The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-07-03

-. -, -, = -s,.s 49, W. 4
corn were subsequently, planted n p,ass Of shoA sss
tAs product We oousumsl BY the rsbsi ARMIES sn4
the slaves The debt Of the oonfsdsscy 81 the time Of
its collapse was al least four thousand millions, which
had absorbed say one eighth Of this sum In gold value
The Boston C0mmsciay Bxlsess has the following In
relation 70 the taxabilty Of national bank stocks:
According To law Of this State holders Of stock In
national banks taxabs for their shares - psrson
properly, though the institution In which they are
have every dollar Of ~ capital invested IN
government securities The decisions Of the Supreme
Court OF the United States that the State law taxing
ties 10 this vicinity 70 dstermnation 70 pay these as
sessmens their national bank shares under protest.
This privilege Of protest. which Y one Of the s.srsd
days In this particular case 4 has but faint chance
Of success share in national bank whose capital
more United States stock than : share in
banking institution which has invested I'll IL capital IN
cotton f.ctoss !, nsauf.cusns stock But After AL, 4,
point settles the question; and II u by no means pro-
babls that the overburdensd and struggling taxable in
largement OF the exempt list which may b actually
demanded by the letter Of existing laws.
The Internal Revenue Department has decided a fol-
lows:-
TxzAsuHY DrAarxzn, Ovnu OF Irr.RxAL Rxvxuz
WASHINGTON June Is. 1895
Sn-Yoar letter Of June 1896. in regard 70 tax on
brokers' sales, u received il# ts N
reply, that Gales made through brokers or auction.
Dealers IN cases where tho sales completed BY the
broker or auctoneer, and whore tina books Of such
dealers ere % kept 70 show clearly that the erchan
through broker Very respectfully, eiNn IA. ca.
e. A. ROLLINS, Deputy Commissioner.
It Is stated but not otciay, THAI the Of the
from the LIST Of July 1884 10 the oath Of
June, 1885, $3.50 1888 s2 Of which SOS 900
derived from internal revenue, 476 SOL s22 from
Aoo1 IoOr
Referring to the depression which has for many
months marked the market for petroleum stocks tho
Philadelphia Ledger remarks
ANY who will look the stock list, and CON-
pare prices with what they nine months ago.
will readily discover that immense Of money have
been lost Some few, who early realized on their oil
company shares and at that time apparently made largo
fortunes we'll of II they put their oil profits into real
comparatively few of this character Quito
ber realized largely but unfortunately the great majority
forgot the old saying that the same individual is rarely
II twice struck by lightning twice draws capt.
tai prize in lottery They, too, generally put their first
profits in again. grasping Tor still larger return The
result IT, they hold thousands OF OF barren lands
some few wells irregular in their produce Of OIL
and q very considerable number producing oil at
ALL Tho formation of companies and the traffic in
shares arc things Of the past Companies now
casonally started, but there purchasers Of
shares The business is utterly used up Millions on
companies swept from existence, and will
be heard Of more in any tangible shape Tho lands
remain on winch tneSo corporations were FORMED,
and whatever Of value they possessed oil pro-
icing territory 10 still In the earth, but the difficulty
OF reaching 1t, and the uncertainty Of its amount
when reached facts that capitalists have learned
by practical tests than from lively
imag nation Tho poetry Of petroleum ia fast following
the nsultoaulsa the "merno Sheep and "tulip"
manias OF other years Not that would DO UNDER
stood denying that there Oil in the earth In several
parts OF the country that Of much value II is
Of large value and will pay well t0producc at
bio prices for the land under which II s supposed e
BY industry and the skilful Of machinery judi
cous boring for oil may DO continued at fairly
nerative business on the average. Like other pur-
suits 1t will be attended with the usual vicissitudcs
and irregularities In results. Some, by streaks Of
good fortune, or by greater skill and economy may
realize fortunes while others less skilfu less prov
dent will loose But whatever profit is realized in tho
business henceforth Is to from actual valuss The
sales Of printed certificates at prices doubling at almost
every turn, in many instances erroneous not to say
desgnedly false, representations have bsggared many
honest people, with little profit resulting to those who In
glowing circulars tho tempting bait before Them for
what tn gamble gained them In transaction they lost
in another that there is little advantage perhaps from
all that has been lost beyond the fuller development OF
the trade earlier than would have been the had
not enterprise and speculation been largely directed
tok The oil product Is large tho following compar
Of production and proc Of oil al the wells
during each Of the past four years shows