The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-20
CKYARDS EXCHANGES
WAR TAX IMPOSED ON THE TRANS
ACTIONS AT THESE PLACES.
Recent Internal-Revenue Decision
X. II. shiePs Trouble at the
Local Yards.

The members of the live stock exchanges
throughout the country, in cities where
stock yards are located for the purpose Of
supplying the cattle market, are the subject
of O. recent ruling by the commissioner of
internal revenue. at Washington. The ques-
ton was recently raised by firm of Oma-
ha brokers' who sold all, or nearly all, of
their cattle, to big packing houses. the
transactions always being carried on with
out anything more than verbal agreements
except the regular stock-yards tickets GER
tifying to the weight and value of the stock
sold. The brokers wished to know whether
such transactions came under the provi-
sionS OF the war tax list, and the reply of
the commissioner was as follows:
There can be question but that live
stock must be included within the designa-
ton of products or merchandise upon the
sales of which tax is imposed. Whether or
not the place where their sales are made is
similar to that Of an exchange or board of
trade is the only point remaining. The dis
tinctive feature prominent at an exchange
or board of trade is assemblage of
traders in order to obtain the best market
and most favorable dealings. 1t is not nee
essary, in order that sales of live stock
should be brought within the provisions of
this act, that they should be conducted at
a building in the heart of the city, Similar
features to those of an exchange or board
of trade can exist as we'll at the Union
Stock Yards or any other chosen place
that is to say. at place where a number
of traders buyers and sellers meet. The
Union Stock Yards at your city, or such
yards in any other part of the country, are
not an exchange or board of trade but in
the business transacted at such places, and
within their limits, the trading and oppor-
tunities afforded to make trade by the
commingling of traders buyers and sellers,
of the property there dealt in, they come
within the exact description of being a
Similar place thereto, and the sales made
there are clearly within the provisions of
the law imposing q tax upon sales at any
exchange or board of trade or other SINH
lar place.
at must be understood by these parties
that the tax is imposed, not upon their busi-
ness as commission merchants, but upon
the sales made at the particular place of
selling. Sales made at private yard, or
while lot of stock was in the cattle cars
or pasturing on the prairie, where the en-
vironments limited the dealings. would not
be subject to taxation, while sales made at
general meeting place of operators, sought
out for the advantages there to be OBJ
tanned, are clearly within the provisions of
the law. You will, therefore, inform all par
ties making sales through the medium of
the sales or agreement of sale, or agree
ment to sell, cent, and for each additional
500 or fractional part thereof in excess of
800, cent in taxes must be paid by stamps
to be affixed to the bill, memorandum or
agreement or other evidence of the SALE
The books showing all such sales SUISSE
Cuont l.
examined and the amount of tax which
should have been paid must be ascertained
be paid promptly in the manner provided
by law