Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-07-31
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY APPEAL,l
H-vrpuya IuTv g0- 1857.

MEMPHIS july o. AoSis }
Money matters are unchanged. There
Is the same amount of stringeBcy ana
the same difficulties in the way OF DOT
rowers as reported in U last. Many
think that affairs will not change before
we receive returns from he coming cot
ton crop, while others are sangulne that
after the election times Will improve.
Business at our hanks IS Win
a degree Of caution never before exer-
cised. and in many instances good names
are refused simply from inability 70 com-
ply with the demand.
Rates of exchange are the same.
Gold was offered freely to-day, and
some of our brokers bought compare
lively large amounts. SO to 39f were the
best figures offered.
II. silver there seems to be the u
desrth. 2S to SOC was the buying rates.
CITY scrip is only moderately active
Dealers buy at 5Sc and sell at 6O ts 6Zc.
A large order would no doubt be filled
st SOC.
County warrants are inactive and dull.
some brokers decline to buy. IS to 7Sc
are the buying rates. Selling at 80 TO
SIC.
Police scrip is dull, and but one dealer
was buying to-day. Offering at bOc.
Selling st 50 to 64c.
Bonds and stocks are unchanged with
very few sales reported. Those are con-
fined to small amounts and are not an
indication Of value. The uncurrent
money market has not changed.
Commissioner Rollins has recently rem
dered the following decisions;
The keeper Of a hotel, inn, or tavern,
Il liable to special tax as such, if his an
nual gross receipts exceed SlOOO, regard
less of the amount OF his net profits.
A manufacturer Of bureaus may de-
duet from the entire gross amount OF his
sales thereof, the actual cost OF h mar
bic tops and looking glasses used IN their
construction, provided q tax has already
been paid upon the tops and glasses, Dut
no other reduction should be allowed.
An alien who resides in the United
| States. and is, therefore, liable to q tax
mon his annual gains, profits and in
come. is entitled to the exemption Of
SIOOO,of that income in the same man
ner. and under the same circumstances
! as a native born or q naturalized citizen.
1.-THE amount paid ont for usual or
ordinary repairs may be deducted from
income, but no deduction can be made
/ for any amount paid out for new build
iugs, permanent improvements or oet-
taTments made to increase the value OF
any property or estate. Amounts ex-
npnded by the purchaser of q building in
repairing injuries which occurred thereto
prior to his purchase, are, so far as he is
concerned, " betterments made to in
crease the valueD of the property, and
should not be allowed as deductions from
his income.
Every person who sells, or offers fol-
saIs. any distilled spirits, fermented
liquors, or wines of any kind, whose an
nuaI sales, including sales of other mer-
chandise, exceed $4,000, is required tc
nav the special tax as a wholesale dealer
in LIQUORS. It is not sufficient for one
who sells in the same shop distilled
spirits, etc, to an amount not exceeding
$4,000 per annum, and mer'
chandise in addition, to an mount mo-
exceeding that sum-, to pay two speeia
tsxes-one As retail dealer and the othel
as retail liquor dealer, il his combined
sales of liquors and other merchandise
exceed $4,000 per annum. he shoull
be required to pay a special tax OF SIW
as a wholesale dealer in liquors.
A dealer may purchase and sell agri
cultural and farm products at the place
OF business designated in his special tai
recent without thereby rendering him
self liable as a produce broker; but if
dealer, or any member Of a firm OF deal
ers, not having paid special tax as
commercial broker cattle broker, or ped
dler, travels about the country purchas
ing such products in the manner Of q pro
duee broker, be should be taxed as a pro
duce broker if his sales do mo- exceet
$4,000 per annum if his annual sale
exceed that sum his liability is that OF
commercial broker, both as to specis
tax and the tax Of One-twentieth OF on
per cent upon the amount OF ms SAFE
made elsewhere than at his place Of busi
ness as a dealer.