The Minneapolis journal., 1902-08-23
ESCAPES TAXATION
Capital Stock and Franchises Over
looked in South Dakota.

- .g.-a looked IN SOuIu DdAOGUs
- PIERRE. S. D.-state Treasurer schannber,
in his letter accompanying his annual report
to the governor, takes up the matter Of filing
Of articles Of Incorporation in this state in
the following language: =,
II would respectfully call you attention to
a portion of section g., chapter %, laws OF
1885, which provides for the listing and as
sassment of capital stock and franchises OF
corporations and persons. The returns from
the various counties show that this class Of
property has been entirely overlooked, not
withstanding the fact that articles Of incorpo-
ration on file in the Office of the secretary
of state showing that the capital stock of such
, corporations aggregates many hundred mil
lions, which property entirely escapes taxa
tton.' l fully appreciate the difficulty of coll
lecting a tax on this class Of property, but
trust that you may be able to suggest to the
next legislature some method by which such
tax can be collected or the corporations dis
solved. There are also several companies
which run refrigerator cars into the state on
which no takes have been paid In the past.
law should be enacted by the next legis-
lature authorizing the assessment of these
cars" ~ .-.~ p:
The treasurer also takes up the matter of
disposal of the public school fund, showing
that the surplus on hand in this fund has
increased from S89, ,870 o. on July 81, 1901, to
s5ss, ,511.C .C6 on June 80, 1902. de calls atten-
this fund, which prevents the state from COM
peting with individuals loaning money, and
suggests legislation which will allow greater
latitude in the management OF this fund, and
a, constitutional amendment reducing the in
terest rate which the state might accept to a
point where securities at the present-day rate
of interest may be purchased. He further
suggests an amendment to allow the state
to borrow from the school fund when neces-
sary to raise funds, and thus relieve the pres
ent situation, where the state Is paying in
| terest to outside Investors on the general
fund, and at the same time allowing large
| amount Of the school fund to lie idle, earning
| nothing for the schools.
| = The total valu alton of the state. as left
| by the board Of assessment and equalization,
is $187 ,531; $751; which is an increase of $14,-
| 32464S over the ANAL returns Of last year. The
figures by classes Of property are: Farm
| lands, SILL, 297, ,679-an increase Of S., ,297 679
town lots are left at $19,214. .43S, and personal
property at $42 4o4, 900, making a net increase
on these classes of property OF 81, 1850
Railroads were assessed at SIS, ,05s oss--an in
| crease Of 041 over last year. Telegraph,
were assessed at $1se, ,775-the same as last
| year. Telephones were assessed at $244, $780,
an increase Of $61,23o. Express couapante.
| we're unchanged, remaining at $10S,50O. Sleep
ing cars were increased $2,soo, making then
! $4,000. 49,
Joseph T. Harrison of Cincinnati has beer
! appointed commissioner Of deeds for soutl
Dakota in the state of Ohio .;
State Land Commissioner Eastman, in hi
biennial report to the governor, will recon
mend that the state stop the policy of dis
posing of Its school and endowment lands an,
! hold what Is left for lease His investigation
of the management Of the state lands .
Il other states has brought him to the conclu
sion that this would be the best policy.
R. H. Aney OF Browns Valley has been ap
pointed game warden for Roberts county.
1t is estimated that 100 more cars Of cattl
will go out OF here in the next week Owe
200 cars have already been started to tn
market since the first of the month, and in
dications now are that all August records G
shipments from this point will be broken.
Articles Of incorporation have been filed fo
the Worcester Land company. at Huron, wit
capital of s1,ooo,ooo; incorporators, Law
renee w. Pennington George W. Spencer
Philip Lawrence, The Illinois Hydro Carlo
:, Gas company, at Pierre, with capital
$1,000, 900; incorporators, Verne &c. Severance
George j. Munro, James s. sebree. The Lou
isiana Tidewater Oil company, at Huron wit
a capital Of s3ooo,0 ,00o; incorporators, stoll
Vinton, John J. Ranzan, Philip Lawrenc,
The Parker Chemical company, at Huron
with a capital of s1,oGo,o0o; incorporators, A
H. Wilcox. siegner, Philip Lawrence. Th
Fancomb Hill Gold Mining and Reductio
) company, at Huron, with a capital of 81, 900
900; incorporators, Thomas A. Brown, a.
Miller and Philip Lawrence. The Arkansa
Zinc and smelter company, at Huron, wit
capital Of s5oo,ooo; incorporators, X. I
Cumming, F. S. Cobun, Philip lawrence I'll
American Mercantile Credit Reporting con
) ,pany. at Huron. with capital Of 81 o0o, ,O0t
incorporators, Samuel T. LOFTS, Franklin j
Lofts, Philip Lawrence. The Golden Morts
Mining and Development company, at Custe
City, with capital Of s1,2oo,O0o; incorpors
tors. u. N. Wright, w. F. Wright, W. v
! WRIGHT