June 19, 1931 (6 pages)

ye me u lool RL ALE ALE MG EAT Ny Ne rin tet te eg a themselves PAGE FOUR PERCENTAGE OF MINERAL DEPLETION By J. R. Finlay. I have been asked a number. of times to express some opinion as to the merits of an arbitrary “‘percentage depletion” as against the present method of calculating a deduction from income to cover eter the cost of a mining property as of March 1, 1913, or the value of a new discovery, but I have ays refrained from doing so, be se I could not find adequate figures of actual results. Even Jacking these, it always seemed probable that sooner or later calculations based upon cost in 1913 would have to be abandoned, because that cost would be all accounted for. This has already happened in a good many .properties, with the result that the owners find obliged to pay higher taxes than some competitors whose original ‘“‘cost’’ or ‘‘value”’ was higher, or else seek the benefit of fresh “discoveries” under highly technical rules governing such discovery, or.to manufacture through virtue of hindsight a higher ‘“‘cost’’ or ‘‘value’’ for 1913. This bald statement of the ease is enough to show that a sense of inequality more or less’ baffling and vexatious pervades the administration of the present law. It is of course doubtful if any tax-law can be devised which will be — entirely free from objections. There are, it eee dea Ses eg eC LE i ay HD ORS OP EE SST BH samaaiaaasenanaaiaaaantial ateanieitinbiais THE NEVADA CITY NUGGET, CALIFORNIA that the average mine was good for. not about that length of time. It has never seemed to me that such an expectation was very much;dependence upon a certain tract by out of the way, although there are!creating a plant upon it and operatplenty of glaring exceptions in the direction of both shorter and longer: life. In the case of very short-lived mines, say ones that will last only two or three years, an allowance of 33 1-3-per cent. out_of annual re: . turn would seem to be low untit-wet remember that the return must be exceptionally high anyway— say, 50 or 75 per cent a year—or else the operation will be unprofitable, tax or no tax; and the deduction would soon cover the investment. On the other hand, in cases where there is a prospect of life much longer than twenty years, it is worth notice that mining inevstments seldom remain unaltered for that length of time; there is usually a shifting t6-some new basis by sale or purchase, expansion, the adoption of new processes, or the building of new plants—all of which call for investments not originally foreseen. These new investments have the same right to be made good as the old ones, and in the course of time new and old become scrambled together so that. it is about impossible to make an intelligible spearation. It seems to be arguable that the life of a mine is not really much longer than that of the plant which value only when somebody decides worth anything: it assumes to mine it and commits himself to ing a business. Some other tract with just as much and just as good coal on it? may lie a thousand years untouched, and nobody can tell which will be which. ‘Even metal mines of merit are —not--normally valued at much more than the cost of €quipment and working capital. In the case of copper mines, Mr. Arthur Notman. estimates that such investLOS ANGELES PEOPLE nme cata TAKE OVER BELL MINE Sonora, Calif. June 19—Under an option of purchase, J+ B. Halbert of Los Angeles and associates have taken over the Bell mine;on Jackass Hill, one mile west of average; from Fred Sutton Philip. Rowe same from various and bonds contiguous Tuttletown, of Sonora and of Tuttletown. The interests have alse obtained other owners leases on eight claims either or in close proximity ments come to some 30c. per pound ‘to the Bell mine, on which there is ’ ! of annual capacity; that is, a mine like Calumet & Hecla, with an output of 120,000,000 1b. a year, would cost $36 000,000 to put in efficient running order, counting the lands and ore deposits a free gift. of nature, costing nothing at all. The present market value of the company is not much more than half that figure. One might argue from such a statement that mineral discoveries are not worth much and that thereis a supply of mineral such as will operates it; when the plant is renewed, either piecemeal or as a whole, the old mine no longer exists. It is hard to recall a case seems, two suggestions: (1) to do away with the provision for depletion altogether, and +(2) to provision arbitrary and permanent according to average, not individual, cases, so that the mining industry as a whole will pay the ‘required aggregate . of-taxes: Under this arrangement of course, some properties would. pay more, others less, than at present. Naturally, those who would pay more’ would be aggrieved and those who would pay Jess would be gratified. It is hardly reasonable to expect that an agreement could be’established upon a basis of near-sighted self-interest; it. would rather be upon the percep.tion that in the long run equity and fairness with consequent stability would be more valuable than a fleeting and insecure advantage to some and the, disadvantage of others. The figures presented by L. H. Parker, chief of staff, to the Joint Committee on Internal Revenue Taxation, seem to throw a strong and needed light on these points, such as could come only from the records of the Treasury Department. The “ratio of depletion allowed and net income from property”’ for the seven years 1922-28 inclusive was as follows, given in weighted averages for the period: : Per Cent Gold and Silver ...-----0--0» 37. Poti) (331 -) Uae ety eee rr ete 60.5 LOGd And Zine. 2. -c5.-ccciesceccoake 32.5 Ti6t 2 eae 41.2 COR) ese 31.6 BUIpnUY: <5 .c.ic-c.clozcsceeniercewees 45.8 Arithmetical average of all 41.4 Off hand it would seem as if these figures prove the present system to be inequitable. Iron is almost exactly at the average, sulphur only slightly above it, and copper is far above it—that is, in the amount of depletion allowed. Coal may belong in a category by itself, because of the fact that the mining reserves can be figured for the other commodities. Lead and zinc and gold _ and silver have been allowed decidedly less than the average. It is not this exactly contrary to a reasonable expectation? These are precisely the metals in which the «reserves are the scantiest, which most depend on continued discovery, and for which consequently . the depletion allowance should be highest Moreover, on this showing it would seem as if the government would, for the present at least, actually gain by allowing the suggested flat depletion rate of one-third current income. Though it would -lose ' the prospect of a diminishing allow-. . anee in the future through the exhaustion of original cost, it would gain through an immediate lowering of the allowances. Then there would ‘most likely be a saving in administrative expense and in the . cost of disputes and delays; all of which is so obvious as scarcely to need discussion. . After all it is not clearthat depletion should be anything more than the amortization of capital invested. Assuming thata mining ‘investment is entitled to a return of 7 per cent on its capital, an allowance of a further 3% per cent for amortization, this installment have an cent annually, original capital would restore the in about twenty years. An allowance then of one-. third current income would assume Pe ratte make to earning power of 4. per where this is not so. Take one of the oldest and best-known mines in this country, Calumet & Hecla: it locality, to some extent within tke same building, even producing about the same amount of copper, but the operations ,have been profoundly changed in all sorts of ways; by consolidation with allied concerns through which the capital stock was changed from 100,000 shares to 2,000,000;by a new system of transportation by development of new ores, and by installation of new plants for milling, smelting, and the reclamation of old tailings. How much money thesé changes represent I do not know, but it must come to a large fraction of, if it does not equal or surpass, the capital assets visible in 1911. is conducting business in the same The-eapital is depleted whether the enable it to compete successfully . with other operations; but if such an operation is left as originally established it will lose itscompetitive power, and in twenty years or so a change of base of some sort usually becomes. necessary -or advisable. ore is exhausted or not. These considerations have a c¢ertain pertinence in relation. to the “valuation” as of March 1, 1913. That date is back now approaching twenty years. Its bearing upon present-day competition in the mining business is wholly artificial. Were it not for the tax law nobody would ever think of it. To have to consider it, still more to pay out money because of it, is a vexation, and aconstant temptation to hunt for-some. pretext . to evade it. It seems rea-} sonable to believe that depletion on a percentage basis, like that already adopted for the petroleum industry, and by the Dominion of Canada, accustomed to believe. This has long been recognized in the case of coal I have several times been driven to In other words, the value of @. would prove sounder and more mine is less a matter of the ore} equitable. in the ground and more of the: : plants and of effort to make that NEVADA CITY CLEANERS ore available than we have been. concludd thatcoal in the ground is ; W. H. Osborne Cleaning, — Pressing, — Repairing a 600-foot incline shaft, 25 years ago. vanced at the same time on the 200, 300, 400, show the main or middle vein, one of three lédges coursing through the Bell property; to very in width from 30 to 49 feet and reveal milling to shipping grades in gold value. Two promising ore showings have up by William McLaughlin of Columbia on his Lucky Strike property . 11 been opened sunk over Short crosscuts ad500 and 600-foot levels ores from miles: ‘ shows a three-foot vein which gives of from $12 to $70 a gold values ton, Mr. McLaughlin states. In cleaning out a 275-foot drift tunnel, extended in the early days, five Mr. vein 12 to is from $10 to $300. a ton in gold. For a length of on his Independence property, miles northwest of Columbia, McLaughlin has revealed a varying in width from inches and in value 105 feet, the orebody gives averag values of $50 a ton, he asserts.: 0. NOTICE From now on the Colfax Bakery Cal be e will supply their products to th Sacramento Street Grocery, Nevad City, California. ANGELINI CICOGNI, Prop. northSan Francisco. Washington Stage leaves Nevada City at 6:30 a. m. for Washington Leaves Washington at 6:30 a. m. for Nevada Citv _ NATIONAL HOTEL AND COFFEE SHOP GOOD. AIR ‘ a3 FRIDAY, JUNE 19, 1931 ; meme} M (0) D E R N Graniteville Stage leaves Nevada 'City at 7 a. m., for Lake. City, . North Bloomfield, Moores Flat, and ,Granitevilie. Leaves Graniteville at i? a. m., for Nevada City. ; Alleghany Stage tfeaves Nevada City daily, except Sunday at 1:00 p. Eye, Ear, Nose and Throat§. ,,.° tor Tyler, Columbia Hill, Alle'ghany and Forest. Leaves Forest at DR: SAWYER . &:2° 2. @., for Nevada City. : Marysville Auto Stage a : : 8.00 a. m., for Rough and Ready, Ott Bldg. Nevada City orga yore Hammonton and Maryaville. Leaves Marysville at 1:00 p. Hours 2 to 4 m. Connects at Smartsville for : North San Juan. . ae Downieville Auto Stage leaves Nevada City daily at 1 p. m., are . Leaves Downieville daily at 6 a. m., arriving in Nevada City in time . to connect with 10:30 train for SONSULTING ENGINEER CIVIL AND MINING ENGINEERING REGISTERED CIVIL ENGINEER LICENSED SURVEYOR Hydraulics — Irrigation — Surveys Land Classification. LAST OFFICIAL MAP OF NEVADA ; ; @ wot! : OO ere ys ae east of that town. In a crosscut tun— 08 ess me , nel, now in 40 feet, a five-foot. Hydraulics —Irrigation — Surveys GOOD WATER point. Undeveloped mineral lands} jedze has been exposed whieh: yields . : 4 : : are worthless. They become valu= mn yleles . Office at Residence — Grass Valley, . Meals and R that . average assays of $12 a ton in 262 Auburn Street ( 00 ms able only when development reaches Zi ubur . : eo ; ee ~\gold. In a drift tunnel, now 25° ft. ae a stage which renders commercial! . : : = please 4 tion can exist only while there in length and located on another : ed abeeaerates é section of the property, the face Elevation 2250 Feet i Broad Street Nevada City 2 THE ROSE LEE Hair Dressing and Beauty Work. Famous Adele Miller Toilet Articles. ay LOUISE MARTIN Let Us Serve You Tet uy tare : washday hh The BEST Gray Hair is HomeMade ‘o half pint of water add one ounce bayrum, asmall box of Barbo Compound and one-fourth ounce of glycerine. Any druggist can put this up or you can mix it at home at very little cost. Apply to the Remedy hair twice a week un the desired shade is obIt will gradually darken hair and make it soft FINE WATCH REPAIRING RADIO SERVICE ANP REPAIR CLARENCE R. GRAY ° 520 Coyote St. Phone 15 Work Called for and Deliveres ~ GRASS VALLEY STEAM LAUNDRY 111 Bennett St. Grass Valley EDDIE LEONG Fresh Fruits wend JOY IN EVERY BITE — Builders of California—has helped finance other buildings throughout the state; has invested and millions in bonds for public works, schools, city improvements. * "> And today—with building costs the lowest in 10 years— Bank of America encourages economically-sound construction. You are cordially invited to discuss with any officer of this Bank, the financing of a home or any needed project. RU =1--L ~~ DF RS QO fF C A leek FO] Kk A of largest construction companies in California are depositors in Bank of America e é e bd p Hat Ly too, is on the job 5OO miles away “He may never see the rising buildings that help to pay his : wages. For Harry Smith is one of thousands — in office, factory, forest, mine and mill — who are essential to every construction project. . Fach new building creates income for many men and industries. A bungalow may require 100 materials and manufactured products; a skyscraper, 1,000 or more. The vital importance of this industry is by California's buildin, ‘epee otalling four billion dollars in the past 10 years. Most of this money was spent for materials and wages. Indirectly benefiting every family, construction is normally the livelihood of more than 100,000 men in this state: d Bank of America has worked shoulder-to-shoulder with these thousands of homes and underwritten and state, county and Bank of America : National Trust & Savings Association Vegetables Every mother knows how childish ; 'f appetites long for “something Satisfy that longing, put a happy light in the eyes of your children with plenty of the nsxost wholesome food—PATSY BREAD. Order your supply from the Grocer today KOPP'S BAKERY Nevada City, Calif. Patronize Home Industry All Kinds of Mellons hc i “Si ie he Sk ihe Ole Si i hc ce lie ie ie le ie ie ie lie Free Delivery eo OO AAR Seeded deodesefespeteteoteseteseatedeeteeoteaetededed OSCAR E. WINBURN ATTORNEY AT LAW Suite 1-2-3 City HALL BLDG. GRASS VALLEY, CAL. Phone 47 LEITER'S RADIO SHOP . HOLBROOK REFRIGERATOR Lowest Priced Refrigerator on the market. Complete in your home at $207.50. less extras. Demonstration given at our place of business. We welcome you at all times. We also carry Atwater Kent and Clarion Radios. We demonstrate in your home. Phone 286 a eo amas FIR-TEX SUPER-INSULATION Defies Heat—Cold—Noise : The new building Board 14 inch thick. All 4 feet '@ in width; length: 6, 7, 8, 9, 10, 12 feet. Do not overlook this wonderful wall board; something different than you have ever seen. SIMPLY WONDERFUL Now our New Year's Stock arriving in car loads daily. Paint and Oils of all kinds and colors. Corrugate Gale Steel Sheets, Lime,Plaster, Brick, Doors. and Windows galore. All kinds Cedar Shingles, Composition Roofing and Shingles in all the attractive colors. New stock of Flooring, Ceiling, Rustics, in fact everything you need for your new home. Remodeling or repair wood. Our delivery service is the best. Don't overlook our complete line of House THE DIAMOND MATEH CO. Grass Valley gino oe nena ntapeyapsainb oer ieee armani ee

ye me u lool RL ALE ALE MG EAT Ny Ne rin tet te eg a themselves PAGE FOUR PERCENTAGE OF MINERAL DEPLETION By J. R. Finlay. I have been asked a number. of times to express some opinion as to the merits of an arbitrary “‘percentage depletion” as against the present method of calculating a deduction from income to cover eter the cost of a mining property as of March 1, 1913, or the value of a new discovery, but I have ays refrained from doing so, be se I could not find adequate figures of actual results. Even Jacking these, it always seemed probable that sooner or later calculations based upon cost in 1913 would have to be abandoned, because that cost would be all accounted for. This has already happened in a good many .properties, with the result that the owners find obliged to pay higher taxes than some competitors whose original ‘“‘cost’’ or ‘‘value”’ was higher, or else seek the benefit of fresh “discoveries” under highly technical rules governing such discovery, or.to manufacture through virtue of hindsight a higher ‘“‘cost’’ or ‘‘value’’ for 1913. This bald statement of the ease is enough to show that a sense of inequality more or less’ baffling and vexatious pervades the administration of the present law. It is of course doubtful if any tax-law can be devised which will be — entirely free from objections. There are, it eee dea Ses eg eC LE i ay HD ORS OP EE SST BH samaaiaaasenanaaiaaaantial ateanieitinbiais THE NEVADA CITY NUGGET, CALIFORNIA that the average mine was good for. not about that length of time. It has never seemed to me that such an expectation was very much;dependence upon a certain tract by out of the way, although there are!creating a plant upon it and operatplenty of glaring exceptions in the direction of both shorter and longer: life. In the case of very short-lived mines, say ones that will last only two or three years, an allowance of 33 1-3-per cent. out_of annual re: . turn would seem to be low untit-wet remember that the return must be exceptionally high anyway— say, 50 or 75 per cent a year—or else the operation will be unprofitable, tax or no tax; and the deduction would soon cover the investment. On the other hand, in cases where there is a prospect of life much longer than twenty years, it is worth notice that mining inevstments seldom remain unaltered for that length of time; there is usually a shifting t6-some new basis by sale or purchase, expansion, the adoption of new processes, or the building of new plants—all of which call for investments not originally foreseen. These new investments have the same right to be made good as the old ones, and in the course of time new and old become scrambled together so that. it is about impossible to make an intelligible spearation. It seems to be arguable that the life of a mine is not really much longer than that of the plant which value only when somebody decides worth anything: it assumes to mine it and commits himself to ing a business. Some other tract with just as much and just as good coal on it? may lie a thousand years untouched, and nobody can tell which will be which. ‘Even metal mines of merit are —not--normally valued at much more than the cost of €quipment and working capital. In the case of copper mines, Mr. Arthur Notman. estimates that such investLOS ANGELES PEOPLE nme cata TAKE OVER BELL MINE Sonora, Calif. June 19—Under an option of purchase, J+ B. Halbert of Los Angeles and associates have taken over the Bell mine;on Jackass Hill, one mile west of average; from Fred Sutton Philip. Rowe same from various and bonds contiguous Tuttletown, of Sonora and of Tuttletown. The interests have alse obtained other owners leases on eight claims either or in close proximity ments come to some 30c. per pound ‘to the Bell mine, on which there is ’ ! of annual capacity; that is, a mine like Calumet & Hecla, with an output of 120,000,000 1b. a year, would cost $36 000,000 to put in efficient running order, counting the lands and ore deposits a free gift. of nature, costing nothing at all. The present market value of the company is not much more than half that figure. One might argue from such a statement that mineral discoveries are not worth much and that thereis a supply of mineral such as will operates it; when the plant is renewed, either piecemeal or as a whole, the old mine no longer exists. It is hard to recall a case seems, two suggestions: (1) to do away with the provision for depletion altogether, and +(2) to provision arbitrary and permanent according to average, not individual, cases, so that the mining industry as a whole will pay the ‘required aggregate . of-taxes: Under this arrangement of course, some properties would. pay more, others less, than at present. Naturally, those who would pay more’ would be aggrieved and those who would pay Jess would be gratified. It is hardly reasonable to expect that an agreement could be’established upon a basis of near-sighted self-interest; it. would rather be upon the percep.tion that in the long run equity and fairness with consequent stability would be more valuable than a fleeting and insecure advantage to some and the, disadvantage of others. The figures presented by L. H. Parker, chief of staff, to the Joint Committee on Internal Revenue Taxation, seem to throw a strong and needed light on these points, such as could come only from the records of the Treasury Department. The “ratio of depletion allowed and net income from property”’ for the seven years 1922-28 inclusive was as follows, given in weighted averages for the period: : Per Cent Gold and Silver ......-----0--0» 37. Poti) (331 -) Uae ety eee rr ete 60.5 LOGd And Zine. 2. -c5.-ccciesceccoake 32.5 Ti6t 2 eae 41.2 COR) ese 31.6 BUIpnUY: <5 .c.ic-c.clozcsceeniercewees 45.8 Arithmetical average of all 41.4 Off hand it would seem as if these figures prove the present system to be inequitable. Iron is almost exactly at the average, sulphur only slightly above it, and copper is far above it—that is, in the amount of depletion allowed. Coal may belong in a category by itself, because of the fact that the mining reserves can be figured for the other commodities. Lead and zinc and gold _ and silver have been allowed decidedly less than the average. It is not this exactly contrary to a reasonable expectation? These are precisely the metals in which the «reserves are the scantiest, which most depend on continued discovery, and for which consequently . the depletion allowance should be highest Moreover, on this showing it would seem as if the government would, for the present at least, actually gain by allowing the suggested flat depletion rate of one-third current income. Though it would -lose ' the prospect of a diminishing allow-. . anee in the future through the exhaustion of original cost, it would gain through an immediate lowering of the allowances. Then there would ‘most likely be a saving in administrative expense and in the . cost of disputes and delays; all of which is so obvious as scarcely to need discussion. . After all it is not clearthat depletion should be anything more than the amortization of capital invested. Assuming thata mining ‘investment is entitled to a return of 7 per cent on its capital, an allowance of a further 3% per cent for amortization, this installment have an cent annually, original capital would restore the in about twenty years. An allowance then of one-. third current income would assume Pe ratte make to earning power of 4. per where this is not so. Take one of the oldest and best-known mines in this country, Calumet & Hecla: it locality, to some extent within tke same building, even producing about the same amount of copper, but the operations ,have been profoundly changed in all sorts of ways; by consolidation with allied concerns through which the capital stock was changed from 100,000 shares to 2,000,000;by a new system of transportation by development of new ores, and by installation of new plants for milling, smelting, and the reclamation of old tailings. How much money thesé changes represent I do not know, but it must come to a large fraction of, if it does not equal or surpass, the capital assets visible in 1911. is conducting business in the same The-eapital is depleted whether the enable it to compete successfully . with other operations; but if such an operation is left as originally established it will lose itscompetitive power, and in twenty years or so a change of base of some sort usually becomes. necessary -or advisable. ore is exhausted or not.

These considerations have a c¢ertain pertinence in relation. to the “valuation” as of March 1, 1913. That date is back now approaching twenty years. Its bearing upon present-day competition in the mining business is wholly artificial. Were it not for the tax law nobody would ever think of it. To have to consider it, still more to pay out money because of it, is a vexation, and aconstant temptation to hunt for-some. pretext . to evade it. It seems rea-} sonable to believe that depletion on a percentage basis, like that already adopted for the petroleum industry, and by the Dominion of Canada, accustomed to believe. This has long been recognized in the case of coal I have several times been driven to In other words, the value of @. would prove sounder and more mine is less a matter of the ore} equitable. in the ground and more of the: : plants and of effort to make that NEVADA CITY CLEANERS ore available than we have been. concludd thatcoal in the ground is ; W. H. Osborne Cleaning, — Pressing, — Repairing a 600-foot incline shaft, 25 years ago. vanced at the same time on the 200, 300, 400, show the main or middle vein, one of three lédges coursing through the Bell property; to very in width from 30 to 49 feet and reveal milling to shipping grades in gold value. Two promising ore showings have up by William McLaughlin of Columbia on his Lucky Strike property . 11 been opened sunk over Short crosscuts ad500 and 600-foot levels ores from miles: ‘ shows a three-foot vein which gives of from $12 to $70 a gold values ton, Mr. McLaughlin states. In cleaning out a 275-foot drift tunnel, extended in the early days, five Mr. vein 12 to is from $10 to $300. a ton in gold. For a length of on his Independence property, miles northwest of Columbia, McLaughlin has revealed a varying in width from inches and in value 105 feet, the orebody gives averag values of $50 a ton, he asserts.: 0. NOTICE From now on the Colfax Bakery Cal be e will supply their products to th Sacramento Street Grocery, Nevad City, California. ANGELINI CICOGNI, Prop. northSan Francisco. Washington Stage leaves Nevada City at 6:30 a. m. for Washington Leaves Washington at 6:30 a. m. for Nevada Citv _ NATIONAL HOTEL AND COFFEE SHOP GOOD. AIR ‘ a3 FRIDAY, JUNE 19, 1931 ; meme} M (0) D E R N Graniteville Stage leaves Nevada 'City at 7 a. m., for Lake.. City, . North Bloomfield, Moores Flat, and ,Granitevilie. Leaves Graniteville at i? a. m., for Nevada City. ; Alleghany Stage tfeaves Nevada City daily, except Sunday at 1:00 p. Eye, Ear, Nose and Throat§. ,,.° tor Tyler, Columbia Hill, Alle'ghany and Forest. Leaves Forest at DR: SAWYER . &:2° 2. @., for Nevada City. : Marysville Auto Stage a : : 8.00 a. m., for Rough and Ready, Ott Bldg. Nevada City orga yore Hammonton and Maryaville. Leaves Marysville at 1:00 p. Hours 2 to 4 m. Connects at Smartsville for : North San Juan. . ae Downieville Auto Stage leaves Nevada City daily at 1 p. m., are . Leaves Downieville daily at 6 a. m., arriving in Nevada City in time . to connect with 10:30 train for SONSULTING ENGINEER CIVIL AND MINING ENGINEERING REGISTERED CIVIL ENGINEER LICENSED SURVEYOR Hydraulics — Irrigation — Surveys Land Classification. LAST OFFICIAL MAP OF NEVADA ; ; @ wot! : OO ere ys ae east of that town. In a crosscut tun— 08 ess me , nel, now in 40 feet, a five-foot. Hydraulics —Irrigation — Surveys GOOD WATER point. Undeveloped mineral lands} jedze has been exposed whieh: yields . : 4 : : are worthless. They become valu= mn yleles . Office at Residence — Grass Valley, . Meals and R that . average assays of $12 a ton in 262 Auburn Street ( 00 ms able only when development reaches Zi ubur . : eo ; ee ~\gold. In a drift tunnel, now 25° ft. ae a stage which renders commercial! . : : = please 4 tion can exist only while there in length and located on another : ed abeeaerates é section of the property, the face Elevation 2250 Feet i Broad Street Nevada City 2 THE ROSE LEE Hair Dressing and Beauty Work. Famous Adele Miller Toilet Articles. ay LOUISE MARTIN Let Us Serve You Tet uy tare : washday hh The BEST Gray Hair is HomeMade ‘o half pint of water add one ounce bayrum, asmall box of Barbo Compound and one-fourth ounce of glycerine. Any druggist can put this up or you can mix it at home at very little cost. Apply to the Remedy hair twice a week un the desired shade is obIt will gradually darken hair and make it soft FINE WATCH REPAIRING RADIO SERVICE ANP REPAIR CLARENCE R. GRAY ° 520 Coyote St. Phone 15 Work Called for and Deliveres ~ GRASS VALLEY STEAM LAUNDRY 111 Bennett St. Grass Valley EDDIE LEONG Fresh Fruits wend JOY IN EVERY BITE — Builders of California—has helped finance other buildings throughout the state; has invested and millions in bonds for public works, schools, city improvements. * "> And today—with building costs the lowest in 10 years— Bank of America encourages economically-sound construction. You are cordially invited to discuss with any officer of this Bank, the financing of a home or any needed project. RU =1--L ~~ DF RS QO fF C A leek FO] Kk A of largest construction companies in California are depositors in Bank of America e é e bd p Hat Ly too, is on the job 5OO miles away “He may never see the rising buildings that help to pay his : wages. For Harry Smith is one of thousands — in office, factory, forest, mine and mill — who are essential to every construction project. . Fach new building creates income for many men and industries. A bungalow may require 100 materials and manufactured products; a skyscraper, 1,000 or more. The vital importance of this industry is by California's buildin, ‘epee otalling four billion dollars in the past 10 years. Most of this money was spent for materials and wages. Indirectly benefiting every family, construction is normally the livelihood of more than 100,000 men in this state: d Bank of America has worked shoulder-to-shoulder with these thousands of homes and underwritten and state, county and Bank of America : National Trust & Savings Association Vegetables Every mother knows how childish ; 'f appetites long for “something Satisfy that longing, put a happy light in the eyes of your children with plenty of the nsxost wholesome food—PATSY BREAD. Order your supply from the Grocer today KOPP'S BAKERY Nevada City, Calif. Patronize Home Industry All Kinds of Mellons hc i “Si ie he Sk ihe Ole Si i hc ce lie ie ie le ie ie ie lie Free Delivery eo OO AAR Seeded deodesefespeteteoteseteseatedeeteeoteaetededed OSCAR E. WINBURN ATTORNEY AT LAW Suite 1-2-3 City HALL BLDG. GRASS VALLEY, CAL. Phone 47 LEITER'S RADIO SHOP . HOLBROOK REFRIGERATOR Lowest Priced Refrigerator on the market. Complete in your home at $207.50. less extras. Demonstration given at our place of business. We welcome you at all times. We also carry Atwater Kent and Clarion Radios. We demonstrate in your home. Phone 286 a eo amas FIR-TEX SUPER-INSULATION Defies Heat—Cold—Noise : The new building Board 14 inch thick. All 4 feet '@ in width; length: 6, 7, 8, 9, 10, 12 feet. Do not overlook this wonderful wall board; something different than you have ever seen. SIMPLY WONDERFUL Now our New Year's Stock arriving in car loads daily. Paint and Oils of all kinds and colors. Corrugate Gale Steel Sheets, Lime,Plaster, Brick, Doors. and Windows galore. All kinds Cedar Shingles, Composition Roofing and Shingles in all the attractive colors. New stock of Flooring, Ceiling, Rustics, in fact everything you need for your new home. Remodeling or repair wood. Our delivery service is the best. Don't overlook our complete line of House THE DIAMOND MATEH CO. Grass Valley gino oe nena ntapeyapsainb oer ieee armani ee