Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-08-12

OFFICE OF THE DAILY APPEAL. I
MFrfpuFa AuOugf n Igl9

reported IN our last. Holders OF d en-
phis and Charleston Railroad stocks
were firm in their views, while buyers
were no more anxious to bay, at least
not enough SO to advance their offering
rates. The $4,000 in "a mortgage Mis-
sissippi Central, alluded to yesterday,
was sold, we believe, to-day at soc.
City bonds remain in statu quo-$2S, 900
in all were bought at sos on Monday.
To-day q few small amounts were Of
fered at the same figures, and were
doubtless taken, as parties express will
liDgness to buy all on the market at SOC.
Gold closed to-day in New York at
146Bc. In this market sales of small lots
occurred at I43@144c to brokers, who sell
at 145@146.
The New York stock exchange quo
taions at noon to-day were as follows /:
Gold 1454. Five-twentles, coupons Of 'sl,
none do 1872, IA! +; do '64, 1O3 do '65, 12s /;
do new issue, 81; do '67, g.; lO-4Os,
coupons, ct; Government bonds dull.
City Scrip is steady, with only small
sales reported. Buying at 70972e. Sell
ling at 75@S0c.
County Warrants are dull at 50@5le
buying. Selling at 55@5Se.
Police Scrip is in fair demand. Bro
kers buy at 73@75e. Selling at SOC.
The new tax law is not generally un-
derstood and we therefore give a synop-
sis of it so far as it relates to rectifiers,
distillers, and dealers in tobacco.
In making the reassessment all allow
auee will be made for the portion of tax
already paid, appropriate to the nnex-
pired portion Of the year. The tax will
be resssessed to August 1st, three-fourths
of the year.
Rectifiers are required to pay 5000 for
not exceeding 200 barrels, and fifty cents
for each barrel in excess of that number.
Persons who engage in rectlfying under
the new act will be assessed the pro rata
proportion OF the $500, and the fifty
cents tax per barrel will be collected on
each barrel in excess OF such pro rata
proportion of 200 barrels.
The specific special tax on wholesale
liquor dealers is not changed, but q
change is made on the rate of additional
tax on sales in excess of which addi-
tioual tax is to be collected.
IL person commences q business rs a
liquor dealer, in August, he would be
liable to a special tax, appropriate to the
unexpiTed portion Of the year, or three
fourths Of one hundred dollars, and this
would cover the sale of three-fourths Of
twenty-five thousand dollars, or, eighteen
thousand seven hundred aud fifty dol
lars, which, when exceeded, he must be-
gin to make separate returns, and pay
the additional rate required under the
old law. A wholesale liquor dealer who
paid the special tax at the commence
Inent of the year should be charged for
sales made prior to July Goth, at old
rates, and for those made afterwsrd, at
the new. The end will be reached by
exempting him from monthly tax unless
his. sales made after July Goth reach half
the amount which he might have sold
had there been no change in the law.
Thus, IL he had sold $500 before the
change he may sell $4,000 afterward.
If he sold $40, 900 before, he may sell
$4,000 after the change.
Manufacturers of stills will be assessed
pro rata for the unexPired portion of the
year, that is, seven-ninths ofs50, or $3S SO.
II, however, he has already paid
special tax of ten dollars as msnufac
turer, lie will be entitled to deduction
making the amount to be assessed $31 II.
In addition to this, he is liable to tax
Of twenty dollars for each still, and
twenty dollars for each worm made for
distilling. If, however, he msnufac-
lures other articles besides stills or
worms he is not entitled to any deduc-
tons on account of the special tax paid
as 3 manufacturer.
Dealers in leaf tobacco, whose sales do
not extend to $4,000, are to pay S25 and
in addition $40 for every $1,000 in excess
of $4,000; if in business on July 20, will
be assessed Eeven-ninths of sos, and
when sales exceed seven-ninths of
$40, 900 will become subject to the addi-
iOnsl tax of two dollars per $1,000.
Dealers commencing business subsequent
20 that time will be assessed q pro rata
proportion of twenty-five dollars, count
ing from the first day OF the month in
which they commenced, and the tax of
two dollars will attach when their sales
shall exceed the same pro rata proper
ton of $4,000.
Wholesale dealers in tobacco, and
manufacturers OF cigars and tobacco, who
sell leaf tobacco, must pay the special
tax of dealers in leaf tobacco in addition
TO their other special taxes.
Every person whose business is to sell
manufactured tobacco, snuff or cigars, is
regarded as q dealer in tobacco, and
where his annual sales exceed 500 and
and do not exceed $1,000, must pay S.,
and 81 in addition for each $1,000 in ex-
cess Of $1,000. Any retail dealer, whole
sale or retail dealer or keeper of hotel
or eating house, who sells tobacco, snuff
or cigars, must pay in addition to his
special tax, tax as dealer in tobacco.
The assessment for the unexpired
portion OF the year will be in accordance
with the principles before stated.
Manufacturers of tobacco are required
to pay a special tax of 81; if they manu-
facture cigars, they must also pay spe-
cial tax as such in addition il they have
already been assessed = tax as tobacco
nists, they will not be reassessed as man
uiacturers OF tobacco.
In addition to the special tax Of SO, q
tobacco manufacturer, where the amount
Of the penal sum of his bond exceeds
$4,000, is liable to 3 tax OF 81 for each $1,000.
In making this assessment assessors will
estimate the amount of tax which would
be due for year, aud where the assess
ment is to date from the time OF the pass
age OF the act, assess the manufacturer
E6Yeu-DlUtilS OF lHaJ dLuOu0LY anu W06D
he commences business subsequent to the
month of July, the pro rata proportion of
the amount for such uuexpired portion if
they are dating from the first day of the
month in which he so commences busi-
ness.
Manufacturers of tobacco are not re-
quired to pay a special tax as dealers in
tobacco for selling produce of their own.
Manufacturers of cigars are required to
pay SO when their sales do not exceed
$4,000, and, in addition, 50 for each $1,000
in excess Of $4,000. Those who have al
ready paid tax as tObaceoDists and do not
manufacture tobacco will not be required
to pay another special tax as a cigar
manufacturer. In such case he will be
assessed for the ratsble proportion of $40
and the tax of 81 per $1,000 will be upon
the excess of the pro rata proportion OF
$1,000
Distillers, c0mpOunders and manufac-
turers of stills, tobacco and cigars, are
not subject to the tax on sales proposed
by section d, act of March 81, 1858.