Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-07-20

per cent. dividend-paying stock, which
| would yield annually s6,S0o,0Oo on the
SO,O000O of stock given to the United
States, in the Senate bill, in payment for
its endorsement of the bonds of the canal
company, which is really for the benefit
OF the United States. This sum, in ten
years, would pay TO the stock of the
United States $63, 100000, and at the rate
of tolls charged by the Suez canal, it
would pay for the canal in that time.
WAR-TAX OPINIONS.
Commissioner N. b. Scott has rendered
all opinion on the war-taX which contains
many points of general interest. Among
other things, 1t says:
Proxies TO vote at elections, IL dated
and fully executed prior to July l. 1895
are not required TO be stamped, ever when
the election is held subsequently TO that
date, II nothing is written In these proxies
on and after that date.
Upon sales of certificates of stock
made by broker where the transfer is
by delivery or the certificate assigned in
blank, he is required to affX the requisite
stamp 70 his memorandum of such sale,
and upon his assurance that this has
been done there is no responsibility upon
the company In the issuance of certifi-
Gates in new names, in lieu of old certifi-
Gates cancelled.
III II Is found thereafter that the bro
kers have failed to comply with the re-
qulfements OF the law with reference TO
the stamping of their memorandums of
sale, the criminal liability is on them.
W here memorandums OF sale of old
certificates are duly stamped, the new
certlncates issued in lieu of the cancelled
certificates thus sold do not requipe a
stamp upon their issuance.
Where the change Of ownership is
shown by the transfer of the certificate
the stamp is required 10 be placed upon
the certificate thus transferred. and not
on the new certificates issued in lieu
thereof
The power Of attorney on the back OF
the certincate transferred requires a 25-
cent stamp, in addition to the stamD re-
quired on the transfer of the stock
Where there is a substitute attorney
appointed, ana this causes a second in
dorsement upon the certificate. II is held
that TINS substitute power of attorney is
required by the law TO be stamped"
The Commissioner has held that In es-
timating the amount of special tax re-
CURED TO be paid by bank. based as
the law requires upon capital and sur
plus, the amount invested i'm United
states bonds is not to be deducted. III is
held tnat there is no provision OF law
Whlch warrants such deduction inasrnuch
as the tax Is not upon the bonds. but
upon the business of banking. The CAM
tai and surplus which may include bonds.
are taken as basis for fixing the amount
OF the tax.
The Commissioner has held that re-
ceipts USED as checks to draw money from
banks are subject TO the starnp TAX II is !
said that several banks, in order TO avoid |
the stamp tax, are accepting receipts for l
cash, which. according to the letter OF /
the law, are exempt. The Commissioner !
however, has decided that under these /
circumstances receipts 10. all .nterts sn1 |
purposes are checks. and therefore must |
be stamped.
ARMY ORDERS.
The following army orders were issued |
to-day:
The foilowing-named enlisted men.
now at the stations designated after their
respective names will be discharged from |
The service Of the United States by the