New-York tribune., 1898-07-02
REVENUE STAMPS N Use
LITTLE INTERRUPTION TO BUSINESS On
THE FIRST DAY
MANY PAPERS Passed THROUGH THE CUSTOM
HOUSE SUBJECT TO TAx-vALL STREET

law went into effect Yesterday Despite the
scarcity Of stamps ard the large number OF IN
tricate points which are still 10 be passed upon
the course Of business was not interrupted ~
any appreciable extent On the STOCK EA-
change. Tor example brokers who had been un'
able to secure stamps gave due bills on making
transactions as a pledge that the necessary
stamps would be used when Il should Re possible
10 secure them.
More or less embarrassment was, OF course
caused in every line OF business through the lack
OF stamps but the business men have no rear
that the penalties prescribed in the law for nov
using the stamps are going 10 be visited upon
them when they have made honest but frultless
endeavors to obtain the stamps July | II al
ways an exceedingly busy day Cor the ranks as
o great number of interest and DIVIDEND ois-
bursements b, corporations made on that
day; but the banks Yesterday were suppheo
with large enough quantities Of the two-cent
stamps to enable them 70 receive the great num-
Der Of interest and dividend checks presented for
deposit or collection.
A lively business was dore Yesterday h. sta
>,oneYs and exchange brokers' in the financial
district who had the neu stamps on sale and II
was eaid that one dealer sold $4,000 worth of
them in the course Of the day. The Custom
House brokers used TIE two-cent u r. stamps
which were all they had been able TO get
PASSED SUBJECT TO TAN"
Some Of the papers going through the custom
House require several dollars worth OF stamps
and the cancelling OF the series ot two-cent
stamps in such cases is a long and tedious JOB
So Deputy Collector ouackenbush of the Second
Division. authorized the passing of these papers
subject to tax in order that the goods might
Aelx bOu the
General Stores where a months rent would
have to be pc i'd on them a clerk keeps record
of these documents which will he detained until
II is possible 70 secure erd attach TO them the
stamps.
Wall Street has not yet had time 70 estimate
the effect Of the new taxes upon its busl-
ness but brokers YESTERDAY afternoon were or
opinion that there were indications that STOCK
Exchange trading for the first day under the
new dispensation had been restricted 10 some
degree by the new stamp duties. They believe
.hat the tax viii not materially affect the vol
ume OF business on the part Of commission
houses. but that it vii nave the result OF larger
curtailing the operations Of the room traders
The stock brokers have studied with care the
application Of The WAY Revenue law 10 their
bus!.ess, and there was little or no CONFUSION
among them YESTERDAY as % the stamps 10 he
placed upon the various papers in daily use
among them a good many people apparently
had not heard yesterday that they must pay
the one-cent stamp tax on te.egranls' ana some
raised objections al the telegraph Offices, but
The taxes on railroad tickets are to ne ecrne
by the companies and Pullman tickets VIII also
be stamped by the conductors taking them mp
TIE express companies require senders OF pack
ages 10 pay the tax Every stamp nus' be can
celled by the person afixng II. who must write
on il his initials and the date
Many Of the banks are having the revenue
stamps imprinted on their checks, and VIII pay
themselves the cost Of the imprintns charging
cnp m
delivered 70 him a. sum just equal 70 the actual
cost Of the STAMPS The necessity Of using me
tvo.eent revenue stamps. II ls believed VII
diminish largely the number ~ small checks
used . result which will not worry the banks
CUSTOMS ENTRIES REQUIRING STAMPS
Collector gidweM received from the Treasury
Department at Washington Yesterday an official
circular itenaizng the customs entries and bonds
requiring internal revenue stamps as indicated
in the new War Revenue bill! Among these
items are imports tor consumption. warehouse
entries Withdrawals for consumption, export
and transportaticn. AL rewarehonse "lthdra"-
Entries corcerning goods In tcarsi, through
the United states. Canada and Mexico and en-
tries for immediate transportaton 70 interior
ports under the acts of June 10, 1880 and Fso-
!uary % 1851 will not require internal revenue
stamps All requisite stamps mus be arxeo
. entries and duly cancelled oefoTe they are
deposited in the Custom House and must be
80 marked py the proper customs ofreers as 20
make their future use !npract!caole y Is esti-
mated that the tax will Weld about 5000 day
IN this port alone
The traffic departments Of the railroads
throughout the United States have issued clrcu-
lars TO their agents explaining the provisions
Of the War Revenue law affecting railroad
fYeigh, and express packages The railroads
will furnish the ons-oent stamp on an orlglEa!
bill of lad!ng. the shipper 10 pay the tax on al
duplicates The freight traffic tariff depart
mert OF the Baltimore and Ohio Railroad Com
pany has Issued an especially detailed CIRCULAR
letter Of instructions 10 Us agents
A nev point has been raised by some or the
local banks They are required under the new
iew 10 pay tax on capita and surp!us but
certain banks have a large part 81 their capital
invested in United States bonds These ponds
are free from all taxation, and the banks raise
the question whether or not III paying the TAX
an their capital they are entitled 10 a reduction
covering the amount invested In Government
bonds
MANY LICENSES SURRENDERED
TIE BIER TAX FrIoHTESs EAsr sIpE SALOON
KEEPERS