Lewiston teller. [volume] (Lewiston, North Idaho) 1878-1900, 1898-08-05
MINES AND MINING NOTES
WAR STAMPS MAKE TROUBLE.
The Revenue LAW Is Driving Amer
lean Companies over the British
Line-Resaminw Work ON an Old
Montana Mine-Mining Briefs.

One effect of the war revenue stamp
tax upon incorporated mining companies
win be to drive some Spokane companies
owning properties in British Columbia
to disineorporate here and reorganize on
tons are more favorable. They levy Of 2
cents for 500 of the face value does not
appear to be heavy one on transfers
Of stock but it becomes annoyingiy heavy
when the volume of business runs well
up into the thousands of shares.
The Novelty Gold Mining Company is
u Spokane corporation owning the Nov
city fractional claim, lying between the
Giant and Gertrude or Red mountain,
Rossland. The company is incorporated
for 1890, 900 shares. 1t is deemed neces-
sry by the stockholders at this time to
increase the capitalization in order to
provide treasury stock to be sold for de-
velopnent purposes. The revenue law
would prove quite a taxy and so the COM
pany win abandon Spokane and reorgan-
ize in British Columbia. A meeting of
Bile in Spokane in August to arrange to
reincorporate with 100000 shares with
/ par value of 10 cents, 100000 shares to
go into the treasury. The reduced par
value is made necessary by bothersome
British Columbia law which makes the
license and registration fees heavy for
companies with large capital stock. The
plan is to give each holder of the stock
in the present company share for share.
which will take up 100000 vi the issue
and leave the balance for treasury pur-
poses.
II will be noted that the company
leaves Uncle Sans country to escape Sc
we're taxation only to find it necessary to
reduce the capital stock 90 per cent. in
face value in order to escape taxation al
most as severe in the queens dominion.
scott's Deciaion.
The decision of Commissioner Scott re-
gardng the stamp tax on companies with
stock of par value of 81, wherein he
rules that the tax is the same on such
, shares as if they We're worth 800 pei
share, was the topic of animated discuss
ion among mining men yesterday, but
the general opinion was that the commits
ing such ruling Mining men regard thu
law as absolutely plain that the tax OF
transfers is cents per 800 of face valu'
or fraction thereof, and on original issue
5 of stock companies Incorporated since tn
law became effective the revenue to b.
paid is cents per 500 face value. Thes
2 are the fees which secretaries of the var
r ious Spokane mining companies ar
charging, and cancelling stamps for tn
same.
MouIton Mine mt Neihart.
4 The management of the Moulton min
4 ut Neihart, Mont, has begun the prepai
/. atory work of bailing out the shaft an
e as soon as the water is disposed OF tn
n mine will commence active operations
The property has lain idle ever sine
+ March, 1894, when the price of silve
n dropped so low that the owners stoppe
e work, pulled out their pumps and allow
d ed the mine to fill up to within 40 fec
= of the surface of the shaft.
The diamond r. Mining Company, a
n ter four years of inactivity, has take
If the initiative steps to open up its pro-
erty at Neihart. This company owns II
" Moulton mine on Rock creek, where
N has erected shaft house, equipped wit
1t engines and other machinery, includin
N an air compressor and hoist capable
sinking 1000 feet.
As The intention of the company is to clei
4 all the levels, and begin the extraction
ne ore. at the same time carrying on consi
cradle development. The force, startit
n Off with about 80 men, will be increas'
as the work advances.
r. 1t is considered great movement I
as the benefit of Neihart and the surroun
IT. ing country. The Moulton in her palm
H. days employed 200 miners, and it is N
h, improbable that she will soon again ha
+. more than 100 on her, payroll. 1t is know
ng that the DIAMOND X. people have n
given up the idea OF a concentration, al
ne that considerable experimentation will
its further made in this direction.
he The Virginia Sold. .....
as The Virginia Gold Mining Compa
We will cease to do business as a corporate
ire under the laws of the state of WashiI
Se' ton. The company has been operati
et- the Virginia property in Rossland can
ne Originally all of its stock was owned
srI Spokane. Yesterday when the stockho
ne ers met pursuant to call the number
ny shares held in Spokane represented at
ay meeting was less than 5000. The RESI-
of the meeting was the sale OF all OF
iat assets of the corporation to new 81
len ish Columbia corporation, the Virgin
as as, Mining Company, limited, The new co
e'' pany is incorporated for 5Oo,ooo shares
par value of 81, exactly the same
ith the capitalization OF the old compa
en- The stockholders in the Spokane compa
nse will receive share for share in the II
company.
Pleased with Dirty water.
la The Black Cloud mill is running re
e.. larly, everything moving along smooth
40 For the first two or three days it '
~ run on waste to let the machinery
'saa in shape for regular work and joints
M so as TO be water tight, but ore
-o1 now going through right along and
-, lot of concentrates is being saved.
i"' bava haan made but III ,