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About The Sumpter miner. (Sumpter, Or.) 1899-1905 | View Entire Issue (Feb. 1, 1905)
Wednesday, February i igoj THE SUMPTER MINER WONT PAY EDDY TAX Manager F. T. Kolley, of the I. X. L. mine, near Ureeohoru, baa been giviug the people of the Willamette valley somethiog whole eoiue to think about, Id the way of the Eddy tax law, at) applied to mining corporations. Among other things, he Hays that be will not, cannot afford to pay the annnal license tax. He would find it more profitable to diueolve the incorporation and resort to the partnership method of developing him mine. This would be consider able expense and m great inconveni ence, but would be preferable to pay ing a double tax on bis property, as now compelled by that uuholy law to do. Either the direct tax or the license tax must be made inopera tive as to his mine, aud all other such properties. But while the method of aban doning the incorporated form of organization would offer partial re lief to mines as well developed as the I. X. L , it offers no hopo to the new prospect and undeveloped mine. In such instances the real values ha not been determined, aud no one or two men can afford to go to the heavy expeuse of putting up the good cash necessary tu make the existence of a wine a certainty. If partnnships grew beyoud that uuui ber of holders, it becomes too un weildy to meet the exigencies of the case, and fall to pieces. Thus it if absolutely uecessary (o form a stock company, and the double tax of the Eddy law adds an unnecessary bur den. A prospect is nothing of value to either owner or state, aud surely not more than one tax is justifiable. A producing mine consists mostly of tangible property, which may easily be asaesed to the extent of itc valuo. Thus the special liaeuso tax is un justifiable in either case, aud should be wiped out entirely, as applied to the mining industry. These facts are worthy the con sideration of the law-makers now in session, and it is to be hoped they will influence that body to exempt mining property from the opera tions of the Eddy law. BANKRUPT WADE IS HOME AGAIN f A dispatab from Pendleton of re ceut dat says that the return of C. U. Wade, former cashier ur the First National bauk, who left (here after tils financial crash a y Mr ago, has utilised a seuiation. Tne peoplo of Peudleton are surprised at the report that be will tako up bis residence aguin in the city. Wade'? career was most spectacu lar. Not many years ago be was a tiuuer, and assisted bis wife, who was a dressmaker, tie obtained i difforeut positious of truat until be wan placed in the First National bank of Pendleton as cashier. He was known throughout the county, aud was trusted implicitly by both stockholders and depositors. Al though be was kuown to be a heavy speculator in different lines, no one dreamed of C. 0. Wade failing. His speculations extended 'over a wide range of schemes. When the assets were flgurnd up and pnperj found it was discovered that he held shares iu mauy mining com panies. In the Uoloonda be had a half a million shores, aud uooi these he depended upon making money enough to meet obligations created in other unfortunate specu lations. Wheu some of the Uoloonda stockholders sold out and broke tbair agreemont to hold uutill a certain price should bo renohed, Wade im mediately came to the end of his finaucial rope. Mining was not alone his hobby. There were scatterod over the county farms aud Btook ranches, not all of which were ou a paying barls. Fiue cattle also were hlt speciality, and ouiy a shjrt time be fore his 'failure be owned the Hot Lake stock farm, stocked with valu able animals It la rumored that. Wade Is pre pared to make some sort of a fight. Much speculation is induoled lu as to the nature thereof. It la thought that he will endoavor to regain some of bis vast assets, tbat were sacrificed at ridiculous figures at the time of the sale: when especially wore his mipiug holdings slaughtered. Of course, at that timo everything re prehensible tbat aroso was Inid at bis door; when, iu reality, others were to blnmo. He will surely tty to straighten out some of thoso mutters. Pauper Becomes Affluent. L rontz Herman Heluer, 8f years old, without it kuowu rolativo in tho west, maintaing himsolf for ten years past by sawing wood, sout to the county poor farm duriug a period of meutal aborration, now finds that he has f 1200 to his orodlt iu the Cana dian Uank of Commorae, and loaves bis temporary borne, wbero he re ceived the charity of the public. Thirty years ago, Holuor was miniug in the Oro Fiuo minoi in tbe Green horn district, aud at tbnt timo be de posited $1200 iu the Dank of Hritisb America, now the Cauadian Uank of Commerce, tnklng therefor a certifi cate of depoist. In those times Heiuer was a mau of moaus, aud bandied considerable mouoy. To blm (be $1200 item wms a small matter, aud wheu later he lust all bis holdings be overlooked tbe money, until last Wednesday, when Frederick Blokel, a life-long friend, discovered tbe deposit certificate in a bundle of old papers in an old trunk, at Heiner's former lodgiug plaoe, the New Vork rooming bouse, at Seaoud and Buruside streets, Portland. Executor's Notice. Notico is hereby givun that tho undersigned has boon duly appointed by tbe County Judge of Maker County, Oregon, executor of the lant will and testament of Michael Lynch, de ceased. All persons buving claims against said estate are boroby notified to pre sent tbe same to me, properly veri fied, as by law required, witbin six mouths from tbe ditto hereof, at tbe offiue of Charles H. Cbauoe, attorney-ac-law, First National Bauk build lug, Sumpter, Oregon. . Dated at Sumpter, Baker County, Oregon, tbis 25th day of January, 1000. J. B. FRYER, Executor of tbe Estate of Michael Lyucb, Deceased. A crew of six men under Fred Daines is pushing a crosscut from the main tunnel at tbe Belober. The stamp mill macbiurey now at Tipton in storage will be erected in tbe spring. Tourist Cars East. Many experienced travelers prefer tourist sleeping cars for the transcontinental journey. The Chicago, Milwaukee fie St. Paul Railway can at range for your trip east in tourist cars, offer you choice of routes and save you money. "... .n 134 Third St., Portland, Ore. BLUE BIRD BUCK HORN VALLEY QUEEN BLACK BUTTE I Are the greatest money-making stocks on tbe market today. Investigate them. Write for annual reports and propecluses WHEELER & CO., BANKERS ' Dept. 60 32 Broadway. New York. . Sole agents for above companies. Denver and Rio Grande Railway HOIFORST.LOUISANDTHEWORLD'SFAIR WILL YOU BE THERE? Q Nature's Art Gallery of tbe Rockies in addition to the Www Attractions at St. Louis. This can only be done by going or returning via the "SCENIC LINE OF THE WORLD." U NRIVALED SCENIC ATTRACTIONS NEQUALED DINING CAR SERVICE NSURPASSED IN EFFORTS TO PLEASE Write for Illustrated Booklet of Colorado's Famous Sights and Resorts W. C. McBRIDE, GcncralSAgcnt 124 Third Street PORTLAND OREGON