1940 - part 2 - Vredenburgh.org

Hatley of Wenatchee, Washington, is also
composed of. Gold Hill stockholders. The
mine is in the Slate Creek district of Whatcom
County. The contract for the $100,000
aerial tramway was given to the City Electric
Company of Seattle by the new operators
and the installation is to be completed
by August 1, 1941. The Ruby Creek
road into the district is expected to be finished
in two years.
Telford I. Moore, Paulsen M. and D.
Building, Spokane, Washington, and associates
have leased the Helena Johnson
claim on Deep Creek north of Northport,
Washington, in the same district as the
Last Chance mine is located. The Moore
interests recently completed installation of
a 26-ton flotation plant at the Last Chance
mine. Firmer Walkley of Northport is one
of the associates and is in general charge
at the property. A tunnel is being driven
into the Helena Johnson property.
Production has been started by the Black
and White Mining Corporation, which operates
a group of mines, including the old
Tip Top property, in the Blewitt district
of Chelan County 31 miles from Wenatchee,
Washington. A large compressor and
two Diesel engines were recently installed
a.nd the mine crew now numbers 15. Th(:
60·:ton selective oil flotation plant at the
mine was installed and will be operated by
the Cemack Reduction Company of SeattlE'!,
Washington. - It is understood that minin~
and milling operations will be carried on
by the two different concerns on a 50-50
basis. Percy C. Pangborn and F. Rolek,
both of Wenatchee, are supervising min~
work.
BUREAU OF MINES PUBLISHES
BUllETIN FOR PROSPECTORS
HE ARIZONA BUREAU OF MINES.
T Tucson, Arizona, has announced the
publication of a reprint of "Field Tests for
Common Metals" by .George Fansett, bureau
minjng engineer. Five thousand
copies of .the bulletin, which is in its seventh
edition, are available. Thirty thousand
copies have been published since its
original compilation, 25,000 of which have
been circulated throughout the United
States and mining districts over the world.
The new edition, besides all of the former
copy, has additional material to aid
the prospector in his field tests. It contains
mining laws of the United States and
Arizona, simple directions for taking up a
claim or mill site, and describes equipment
necessary for··the prospector.
Fansett is conducting a series of demonstrations
throughout the state on tests for
strategic minerals and is using the bulletin
as a basic text in his work.
EXCESS PROFITS TAX BILL
ENACTED AFTER LONG DEBATE
A FTER months of debate by the United
States Senate and House of Representatives,
an excess profits tax bill has been
enacted. The following are the provisions
of the bill in brief.
1. The normal corporate income tax l'ate
is increased by 3.1 per cent to 24 per cent
on net profits above $25,000.
2. A graduated tax of from 25 to 50 per
cent is imposed on earnings defined as excess
profits as follows: 25 per cent on excess
profits not exceeding $20,000; 30 per
cent on the next $30,000; 35 per cent on
the next $50,000; 40 per cent on the next
$150,000; 45 per cent on the next $250,-
000; and 50 per cent on all over $500,000.
3. Corporations can use two methods ill
determining their excess profits. One IS
by the average earnings basis in which excess
profits are those above 95 per cent of
the average earnings during the base period,
1936-1939, inclusive (not more than
one deficit year is to be considered as zero
in computing these average earnings). Excess
profits may also be determined by thE>
invested capital basis in which they are
defined as the amount exceeding 8 per cent
of the corporation's invested capital during
the taxable year, including all capital
equity and 50 per cent of the borrowed
capital. In either case, the first $5,000
of excess profits would be exempt from the
levy.
4. Consolidated returns are permitted.
5. Provision is made for special relief in
case of abnormality.
6. Corporations with incomes of $25,000
or less are allowed to carry over the unused
portion of the excess credit for a period
of one year.
7. Corporations completing defense manufacturing
facilities after June 10, 1940,
are permitted to deduct from taxable income
over a five-year period the cost of
such facilities.
8. The profit limitations of the Vinson­
Trammel Act are repealed.
9. No excess profits tax is charged
against profits derived from the mining of
tungsten, quicksilver, manganese, platinum,
antimony, chromite, or tin by domestic
corporations located within the United
States.
The latter provision, which was first offered
as an amendment by Senator Key
Pittman of Nevada, was highly complicated
in its final form as adopted by the
Senate and House conference committee.
The ' following is the amendment &II
adopted:
"In the case of any domestic corporation
engaged in the mining of tungsten, Quicksilver,
manganese, platinum, antimony,
chromite, or tin, the portion of the adjusted
excess profits net income attributable to
such mining in the United States shall be
exempt from the tax imposed in this subchapter.
The tax on the remaining por-­
tion of such adjusted excess profits net
income shall be an amount which bears the
same ratio to the tax computed without
regard to this section as such remaining
portion bears to the entire adjusted excess
profits net income."
After the reading of the revised amendment,
Senator Pittman, who stated that ht'
could not tell from the reading · what it
meant, inquired of Senator Harrison, chairman
of the Senate conferees:
IIDoes that mean there is no excess prof.
its tax charged against the profits derived
from that character of industry?tt
Senator Harrison replied :
IIYes. "
UPPER NARROWS DAM TO BE
COMPLETED BY FEBRUARY 1941
ONSTRUCTION of the Upper Narrowl
C debris dam, started about 19 montha
ago on the Yuba River near Marysville,
California, is now approximately 80 per
cent completed. There have been approximately
265,000 yard. of concrete placed In
the dam.
The outlet, which is about 100 feet above
the river level, is a nine-foot, horseshoeshaped
tunnel, approximately 600 feet
long. The outlet is operated through •
shaft approximately 100 feet high, reach·
ing from the tunnel to an operating house
on a higher level. The outlet works were
completed on September 30-.
The primary purpose of the dam is for
debris control in order to permit hydraulic
mining, but the outlet tunnel is being in~
stalled with a view to future power devel~
opment. The entire project is expected to
be completed on February 1941.
The L. E. Dixon Company. 609 South
Grand Avenue, Los Angeles, California,
and the Arundel Corporation of Baltimore,
Maryland, hold a joint contract for the
dam. A crew of 190 men is employed
steadily on a three-shift basis. Businesa
offices are located at the dam site and
E. M. Whipple is superintendent.
EDISON STORAGE BA,.·rERIES
Mr. R. H. Weeb, Jr.
EdilOn Storal'e B.Uel')'
Supply Co.
117o& Howard Stftet
Sua FraneiM:o, c.ufornia
Mr. F. C. Glbsoa
Edison Storace B.uel')'
Supply Co.
509 Poooa BuileIl ...
Seattle, W .. hlnaton
C. B. Arehibald
Thom .. A. EdIIOD, Ine.
Edison Storal'e Battery Division
1303 Mart BaDeIl ...
SLLoa1a,_
Mr. 'II! A. Campbell
Edboa S ......... Bat...,.
Supply Co.
605 Dea .... N.tIonaI Bide.
Dea..er, Colorado