Honolulu Republican, Volume IV, Number 500, 18 January 1902 — STOCKS TO BE STAMPED IF PLEDGED ON LOANS [ARTICLE]
STOCKS TO BE STAMPED IF PLEDGED ON LOANS
■ j WASHINGTON. January 4.—Attorney General Knox has given an opin ion in which he holds that the certit ficates of stock, amounting to *25. I 000.000. proposed to be deposited by the Pennsylvania Railroad Company with the Girard Trust Company, trns- ! lee. as the security for certain other .ertifleate* to he issued by the latter
| company for the us« of the railroad j company are taxable under schedule J A of the act of June IS. 18VS. and now a part of the act of March 2. 1901. The amount of stamps required will : be *50.000. This opinion sustains Commissioner Yerkes' holding not only in this particular case, but also his ruling to the effect that slocks pledged as collateral on time or call loans must be stamped. Operators on the leading stock exchanges of the country have vigorously opposed this view of the; *»•- d -