Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-03-21
FINANCIAL.
OFFICE OF THE DAILY APPEAL,

MEMPHIS, March ~, 1907.
There is but little doing in financial
matters outside the regular routine.
Gold is bought by our brokers at 99c.
Silver remains about as we left it at
u last. Buying at 25 to 28c. Selling
at 2Sc.
City scrip is not active. There is only
small offerings made at our counters.
Buying at rs to re, and selling at rs
to SOC.
County warrants are dull. Our brokers
show but little disposition to buy. They
offer from IS to SIC, and sell at IS to soc.
Exchange has continued steady for
several days back. The supply is barely
equal to the demand. Buying at par to
of, AID selling at premium.
In government bonds there has been
but few transactions of late. Currency
is in such demand that very little Of il is
being invested in this way.
Uucurrent money has been dull and
l~lfeless. Bank of Tennessee continues
nominal at 95 to 3Qe; Bank of Chatta-
noOga, Is; Bank of West Tennessee,
So Union Bank, 50; Planters Bank, 50;
Bank Of Memphis, par Bank of Middle
Tennessee, 90i City Bank Of Nashville,
50 Merchants Bank, rs; Ocoee, 20;
Bank of Shelbyville, 80; Traders Bank,
par Southern, 25.
Five hundred and sixty-ive dollars
conscience money was received a. the
treasury on TIN 18th.
Discount IN American invoices, at OF
tawa, for the week, % per cent. Reye-
u of Canada for February SAC, 6S5
expenditures sos, $50.
Among the notices of application to
parliament is one for a charter to con-
struct a railway from Niagara river to
Detroit river.
The secretary of the treasury and
Treasurer Spinner, both affirm that there
is not the slightest evidence in the treas
ury Of any over issues, either of 1905 or
Of fractional currency.
Chief Justice Chase, on whom de-
wolves the duty of nominating and
accommodating the registers en- bank
ruptcy, prOvid ed for in the bankrupt act,
declines to assume the labor and respon-
sibility Of making the selections without
submitting to the entire court the ques-
ton of the power of congress to impose
upon him that duty.
We publish below some very interest
ing revenue decisions and Instructions:
! A tax Of fifty cents per gallon is i'm
posed upon all liquors known or deHom-
mated as wine, net made from grapes,
eurrants, rbubaTb, or berries, produced
by rectiication, or mixed with other
spirits, or into which any matter what
ever may be Infused, to be sold as wine
or any other name, and not otherwise
provided for in the internal revenue
laws. Such spirits need not be inspected
and gagged by an inspector, but all per-
sons engaged in the manufacture of
them should make their returns and pay
their taxes at the same time and in the
same manner as the manufacturers Of
other articles. Cider, ale, beer and wine
contain alcohol, but they are produced
by fermentation; and inasmuch as they
are not produced by distillation, they are
not subject to the tax upon distilled
spirits.
Illuminating, lubricating, and other
mineral oils, marking between thirty
six degrees and %fitty-nine degrees, inclu-
sive, Baume's hydrometer, the product
Of the distillation, redistillation, or refin-
ing OF crude petroleum, are taxable at the
rate OF twenty cents on the gallon,
without regard to the specific gravity Of
the petroleum from which they are pro-
duced.
A marriage certificate issued by the
officiating clergyman or magistrate, to
be returned to any officer of q state,
county, city, town or other municipal
corporation TO constitute part of public
record, requires no stamp; but if it is TO
be retained by the parties, a five cent
stamp shall be affixed.
1t has been decided that tobacco mani
featured inside Of the blind and deaf and
dumb institutions, and sold to pay their
support, is, under the law, exempt from
taxation. This decision was rendered in
response to an inquiry from Mr.. G. w.
Blaekford, of Lynchburg.
An instrument which operates as the
renewal of q policy Of insurance is sub
ject TO the stamp tax as the policy itself;
but such a receipt as is usually given for
the payment of the monthly, quarterly
or annual premium, Is not a renewal
within the meaning of the statute. The
payment simply prevents the policy
from expiring, by reason of non-perform-
ance Of its condition; a receipt given for
such a payment requires a two cent
stamp, If the amount received exceeds
$40, and q two cent stamp only. But
when the time of payment has passed,
and = tender of a premium is not suffi-
| Gent to bind the company, but q new
policy or q new contract Of some form,
with the mutually essential to every
contract, becomes necessary between the
insurer and the insured, the same
amount Of stamps should be used as that
required upon the original policy. A per-
NIT issued by q life insurance company,
changing the terms of a policy as to
travel, residence, occupation, ETC., should
be stamped as a contract or agreement.
A bond to convey real estate requires
stamps to the amount of twenty-five
cents, A mortgage given to secure q BE-
eurity from loss, or given for any pur-
pose whatever, other than a surety for
the payment of q definite and certain
sum of money, is taxable only as an
agreement or contract. Upon every as
signment or transfer OF a mortgage, q
stamp tax is required equal to that i'm
posed upon q mortgage for the amount
remaining unpaid; this tax Is required
upon every such transfer In writing,
whether there is q sale Of the mortgage
or not ; but no stamp is necessary upon
the Endorsement of a negotiable instru-
ment, even though the legal effect of
such Endorsement is to transfer a mort
gage by which the instrument il secured.
The official bonds of administrators, ex-
ecutors, and guardians, are subject to a
stamp tax of one lola each, as bonds
for the due execution, or performances OF
the duties of an office. Receipts taken
by administrators, executors, guardians,
trustees, ETC., to be used as vouchers
upon the settlement OF their accounts,
are subject to the same stamp taxes as
other receipts. Partition deeds between
tenants in common need not be stamped
as conveyances, inasmuch as there is no
sale of reality, but merely a marking out,
or q defining of the boundaries Of the
part belong to each but where money
L. nnafharaksA-