Omaha daily bee., 1902-08-19
PORTLAND COMPANY TO QUIT
Decides to Leave the State If stOok IL
Assessed in Osunoil Bluffs.
ALLEGE THAT IT is DOUBLE TAXATION
City Assessor Asserts He is Only Fol-
lowing the Law In Making the
Assessment as He Did
Last Spring.

- ~ @A&NA11 ~
this city is persisted in the Portland Gold
Mining company OF Colorado will remove
from the state Of Iowa and reincorporate in
some other state. This was decided upon
at a special meeting Of the stockholders
held in this city yesterday at which the
board Of directors was given authority to
dissolve It's Incorporation In Iowa and re-
Incorporate elsewhere. Present at the meet
ing we're James F. Burns, PRESIDENT; F.
Peck, treasurer and secretary. and Judge
Gunnell. general attorney Of the company.
The meeting was held in the once Of Ross
& Ross. local agents and attorneys Of the
company.
In making the assessment Of the city for
1909 City Assessor Everest decided TO in
clude the corporation stock Of the Portland
Gold Mining company, one Of the many
Colorado mining companies incorporated
under the laws Of Iowa and having it's
principal place OF business or legal head
quarters in Council Bluffs. with this end
In view he left the regular blank form with
Messrs. Ross & Ross, as the local represent
atives Of the corporation. for the company to
make its statement on as required by stat
ute. No notice was taken, however, Of City
Assessor Everest's request and no state
ment was ever furnished by the company.
During the trial of the famous suit Of
James Doyle against James F. Burns, pres
ident Of the Portland Gold Mining company,
the evidence showed that the corporation
stock Of the Portland company had a face
value Of $4,000, 900 and an actual value of
three times that amount, or SO, 900, 900. As
SCISSOR Everest in the absence Of any state
ment from the company, decided to place the
actual value Of the company's stock at the
market value-$9.O 900. O0O-making its assess
' AHA value 90 oEa mn -. 80 R.-4L a.
actual value. He accordingly notified the
company to this effect and included this as
sessment in his returns to the county aud
itor. AS there appeared to be a serious ques-
ton as to whether the corporate stock Of
the mining company could be legally as
sessed here the county auditor did not take
this assessment into account when figuring
the total assessment OF Pottawattamie
county for 1902. The county auditor took
the position hat II the courts held that
the assessment was valid, the county would
be Just that amount ahead and the tax, II
ever collected, could be readily added to the
county's revenue for the year.
Position OF Assessor.
City Assessor Everest takes the position
that he is only following the law In ASSESS
, ing the Portland company on its stock in
this city. which Is its legal headquarters.
The Iowa code provides that all such cor
porations shall be assessed in the place
which is their principal place Of business
and that the basis of assessment shall be
the actual market value Of their stock. They
are entitled. however, to deductions for the
value of their real estate and for this pur-
pose are required to make a showing to
the assessor setting out the amount of
stock. the amount of value of their real es-
tate and other data required In determin-
ing what the assessment shall be.
The company In refusing to stand for an
assessment in Council Bluffs takes the
position that as It's stock Is already taxed
in, Colorado. where its property lies. 1t
cannot be taxed again in Iowa.
After the meeting yesterday Judge Gun
nell, speaking for the company. said: I'VE
shall certainly resist any attempt to assess
our corporate stock in Iowa and in order
to prevent a repetition of this trouble the
meeting OF stockholders has authorised
the board OF directors to dissolve the Iowa
corporation and reincorporate in some
other state, where we will be free from
any such controversy. At the same time
the company would prefer to remain a
corporation of Iowa and will do SO II no
further attempt is made to compel us to
pay taxes here on the same property on
$500 w k1I N@0E9 ~ u a. hON- I
ever. the city Of Council Bluffs is deter /
mined to push this matter and attempt to
enforce this assessment the company will
quit lows and locate elsewhere"
Asked II the state of Iowa derived any
benefit by the company retaining its In
corporation here Judge Gunnell was forced
to admit that 1t did not. All that the
state ever received from the company was
the original filing fee for the articles Of
incorporation which at the time the COM
pany organized was materially lower than
It is now. To incorporate in Iowa now
would cost the company hundreds Of dol
lars more than II paid at the time 1t In
corporated.
City Assessor Everest. when informed
Of the action of the Portland company,
stated that at this time he could not say
what steps Pottawattamie county would
take to enforce the collection Of the tax II
any. II was a matter. he said, for the
county attorney and Board Of Supervisors
to Determine. He had returned the assess
ment OF the company with the other as
for the year and that ended his
duty In the matter. County Attorney Kill
pack was not In the city yesterday and his
views on the question could not be ascer-
tained.
AFTER CONTRACTOR WIcKHAM