The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-06-05
CTTY INTELLIGENCE.



IFoR ADDITIONAL LOCAL ITEMS SEE INSIDE PAeEsl
THE INTERNAL REVENUE LAw-AY IMPORTANT
CIRCULAR TO BANKS, BANKERS, AND BROKERS'
The following circular has recently been
issued by order of the Internal Revenue De
partment, and gives a comprehensive view of
whatis required Of banks, bankers and brokers,
and their several duties as regards the internal
revenue. The circula has been made public
for their special Information. and will tend
greatly TO clear up doubts. and make plain legal
requirements, which heretofore were but Inn
perfectly UNDERSTOOD
lAct Of June 30 1884, section 79 subdiyls on onel
Eyery ncoTt OF M oIher BANK ana every person
of one more OF the following kinos of business is to
(1l Receiving deposits collecting money subject
a. Ioanne or advancing on stocks, bonds, bullion,
bilIs Of exch9nge, or promlssoTy notes o,-. ,,,s
bullion Bills Of exchange or promissory notes
VINO are 70 be Redayded as Brokeysl
or oompsny gbose bTsness l. Is 6 nesoate pnr
chase or sales Tor themseyes or Others Of stocks
garded as brokers. -,
ztlrss required Of Bd;.t, and Bqnkeys, n,
(SectOn 79-Subdivsion one)-l. Annual-Every
bank. except savings banks, provdent associations
license tax theif capital employed IS ii'' not over
Of tISp Snd e per thoussnd @ al in addition upon
lsection llOl.2 Monthly. Every bank OF banker
pay thly tax Of one-twenty, fourth of one per
eSE SO mnc @ they o 6aSe sS5
United States bonds and (2) The average amount of
tion Is required 70 Day amo6this tax Of one tweGh
9r nc ef GEM on she average amount % Oh crc9lStion
in circulation in excess of ninety per cent capital;
@e dT6g the
OF the average circulation for six months preceding
Act q March 20. 1857 tsection 2l-4; And every
ma tona banking association State bank, or banker,
or association, is required to tax OF ten per cent
on the amount of note OF any town, city or munl-
Il
Sssction i2ol-S: or dividends and surplus. Every
making dividends distributions OF profits. is
buted whether to depostors, or parties
whaiteyer including non residents whether ctizens
sums asG to pay yo or per cent ON all ib ri @
surplus Snd contingent funds T.
dSdends or distributions Every bank legally autho:
Sed TO issue notes as crculation neglectng or omit.
contingent fund, as onen as once in six months, is
profits.
Act June 80, 1854 (secten iio)-l. Savings banks,
tetc having no capital and doing no other business
the sole benefit Of the depostoS Without profit to the
bank, association; or company are exempt from tax
10 securities the United States and on ali deposits
seeon Naona Banks HGy are one exe@P from
aure by tie Ban s% To pay @ RS' @ STs Te
lent In seml-annua tax Of one;quarter of one per
Revenue.
7Hpes Required Of Brokers.
lSection 79-Sub nineJ-(l.) Annual. Every person
to pay annual special or license 't tax Of $50.
business 81 banker and broker "'0" OO'ei' O0'H '"o
SseGl,,on sSll2l Stamp tax on all transactions.
each siUO Of his sales or contracts whether of gold
securities.
HoS0 BdkS and Bankers are Required TO Pay Their
required to make the following returns for the
Inelr place or business Is located:
e. An annual an, & return for speSal or license tax
meneinS With the aTst day Of May foIIowinG 'Ni ''
cap tai deposits crculaion or either one or more
(section i2OJ-(8.) A semiannual return of dlvi-
.dends and surplus.
dends or other disposition Of profits any, part
earnings, If they are legally authorized to issue
After making returns as above from time to time.
banks or b. baqEsrS 9E to @ await & nOGaOn from the
the time ana place specified by him.
- Ho,O Brokers are Required 70 Pay neh, Tages.
,lseoliOn IL, amended March 2, ls67-1 Annual.
Of st dstrca on or roh
ca tax license for the year commencing the lst day
Isecfion SSS-2. stamp Tax. A bill or memorandum
stance to be made and stamped with lawful stamps
fractional part over one hundred dollars sold
tracted.
pendties. HHtii
e. (Secton AL. For refusal neglect TO make any
arm required, except in OF sickness absence,
. Q e the time may be extended by the assessor
= u Sthan thirty days. fifty per cent. in addition
ChS and one hundred per cent. for fraudulent
OF tilo.)-2; For refusal or neglect of bank
the Bake the required monthly returns in each
and ar cent. in addition to the above and $500
the reach case OF fraudulent returns one nun
Ilg0)-3. For doing business as bank
Nv; Stex. a hme OF not less than siO nor more
NJ besides the special license tax and fifty per
Or contracts for gold or silver. bullion coin.
ssory notes, stocks, bonds, or other securities,
heir own, by any person, firm or company not
am with legal stamps at the rate of five cents for
iSpO of the sums sold or contracted.
eStSn Sy Ia4 or for deverins or receiving any sum
n sums without bill OF sale, memorandum, or CON
duly 4s5asea &c CS and az Of
$500 each o1ense where the tax SO eya1eu OF at
tempted 70 be eyaded & Goes not 500 and costs
I OF suit in United States Court
According to the ruling OF the ommlssloneI OF IN
ternaI Reyenue money borrowed or received by a
bank banker on interest, anu osed ~ LII tai
business must be considered AS capltsl anu '"NeU
All money therefore thus borrowed received and
used ia banking in okerng as margins rs, Upon upon
Which tax is paid by stamps required 20 be Included
in monthly returns OF caplth
All who have neglected 70 make returns I "a ANY
portion Of the time Tor any tax required @ SIDE Zee
came into force in 1864. are required 70 re- @
the assessment with penalty ADDED wiz oe ihaue'
ARRESTED ON SUSPICION OF RoBBERY.-Richard
O. Knory, being in the employ OF Mr. Orr, the
S0ronrIeior of an ice cream saloon, on Lombard
Street above Second had free access 10 all Ihe
rooms ON Monday last he brought two young
men wkose appearance was suspicious, apout
fhe nreTnises On Monday evening all Jhree
Nyi,itId thesresidence of Mr.. Orr. While the Two
Iatfer waited below, Knory went up stairs, ana,
alter short stay, hurriedly came down, say W NIng NW