New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-23
THE TAX on STOCK SAFES.
CUSTOMERS NOT BROKERS' MUST PAY
Or-rsTr0NS STILL UNSETTLED.


QUESTIONS STILL UNSETTLED
Tho ruch-discussed question whether the broker
or the customer should pay the stamp tax OF =
nm shoros or sales Of stock authoritative
" sottled Yesterday afternoon. when the Govern
ING Committee of the Stock Exchange adoptNn me
following resolution
Resolved. That. in the judgment Of the Govern
ina Committee any member Of the Exchahge IN
hv agreement or otherwise direcy OF on ralevss
assufs G from anv part of the stamp taxes
n ~ the act Of Congress passed June 1$
ISIS upon any sales or agreements f9r The sac o,
any stocks sold or agreed 10 be sold for accom-,
Of such princnal is guity OF ~ Frc5arge reia-
ing TO commissions
This means that the broker will continue 70 re-
ceive his regular commission Of one-elsh'h on
/ per cent on all transactions, ana VIII "hue'
no circumstances be allowed. by himset ass'"
ing the tax or part Of It, TO give MS o"''o''i'
what IN effect would rs a rebnte upon coHHlS
s,ors Article XLIII Of the Constitution provides
sovora nonalt,es for violation OF this STOCK TX
ohongo reputation "a to commissions-for IN"
erst offence suspension for from on" to hNe years
and for the second expulsion from memners"P
The Governing Committee also adopted me io'-
lowing rule recommended to It by sno-''m-
mittee. ,., o., .oio,
on and after July l. 1905 all deliveries dof ,~Le,
Of stocks must be accompanied ny - s S.o,os Tax
st,a,nnod in accordance with the United states lnA
law whether the delivery be maze ~ ~ ''N
House delivery ticket or by cer'''lca,' ." ~
nd
Of stocks ,.
Va action was taken by tho Governing Commit
+ee in relation TO the tax upon promssory ho'eS
given 10 secure call loans. that being rega'ueu ~
a subject for settlement by tho 'l'h'ne i'""'
and the banks ,..
The decision that tho tax on stock irhnsa'"onS
mus, he borne by the customer rather thAn the
hroLor "a Il Is said IN accordance with ina pro-
o.dura q, the time Of the Civil War The Gus
toners thcn paid tax which at first was - on
each 100 shares Of stock sold. bat aiteT""'" va"
reduced 10 Sc
WILL, BORROWED STOCKS BE TAXbD?
Ono Of the unsettled points regarding Stock hN-
change transactions under the War Revenue Ia"
"a whether or not stocks borrowed Tor delivery arc
liable 70 taxation. The general opinion ~ 'ea''"s
members ~ The Stock Exchange il that the Ir"as
NY officials will rule that the FAX - 10 Apply sore
~ IN case Of transfers Of ownership ana 'lA' ~
loaning Of stocks for delivery IS not W@aiE t er
xa,ton Elaborate calculations have been mac
as TO the total amount OF taxation ~om may one
Mathematician presenting HGureS J." s4o" a.,
hyr 5,hetcal case Il might cog, 80 ~ another
IN. evnerleuced Stock Exchange Operator, d" 80.
opnon hat 'he Law ma" .iok iransacilon
Tho hanks and ;her attorneys ere SUI, .s arI
ing the problem OF the tax on can @'n no,gs ION
will be do away Win thr 80, s'.is, ',i,fing
therefor an oral agreement Or IN ~" , az 5esicr.
Mar borrowers on call pi'N'l' ~. ..if...-.f
form of general agreement ihaf a. c'''a'''" 80
pledged Tor call loans shall De SUI. q" -. small
tax T. 70 universally declared mat me pl Dn.'s
sory note tax. II paid on every ci.i .'"" ID '''"
lion would bc prohhitory q uadlns
STAMPS OF FIRE POLICIES.
A.. -o-, "a % he made by tho National BOARD
., F,re Underwriters to have the fire and marine
insurance companies relieved from attaching
s,amp TO each document the plan bong 10 secure
nermisson Y possible. FOR the several COMPANIES
70 make quarterly sworn statements ol i.1
nre,oums received and attach 20 sucn sfat'!n"i rs
STAMPS 20 the total amount % the tax shown hN
TIE sub Treasury yesterday received sEhscrlp-
t,ons from Only a sma' number ~ lnfiFiduhI az.
niican,a bu, fook in 30 edition GOOD many
small applications In nlJc~r. for "A.cH i',''Pl'
Vii. be given lofer on T. o. uciev.d'ilii ..r nun
her 81 appi!cat4 accep feD az the H-'- i'i ~
TO- honGs IN sums Of 800 or less no" ags''s''''
more than four thousand