The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-06-29

Further action was taken by the min
ing stock exchange yesterday in rela-
ton to the war revenue tax as con-
nected with. mining stock transactions
the matter being brought up through
the receipt of letter by H. D. Peery,
jr., from a mining stock firm operating
in San Francisco, which reads as fol-
lows:
San Francisco, June "a.
Dear Sir-Your attention has already
been called, no doubt, to the stamp
taxes upon the face value of certificates
o. stock. and upon all sales and trans
fers of such certificates, required by the
war revenue act approved June IL, 1893,
and to the necessary results of such
taxes upon mining and mining corpor-
| atoms.
The enclosed is a copy of a telegram
sent to United States Senators Jones
ard Stewart, and Representative New
lands. If your senators and representa-
| tiveS will cooperate with those from
Nevada upon the lines of the telegram,
the law may, through their efforts, be
amended.
If the International Mining Congress,
which is to meet in Salt Lake in July
will memorabilia congress upon the sub
w. E. F. DEAL.
The letter and the duplicate of the
telegram mentioned were read to the
members of the exchange, and on mo-
ton, the governing board was directed
TO give the matter due consideration,
and to take such action in the premises
as seemed best.
Immediately after the morning call
the governing board s;1 a meeting,
xx-H ha ic
fully, the result being ,l,1t telegram,
the text of which is given beloy, was
sent to our senators and representative
in congress, and it is hoped that by
the cooperation of the members from
the western states the war revenue bill
will be so amended as to abolish the
Objectionable features of the same, as
alluded to in the dispatch, which reads
as follows:
TEXT OF THE TELEGRAM
Salt Lake City, Utah, June 2S, 1895.
Senators Frank J. Cannon and Joseph
L. Rawlins. and Representative Will
liam III. King, Washington, D. c.:
The stamp tax on face value certifi-
Gates of stock on sale or transfer
schedule A, revenue act, will destroy
dealings in stocks representing capital
not actually paid in, collectable by as
SeSSmentS. The tax will exceed, in
many cases, the market value of stock,
and will greatly injure all mining cor
porations and business in mining
towns. Have act amended so as to
require stamp on each certificate trans
ferIed or sold without regard to value
or number of shares, as the rule of
boards require delivery by transfer.
This will produce revenue and not in
terfere with business. Many stocks sell
at from mills to cents per share,
the face value of each share being
from 81 to 800. A tax of cents per
share amounts to confiscation 4 tax
of 20 cents, as in civil war, for each
transfer of certificates, without refer
ence to number of shares or value,
would be reasonable. A tax on sale of
corporation stocks similar to tax in
schedule A on products and merchan-
disc on value of sale, instead of face
value, would be proper.
SALT LAKE STOCK AND MINING |
EXCHANGE.
d. H. Airs, president; M. S. Fender |
CAST, vice president; w. H. Tibbals, sec
ond vice president: Charles E. Hudson, |
secretary; Frank Knox, trs asurer; E. L. |
Sheets, d. H. Peery, jr.. r. L. Colborn, |
James A. Pollock, NJ. w. Taylor, gov
erning board.