Show SILVER MINE VALUATION TAX REVISION ETC american mining al congress 1 11 Tn information formation service washington b D C august 10 Com commissioner commissioned r of internal revenue blair is expected to shortly render a decision as to whether existing silver mine valuations on which taxes have already been settled shall stand or whether new and lower valuations shall be made for tax purposes from 1919 on the effect of which will be to reduce present valuations and increase the tax levies on silver industries following the recent hearing at which silver interests in cooperation with the american mining conEr congress ress protested revaluation the mining companies have filed a comprehensive brief insist insisting iniz on oil adherence to the ordinal valuations F n of the internal revenue bureau have anve not yet filed their arguments mets in support of revaluation but as soon as they are received by mr blair he will 6 give a final review of the situation and pa pass Ss judgment on the question according Accord inz to the tax division of the american mining congress every branch of the metal mining industry may be confronted with devalt revaluation lation and revision of tax settlements since 1919 if the new valuation formula proposed by the metals valuation section of the bureau is made universally applicable this conclusion is based on a study of a memorandum recently submitted by the metals valuation section in which it is stated that one class of metal mining pro properties nerties should be valued in a manner consistent with val ii methods developed and used in valuation of all other evje of metal mines the memorandum discusses factor by factor the pr ann rp inia 1 elements affecting determination of the value ofa of a ill miep lie bv the discounted profits method without stecial special reference to proposed revaluation of silver but as outlining principles methods Is of valtia valuation tion which the income tax unit believes believe 5 are arc universally an applicable the memorandum davs that if ravi of silver is approved the principles referred to will universally the american mining congress interprets this as meaning that if revaluation is ordered for silver mines the factors in such revaluation will have 1 ye en 11 eral application to metal mines including iron copper bead IP zinc and all other metals it is reported that the senate committee which invests incesti gated the internal revenue bureau under the leadership of 0 senator coupens of michigan will make a preliminary re ez port of its findings finding s and recommendations for fior tax revision oll 0 october 15 As the I 1 house committee on ways an and d mean will bee in tax revision hearings october 19 the couzen Co uzell committee reports will be of timely interest as indicating indica tinz ti ad the sentiment of those senators who have investigated of igini mi of the tax law which ha has s included operation the depletion views of the oil industry on the conservation or ora best of the by bythe kllc fe ie deral use nations notions oil reserves will be sought oil conservation board nt at a hearing b earing i in in washington W I 1 shin gt on in six of br ber the hearing will be restricted to the president S or 01 eie ht of the largest larg est oil corporations and re presen a ives of various branches of the industry because the board nl reidy received considerable data from the industry report in to its recent requests the board expects expects t 10 to coap ress and the president in december its enli A 11 i 4 f I 1 iq c honed will stimulate reat reater prosperity abid a heity in the industry and establish more uniform and a dent methods in all phases of the industry from production to utilization the department of commerce entertains a hopeful outlook tor for the american zinc industry the situation presents a persistent need for american zinc says the department based on increasing consumption and decreased production of zinc in europe the local retail price of milk was advanced a cent to a quart on the first of the month this advance is probably due to the fact that too much cow feed is being grown this year requiring extra help to mow and stack the hay the first gun in the approaching campaign for the selection of new city officials was fired a few days ago an employee of the city water works department for the past seventeen years announced his candidacy for the office of city ci ty feeding at the city crib for seventeen years without a break ought to be showing enough to insure a man a steady job as commissioner commissioner or something early last spring when the mountain dell reservoir had been drained so that the authorized forty foot addition to the height of the dam might be constructed it was discovered that the fluted inner surface of the old dam was cracked in numerous places following many sessions of the city engineering department and consultations with outside engineering gi talent on how best to make repairs it was decided to the cracks notwithstanding that some engineers advised that the scheme work now it is stated the engineering department has discovered that the dam still leaks and the department wants to empty the reservoir again and cover the entire surface with tar paper or something and then lay a coating of new concrete of specified thickness from the bottom to the top of the old dam to where the new forty foot addition is being added the engineering gi department wants an appropriation of to do this job but why it done right in the first place is not explained |