Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-05
Special to The Tribune

oASUo AA AHAoA i,
kansas property and the company
New York office equipment, when tn
files of Governor Dixgn's letters Woult
show the executive knew better.
II have taken the palms, said Muf
fly, 'te find out whether it was lack Of
information or a deliberate attempt a
misleading on the part Of the governor
and his newspaper, and find that the!
have received the information and still
preferred to m~isrepresent the facts t
their readers and further injure thu
mining industry.
ANY miner or prospector know
this, but the Dixon forces are no try
ing to convince our membership bu'
rather ply their nefarious m%isrepresen
tation among the farmers who know
nothing regarding mining conditions.
II have taken the pains to inquire
of Mr.. John Edgerton, a former Off
cial with the board of equalization
whether or not he had any knowledge
of Governor Dixon's being given infor
nation regarding this subject and tina
former official told me Mr.. Dixon knew
fully, early this year that the published
statement regarding the amount o
property of the mining concern, wa!
false.
Dixon Asks Edgerten
when Mr.. Dixon contemplated
trip to Billings this last spriNg. h,
asked Mr.. Edgerton for information
regarding this subject saying that b.
wished to give the Anaconda Cope,
Mining company and the mining isdus
try q square deal in his address befor,
the tax convention.
'Mr. Edgerton informs me that b.
went to considerable trouble to get thu
facts and figures for the governor
writing him as follows on Februar.
IA, 1922. and that Governor Dixon evi
IDENTITY did not care to use the record
and failed to use any part of if. Ih'
information. however. was sufficient t.
prevent q claim Of ignorance and prov
as wilfully false the statement in Wed
nesday nights Record Herald
The following is Mr.. Edgerton's let
ter to Governor Dixon which in itsel
is held as d%isproving every statemen
alleged by the Dixon newspaper:
Feb. IA, 1922.
Hon. Joseph NJ. Dixon, Governor.
Dear sir: / am handing you figure
by counties that go to make up 500.
1913, 100. This was the assessed valu
alton of the physical property Of til,
Anaconda Copper Mining company an,
its subsidiaries in the state at noon o
the first Monday of March, 1921.
This total refers only to the prop
erty tax. 1t has nothing whatever t.
do with any license tax.
Being for purposes for property tax
alton. which is one of the two form
Of taxation permitted under the consti
tuition of Montana, this assessment
must solely be based on value. TIL
taxation of the property Of this com
pany must also be under general law
and for public purposes. 1t. therefore
should In all respects stand In exactl
the same position before the law q
any and all other taxable property.
Hard to Estimate Value
1t is not an easy matter to arrive n
the true value of the property Of thi
company in Montana. As far as avail
able to myself at this time | have II
means Of knowing what the repraduc
ton cost would be. I doubt if this in
formation is available to anyone. Thi
inability to arrive at value in this in
stance is true also of a large portion 0
all of the taxable property in the state
An analysis of the annual reports O
the company do not readily disclose th
net earnings. The capitalization o
these ms one method of determinin
value is not convenient.
The remaining method Of determin
ing value would be by the stock an
bond method on the theory that a pror
erty il worth what it sells for. /
March last, the outstanding capita
stock Of the Anaconda Copper Minin
company consisted of 2.3331 $50 share
of a par value of $50 each. This stoc
was fully paid up. No personal liabi.
ity attached TO the ownership. II wa
iquoted on the New York stock exchang
on March g., 1921, at S3S a share. Q
the basis of stock, the value Of all d
the property wherever situated Of tn
Anaconda Copper Mining company wa
$SS,5S7. 500.
in addition to this value as deter
mined by the stock, the company ha
outstanding $50. 600. 600 of t0-year sc
cured gold bonds. In the absence {
any market quotation on these bond:
no alternative remains than to acceT
as their value the par value of til
same.
Most Out of State
Combining the value Of the stpr
factor and this. assumed value of tn
bond factor, the tota! value of a
property Of the Anaconda Copper Mir
ing company wherever situated on th
first Monday Of March, 1921. woul
have been s138,5S7,5 500. If propert
of this company was assessed in Mon
tanain 1921 at a total value of 500
193,130, there must have remained j
property outside of the state of Nor
tana, a total Of $79,394, $40. less mis-
the unknown value of tax exemp
unmined, commercial ore in place j
Montana. On this latter, the lieu ia
Of net proceeds will obtain. Their
were no net proceeds from the operf
tions of the Anaconda Copper Mimi
company in Montana for the year 1872,
production cost OR valuation of IL
property of this company. both I
that in Montana and of that situa,
ed elsewhere, is not readily availabl
We Gang however. somewhat outlir
what tile property of this compan
and its subsidiaries consisted of 0
the first Monday in March, 1921, an
relatively approximate The distribt
ton for that portion within and ft
that portion outside of the state.
The property in Montana was q
follows: 81 per cent of the outstant
ing and issued $500, 900 of the cap
tai stock of the Butte, Anaconda
IJoacific railway, an inter-counties PROF.
erty situated in Silver Bow and DEF
Lodge counties.
In Silver Bow countE is sitslatE;
the mines, the improvements. seIatla