The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1898-08-06
HINES IND M!I!NG NOIES
wan srAlrPs MAKE TROUHLE.

rae Revenue Law u nriving Amer
iean Companies over the nrltinh
Line-ResuminR work On an Oaa
Montana sIine-aaiMinG nFlefs.
One effect 81 the war revenue stamp
tax upon incorporated mining companies
viii Be TO drive some Spokane companies
owning properties in British Columbia
to disincOrporate here and reoFganize on
the other side ef the line, where eondi,
tiOns are more favorable. They levy Of
cents for 500 Of the face value does not
appear 20 be a heavy one on transfers
OF stock but it becomes amazingly heavy
when the volume Of business runs well
up into the thousands Of shares.
The Novelty Gold Mining Company is
Spokane corporation owning the Nov
city fractional claim, lying between the
Giant and Gertrude on Red mountain,
RosslaRd. The company is Incorporated
for 100000 shares 10 Is deemed neces,
aEy by the stockholders at this time to
Increase the capitalization in order to
provide treasury stock to be sold for de-
veloPment purposes. The revenue law
would prove quite a tax, and so the com
pany will abandon Spokane and reOrgan-
ize in British Columbia A meeting Of
the stockholders will be called to assem-
bic in Spokane in August to arrange to
reincorporate with 100000 shares with
par value Of 10 cents, 10000 shares to
go into the treasury. The reduced par
value is made necessary by a bOthersome
British Columbia law which makes the
license and registration fees heavy for
companies with large elpital stock. The
plan is to give each holder Of the stock
in the present company share for share,
which will take up 100000 Of the issue
and leave the balance for treasury pur-
poses.
1t viii 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.
Seott'A DeeIsa0n.
The decision Of Commissioner Scott re-
garding the stamp tax on companies with
stock of a par value OF 81, wherein he
rules that the tax is the same on such
shares as if they were worth 500 per
share, was the topic OF animated discuss
ion among mining men yesterday, but
the general opinion was that the commits
sioneF had no reasonable ground for max
ing such a ruling. Mining men regard the
law as absolutely plain that the tax on
transfers is cents per 800 of face value
or fraction thereof, and on original issues
Of stock companies Incorporated since the
law became effective the revenue to be
paid is cents per 500 face value These
are the fees which secretaries of the var
iOus Spokane mining companies are
charging, and caneelling stamps for the
| same.
| MOuItOn Mine at NeIhart.
| The management of the MoultOn mine
at Neihart, Mont, has begun the prepar-
atOry work of bailing out the shaft and
as soon as the water is disposed Of the
mine will commence active operations.
The property has lain idle ever since
March, 1894, when the price of silver
dropped 50 low that the owners stopped
work, pulled out their pumps and allow
ed the mine to fill up to within 40 feet
of the surface of the shaft.
The diamond r. Mining Company, al
ter four years Of inactivity, has taken
the initiative steps to open up its prop
erty at Neihart. This company owns the
Moulton mine on Rock creek, where II
has erected a shaft house, equipped with
engines and other machinery, including
an air compressor and hoist capable Of
sinking 1000 feet.
The intention Of the company is to clear
all the levels, and begin the extraction Of
ore, at the same time carrying on eOnsid-
cradle development. The force, starting
of with about 80 men, will be increased
as the work advances.
1t is considered a great movement for
the benefit Of Neihart and the surround
ing country. The Moulton in her palmy
days employed 200 miners, and it is not
improbable that she will soon again have
more than 100 on her payroll. 1t is known
that the Diamond r people have not
given up the idea Of a concentration, and
that considerable experimentation will be
further made in this direction.
The Virginia SOLD.
The Virginia Gold Mining Company
will cease to do business as a corporation
under the laws Of the state of Washing.
ton. The, company has been operating
the Virginia property in ROssland camp
Originally all Of its stock was owned in
Spokane. Yesterday when the stockhold-
ers met pursuant to call the number Of
shares held in Spokane represented at the
meeting was less than 5000. The result
Of the meeting was the sale Of all Of the
assets Of the corporation to a new Brit
ish Columbia corporation, the Virginia
Mining Company, limited. The new COM
pany is incorporated for 10000 shares Of
par value Of 81, exactly the same as
the capitalization OF the old company.
The stockholders in the Spokane company
will receive share for share in the new
company.
First Seven Devils Copper.
Down in the Seven Devils district Of
Idaho the inhabitants are celebrating the |
first output Of metallic copper from a
home smelter. A. j. Crook Of the smeIter |
came down from Seven Devils to Weiser
last week and to the Weiser Signal said:
"The smelter has run three days alto |
gether and has turned out about 30 tons |
Of metallic copper. About 30 tons Of ore
can be run through per day, which makes
the yield Of copper about 80 per cent. all
through, something no other camp in the
world can show. Good iron ore has been
found on Crooked river and everything
except coke, necessary to work the ores,
can be found in the district"