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Except bills of exchange drawn against value of products or merchandise actually exported to foreign countries; provided such bills shall be accompanied by proper invoices, etc., showing goods to be of at least the value of the bill drawn. Bills of Lading, 1 cent. Except persons, companies, or corporations carrying on a local or other express business. Bonds, 5 cents on each $100 or fractional part thereof. Bonds for indemnifying any person or persons, firm or corporation bound as surety for the payment of any sum of money or for the performance or execution of duties of office or position and to account for money received, 50 cents.' (Administrators', guardians' and executors' bonds are in this class.) Bowling Alleys, $5 for each alley. Brokers, $50 annually. Bucket Shops, 2 cents on each $100 of sales, contracts, etc., $50 per annum after July 1, 1901.

Certificates of Profits and transfers of the same, 2 cents on each $100 or fractional part thereof. Certificates of Indebtedness, 5 cents on each $100 or fractional part thereof. Certificates of Stock, 5 cents on each $100. Circuses, $100. Custom House Brokers, $10. Contracts, brokers' note or memorandum of any sale of goods or merchandise, stock, bonds exchange, notes of hand, real estate, or property of any kind or description issued by brokers or persons acting as such, for each note or memorandum of sale not otherwise provided, 10 cents.'

Conveyances, deed, instrument, or writing whereby any lands, tenements, or other realty shall be sold, granted, assigned, transferred or otherwise conveyed to or vested in the purchaser or purchasers or any other person by his or her direction, between $2,500 and $3,000, 25 cents; and each additional $500 or fractional part thereof in excess of $3,000, 25 cents. Cigars, Cigarettes, etc. (see tobacco and manufacturers). Drafts, 2 cents for each $100 or fractional part thereof. Debentures, 5 cents on each $100 or fractional part thereof.

'Much of the business of the bonding and surety companies is free from this fifty-cent tax for by a recent ruling of the Commissioner their instruments are not indemnity bonds but agreements to indemnity, and so exempt.

2 By a recent decision of Commissioner Yerkes any stock which is deposited as collateral security for the future payment of money is taxable at the rate of two cents for each $100 or a fraction thereof, provided such delivery is accompanied by any paper, as agreement or memorandum, or other evidence of transfer, as required by the statute, further that a so-called collateral note in which such stock should be described with reasonable certainty would be such evidence. As there is no tax ou promissory notes, and the tax on pledges or pledged stock has been repealed, the tax described in the foregoing must be made on the amount of collateral put up, and the stock certificates must have stamps affixed to show ownership of the property.

Deliveries or Tranfers of Stock, 2 cents on each $100 or fractional part thereof. Entry of Goods, wares or merchandise at any custom house for consumption or warehousing, not in excess of $100, 25 cents; exceeding $100 and not exceeding $500, 50 cents; exceeding $500, $1.00. Entry for Withdrawal of any goods or merchandise from customs bonded warehouses, 50 cents. Exhibitions, other than theaters, circuses, etc, $100. Freight (see bills of lading). Manufacturers of Tobacco, where annual sales do not exceed 50,000 pounds, $6.00; where annual sales exceed 50,000, but not more than 100,000 pounds, $12.00; in excess of 100,000 pounds, $24.00.

Manufacturers of Cigars, where annual product does not exceed 100,000, $6.00; where annual product is more than 100,000, but does not exceed 200,000, $12.00; where annual product is more than 200,000, $24.

Manufacturers of "Mixed Flours," $12.00 (includes makers, packers and repackers). Memorandum of Sales, 2 cents on each $100 or fractional part thereof. Pawn Brokers, $20. Passage Tickets, tickets, order, contract, or certificate of passage by any vessel from one port in the U. S. to any foreign port, costing more than $50; 50 cents and each additional $50 or fractional part thereof, 50 cents. Pipe-Lines for transportation of oil or other products, special excise of 4 of 1 per cent. of gross receipts of $250,000 or more. Refining Petroleum, 1⁄4 of 1 per cent. of gross receipts of $250,000 or more. Refining Sugar, 4 of 1 per cent. of gross receipts of $250,000 or more. Sparkling or Other Wines in bottles, pints, or less, I cent, more than pints, 2 cents per bottle. Snuff, 12 cents per pound, 20 per cent. discount. Sleeping Car or Parlor Car Tickets, 1 cent on each ticket. Stock Brokers, $50. Sales, 2 cents on each $100 or fractional part thereof. Theaters, Museums, Concert Halls, etc., in cities of over 25,000, $100. Tobacco (see manufacturers of). Tobacco, 12 cents per pound, 20 per cent. discount; $3.00 per M. on all cigars, etc., weighing more than 3 pounds per M., and 18 cents per pound (54 cents per M.) on cigars, etc., less than 3 pounds per M. Cigarettes, not over 3 pounds per M., 18 cents per pound if not in excess of $3.00 per M. in value, over $3.00 per M. in value, 36 cents per pound. Leaf Tobacco, sales not in excess of 50,000 pounds, $6.00; sales in excess of 50,000 pounds, $12.00.

The method of cancellation of stamps, Sec. 9, Act June 13, 1898 (30 Stat., 453), as amended by section 6 of the Act of March 2, 1901 (31 Stat., 940), is as follows:

"That in any and all cases where an adhesive stamp shall be used

for denoting any tax imposed by this Act, except as hereinafter provided, the person using or affixing the same shall write or stamp thereupon the initials of his name and the date upon which the same shall be attached or used, so that the same may not again be used.

"And if any person shall fraudulently make use of an adhesive stamp to denote any tax imposed by this Act without so effectually canceling and obliterating such stamp, except as before mentioned, he, she, or they shall be deemed guilty of a misdemeanor, and upon conviction thereof shall pay a fine of not less than fifty nor more than five hundred dollars, or be imprisoned not more than six months, or both at the discretion of the court." The law also provides penalties for failure to affix, fraudulent use, and for the different offenses taken cognizance of by the law.

Such are the requirements as the law now stands and such must be the observance of the same among members of the profession. Those who wish a copy of the law in full should write to the Internal Revenue Commissioner, Washington, D. C., and a copy of the law will be sent them.

J. M. T.

CONTRACT REMEDY ON BREACH OF EXECUTORY CONTRACT OF Sale and Vendor's Right to PURCHASE.-Judge Irving G. Vann, Comstock, of the New York Court of Appeals, on June 11 handed the opinion in the rather novel case of Ackerman v. Rubens.

By an executory contract, Ackerman agreed to sell Rubens a yacht. Rubens did not complete the purchase, and out of the three methods of redress the plaintiff elected to sell as agent for defendant, and sued for the difference. The sale was conducted in the best faith, after wide advertising, at public auction, at which there were other bidders; the plaintiff being highest. An action was brought for the difference between contract price and price at auction. The defendant claimed the sale to the plaintiff illegal, on the ground that an agent cannot sell to himself. On appeal to the highest court the sale was upheld, the court saying, "The law is satisfied with a fair sale, made in good faith according to established business methods with no attempt to take advantage of the vendor." This must now be law, although three of the seven judges dissent, and on what seem to be good grounds, namely, that a person cannot occupy two anomalous positions, that of vendor and vendee; if the validity of the sale rests upon the question of a "fair sale," "good faith," "established business principles," "no attempt to take advantage," it renders the question decidedly involved.

D. A. R.

THE INSULAR TARIFF CASES IN THE SUPREME COURT.-These cases have been pretty thoroughly threshed over in the lay and legal press, and they are now generally supported. Probably the clearest statement of the cases for one who does not care to go deeply into the matter is in the Outlook for June 8, supplemented by the correspondence in the following numbers. The Harvard Law Review for June has a brief exposition of the cases by Prof. James. B. Thayer, Choate. Those who wish to go into the matter fully should read "Brief and Arguments in the Insular Cases," issued by the government printing office at Washington. It is a book of more than 1,100 pages and the argument before the court, interrupted by the questions from the bench, are most vivid. Of course the most important of the cases is Downes v. Bidwell.

In connection with the query of the opinions the following is told -we give it without certifying as to its truthfulness:

"The Tip of a Calf's Tail."-A good story is told of the clever manner in which Justice Harlan [Kent] managed to give a tip on the insular decision to his golf friend, Solicitor-General Richards [Swan] About an hour before the court met to announce the decision Justice Harlan walked into Mr. Richards's office at the Department of Justice. He said he was on his way to the court.

"Some important business to-day?" remarked the SolicitorGeneral.

"Say," replied the big Justice, "did you ever hear the story of the calf and the knot-hole down in Kentucky?"

Mr. Richards confessed he had never heard it, but would be pleased to listen.

"Well," said Justice Harlan, "two men were going along by a cow-pen one day, and they saw a calf's tail sticking out toward them through a knot-hole in the fence. That is a wonderful thing,' said one of the men. I don't see anything wonderful about it,' replied the other; it's nothing but a calf's tail sticking through a knot-hole.' 'Well, sir,' persisted the other, I have traveled all over the world, and I've never seen a more wonderful thing than that.' 'What in the deuce is so wonderful about it?' asked his friend. 'What is wonderful about it? What is wonderful? It is this-how in the name of the great horn spoon did that calf get through that knot-hole?'

Justice Harlan had a good laugh at his own story, and as he went away to the Capitol the Solicitor-General turned to his assistant and remarked:

"The court is for the Government and Justice Harlan is in the dissent."

While Justice Brown was reading the decision of the court in the DeLima case, in which the Government lost on a minor point, Justice Harlan kept his eye on Solicitor-General Richards. There was a merry twinkle in it. Finally he called a page and sent a note down to his golf companion, who was sitting soberly at bar. The note read:

"Now you see the calf's tail."

At this the face of the Solicitor-General brightened a little, and he went out into the lobby and told afternoon correspondents they would make a mistake if they sent out reports to the effect that the Government had lost the case. When he returned to the court room, Justice Brown [Kent] was reading the majority opinion in the famous Downes case. Justice Harlan's eyes were still twinkling. In a few moments, before Justice Brown had reached the pith of his decision, another note came down from the bench to the now happy SolicitorGeneral. It read:

"Now you see how the calf got through the knot-hole."- Chicago Record-Herald.

PHI DELTA Phi at the AM. BAR ASSOCIATION.—In the Section of Legal Education at the late Denver meeting of the Association, all but one address was by a member of the Fraternity. The subjects and speakers were as follow:

"Chairman's Address," by Harry B. Hutchins, Kent, dean of the University of Michigan law school; "Undergraduate Study of Law," by Nathan Abbott, Miller, dean of the Stanford University law school; "Credit for Office Study in Law Schools," by Prof. Harry S. Richards, Mc Clain, of the University of Iowa law school; "A Plea for a Higher Standard of Graduation," by Prof. Raleigh C. Minor, Minor, of the University of Virginia law school; and "Is Law a Field for Woman's Work?" by Prof. William P. Rogers, Foster, of the Indiana University law school. In passing, we may add that Prof. James B. Thayer, Choate, is president of the Association of American Law Schools.

YALE DEGREES TO PHI DELTA PHI MEN.-At her late bicentennial, Yale gave doctor of laws degrees to the following: Theodore Roosevelt, Story, '82, President of the United States; James Coolidge Carter, Story, senior member of the New York law firm of Carter, Hughes, and Dwight, and for many terms president of the New York City Bar Association; Melville Weston Fuller, Choate, Chief Justice of the United States Supreme Court, and James Bradley Thayer, Choate, professor of law in the Harvard law school. On the committee of students which had charge of the law school's part of the exercises were several members of Waite chapter. Among them were C. T. Lark, F. W. Tully, Elitot Watrous, of the Middle class, and Morgan D. Brainard, Franklin Carter, and C. D. Lockwood, of the Junior class.

HARLAN ALUMNI.-The eleventh annual dinner of the Harlan chapter was held at Cornelia Vilas Guild Hall on the evening of June 4.

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