of
the universal custom Of assessing real
estate for about half its worth The
bank is Disseminated against as COM
pared with the individual land owner.
The supreme court in the Valley In
vestment case in Des Moines held that
it was proper to deduct the assessed
value Of real estate owned by a bank
from the value Of the capital stock.
Heretofore 1t has been the custom to
assess the cost or actual value of the
real estate. If a bank owns a great
deal Of real estate this makes big
difference. The new rule, according to
the bankers, means simply that there
shall be added to the assessment Of the
capital stock the difference between the
real and assessed value of whatever
rally is owned by the bank.
This new rule, taken in connection
with the rule of 80 per cent assessment
Of the bank stock means that the
owner Of bank stock gets only small
part Of the advantages which come to
other property owners. The courts will
be asked to declare null and void this
manifest discrimination
This will not affect the assessment of
money and mortgages.
The G.. A. r. encampment at Mus
catine In giving special praise to Sen
ator Brown of Decatur. raised a ques-
ton Of some invidious comparisons.
There are seven members Of the leg
islature who were civil war veterans
Messrs. Brown, Neal. Quigley, Fitch
patrick, Zeller. Schee and Ripley. The
resolution adopted at Muscatine thanks
Senator ]. d. Brown ''for his untirine
efforts to carry out the expressed de-
sires Of the department, and also for
his Jealous activity for all legislation
in the interest Of the veterans
The earliest announcement" of a
candidacy for the legislature next year,
it is believed, is one published in the
Creston Advertiser, the formal card
announcing that E. J. Heaton will be
candidate for the republican nomina-
ton for representative in Union county
at the primary next June. The county
is now represented by democrat.
Reports to the board OF control are
to the effect that on the state farms
at the institutions the crops are gener-
ally good but that rain is needed much
more In the southern part Of the state
than in the northern. The new farm
which the state has at Fort Madison
has been increased by the rental of
large tract of land. Warden Sanders
is in favor Of greatly increasing the
size Of the farm and 50 far as pos
sible doing away with all contract Ia
bor Warden Barr at the reformatory
also believes big farm would be val
liable for the work Of the prisoners.
Tho state board has small approprl-
alton for purchase of land and this will
be done during the next year if cor
rect price can be had.