Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1899-01-12
WAN TAX RuLINss.
Revenue Collector Lsirch Notified ofImpor-
tant Decisions.

war tax DIV commissioner IN. ID, pcObb'
No stamp is required upon the trans
fer by Endorsement Of promissory notes.
Where notes secured by deed of trust
are used as collateral, the decd of
trust and the notes are required to be
stamped, not on the basis Of their face
value, but on the amount for which
they are pledged THAT is to say, the
memorandum of their pledge must be
SO stampedl. This pledge of notes and
deed OF trust does not require to be
stamped again because OF renewals OF
the notes held as collateral if the
pledge itself is not renewed. Promis-
sorry notes which have matured and
have been allowed to run without suit
are hold not to be renewed by the pay
ment of interest. This is looked upon
rs a "forbearance'' and not q renewal,
the holder not relinquishing his right
of action for any stated period. A
bond secured by mortgage given by
private person in lieu of promissory
note is taxable as u promissory note
and not as o bond. Real estate mort
gage notes require to be stamped, in
addition TO the stamps placed on the
| mortgage. In cases of loans on real
estate, where promissory notes are
given, which are not paid at maturity,
but on which an extension of time of
| payment is granted, without the taking
| of new note. ii is held that every
such extension is renewal of the note
within the meaning of the statute, and
| that the requisite stamp must be affixed
| for every such renewal or extension.
Revenue stamps are not required oil
| the reports of earnings and dividends,
| and reports Of condition made to the
comptroller OF the currency by national
banks.
Powers Of attorney executed abroad
and used In this country require u
stamp Powers of attorney executed in
| this country for use abroad do not re-
quire stamp. Where judgment notes,
so-called, contain u clause authorizing
any attorney at law to confess judg-
ment in favor Of the holder Of the note,
such authorization is held to be a
power OF attorney, and taxable as such
in addition to the tax required on the
judgment note as a prolnissory note.
Powers Of attorney executed on the
back Of stock certificates used in con-
uection with transfer of shares require
to be stamped in addition to the tax on
transfer of stock. Powers Of attorney
TO sell or transfer government bonds are
taxable. Power of attorney contained
in pledge of collateral securities re-
quires no stamp.
Pledges of property are not held to
be renewed by the renewal of the note
which they secure; there must be some
specific act of renewal of the pledge
in order to subject it to taxation as a
renewal. A paper or instrument stipu-
lating that certain securities or other
| 10 lfNh DlI tss
as basis of credit or guarantee gen
orally, without specifying particular
property as security for the payment oil
definite and certain sum, is moi
liable to tax under the war-revenue act
relating to pledge.
A 10-cent stamp is sufficient upon {
; proxy for use in voting at an election
of officers Of an Incorporated company
without regard to the number of siDga
, lures. Powers of attorney and proxie.
j for the purpose of voting the stock o
building and loan associations, which
, make loans only to their shareholders
, do not require to be stamped. Where
/ upon one power of attorney or proxy, ;
number of shareholders join in appoint
ing q certain person to vote their stock
one stamp is sufficient.
! Receipts given by safe deposit com
1 pany, in renting boxes in tho com
3 pany's vaults, are not subject to tax
nor are receipts given by such com
! | panies merely for the safe.keeping @
' money and valuables.
q Receipts given by the patrons of post
I Office for box rent are not taxable. n
' stamp is required on ordinary receipts
q Dray receipts given at export steamer
: wharf does not require u stamp in ad
h dition to bills of lading which ar
+ stamped. Shipping receipts given b
h common carriers of freight for goods I
5 be transported to port of export requir
q stamp.
In reckoning the stamp tax on trans
C fer of certificates of stock, tha tax
q reckoned on the face value. In reckon
q ing this tax, the fact that only part {
G the face value Of shares subscribed fC
v and issued has been paid by the share
d holders is not to be taken into consit
J., Grafton. Where stock is sold at the pi
!. value of sl00. and upon which it al
" pears that only SO nave been paid, IL
IS Tux is to be reclloned upon the ia,
h value of 800, and not upon the So
Ia Where one certificate represents sever
]. shares, the tax of cents ON each S1t
~ or fraction thereof is to be recKoned {
I, not on the face value of each separa
il share. On transfer of one certificat
" representing 500 shares, So par valu
Ia the stamp tax required is SO cent
N When certificates OF stock or 9th
lie securities are pledged for loan, Il
stamp tax Is to be reckoned not on II
n race value of the certificates or secur
N tics, but OH the amount of money loan,
le above $1,000. When stock is transfer,
le for which no certificate has been
II sued, and the evidence of transfer
or shown only by books of the compan
nt tho stamps should be placed upon su,
d. books. Where the change Of owne
es ship is by the transfer of n ccrtificat
ca and the certificate contains q blai
form of assignment on the back viii,
nd is filled in by the insertion of the mar
a. Of the person 20 whom the stock
q. transferred, the stamp should be plac
IL upon tho certificate. In case Of
no agreement to sell, or where the trar
AZ fer is. by the delivery of the certificat
al signed in blank, the name Of the trar
ee fierce or vendee to be filed in aftt
at wards, there should be made and deli
Is cred by the seller to the buyer bill
b. memorandum of sale, TO which t
nd stamp should be affixed.
a. E. Wharton Seriously Injured.
" Dover, Jan. ERNEST C. Wharto
~ aged 50 years, living in st. Jon,
, ne Neck, was accidentally shot in t
~ knee, yesterday, on his farm.