The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1898-07-30
MINES and MINING ITEMS
REVENUE Law Is NOT LIKED.

a AFN8N1A A8A1RN A8& W8E A8NhM u
steek Transfers q HaFmfsI Thing
| -AssessasEe sfoek cemIsg Ints
Fsshisn-Diaerest Views Of the
se1fh HalE-sfria<es In Idaho Msnes
i The matter Of the war tax on stock
transaetion is being very earnestly dis
cused among The mining took brokers Of
Denver.
II Il now tolerably well settled that IL
l. the intention Of the law to tax every
sale or agreement TO sell or memoranda
Of sale, whether OF not an actual trans
fer Of stock il made on the books Of the
stock companies, and the directors Of the
mining stock exchange Of that city are
now deyising q plan whereby the brokers
may have the proof Of the compliance
with the law. IL il probable that sys-
TEN of memorandum slips viii be adopt
ed, the stamps to be affixed TO these
sIipa
The most serious feature Of the law ~
affecting the mining stock business in
that state is the fact that it requires the
payment Of q tax Of cents upon each
800 Of par value Of stock. The result il
that stock which is actually worth 500
in the market pays no more than one that
10 worth but $40. The stock exchanges
Of the state are taking steps to bring
this discrepancy before the proper au,
thorities at Washington. II is doubtful,
however. If anything can be done without
congressional action.
| Calvin Bullock, president Of the Denver
mining stock exchange, in speaking Of
this matter, said: The brokers do mot
complain Of the $50 license fee. They are
perfectly willing TO pay that, but it does
] not seem fair that the basis should be
dxed on the par value rather than on the
market value Of stock The result Of
this Is that stock that is worth only
cent on the dollar is taxed as heavily a.
one that is worth 100 cents on the dollar.
There are oil stocks in Pennsylvania and
elsewhere with a par value Of SIS pea
share that are actually worth from 500
to 500 per share. In such cases the stock
that are worth 500 per shane would pay
but 2 cents ON every $500 worth of stock,
while mining stocks that are worth but
cent share would pay cents on each
dollars worth Of stock
ITO show how this thing affects the
local market as we understand il at pres
ent, let US take all the stocks as based
on a 81 600 transaction. This would only
mean l0-share lot If dealing in railroad
or industrial shares, but IL will do foi
illustration as well as q larger amount
and the tax Of cents per SlO0 par value
would be 20 cents on. the sale, or equal
10 one-hfth Of per cent on the money
involved. This tax would be exactly the
same as our own high priced stocks sell.
ing at OF Close to par, like Ekton, foi
instance. But when it comes to stocks
which sell for less than their par value
the result would be wider discrepancy
and there would be a great increase in
the amount Of tax paid on 500 Of actual
value On 5O-eent stocks the amount paid
on 81 600 OF value would be 40 cents ION
ascent stocks, 50 cents; on l0-cent stocks
y; on scent stocks, 81; on l-cent stocks
so; on stocks selling at IS per lO0O
shares, so; on stocks selling at $50 pei
1000 shares, so.
-lf the tax was scaled on the amount
Of money involved there would be nc
, objection TO paying the One-iiftieth Of !
per cent on a transaction, but since the
bulk Of the trading is done in the cheap
er class Of stocks, the tax as it stands II
present amounts 60 a penalty severe
enough to. wipe out virtually all trad.
ing in the cheaper stocks"
Prefer AnuessabIe stock.
Asscssabie companies promise to take
the place of treasury stock corporations
in mining affairs in the northwest. Al
ready there Is evidence Of the fact that
the assessment principle is growing in
favor. It is becoming plain TO mining
: men that assessable stock is the sort
that assures the development Of a prop
erty. Several companies are in prospec,
TO operate reservation claims and a mum
Der Of them will adopt the plan of max,
| ing stock assessable.
A DREAM Of Geld.
! There was excitement in North Repub
: lie, Wash, last week, caused by the result
{ Of an assay made by H f Ellsworth II
+ was 50 fabulous that the popalace of the
: camp caught the news and the infection
in brief space Of time. The alleged fact.
: in the case were gathered anu the figure,
: ale giren by the assayer. 81 Hill ans
! Nngene Sullivan returned from the south
half in the morning and began showing
some nice looking ore. They crushed and
Planned portion Of il They had *
: much gold that they became suspicion.
that 1t was not the true stuff II. w
Lane suggested that they blow in a dol
lar and have Il assayed, 50 that they
I would be positive about It. Here are tn,
figures furnished by Mr.. Ellsworth; Gold
: sl0.S5l.5S; silver. sSl.Sl; total value
value, sl0,lS2.sl. The claim from which
this ore Is taken Is called the Florida AMI
! Is situated six miles east Of the twenty
] four mile post.
soatA HALF Does Not Please.
o. F. rarmeter, well known MOutanl
mining man, who has spent the past tw,
: years in Washington and British Colum
bia. came into Republic from the soutl
half last week. Asked for his opinion o
. that section "a a whole. he said:
/ Il do not like large portion Of Il
There seems 10 be an almost entire alb
i sence Of aoat rock. The granite is, 90 IA
; a. I could see, barren. There are i'm
Z mense hedges Of porphSry lying one upOl
another and immense blowouts Their
are some fine looking properties on Col,
creek and they carry good values. A
!. least they are said TO. have no doob
n that there viii Be some fine propertie