New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-05-04
AT THE STATE CAPITAL.
TAXING sToCKBRoKERs.

THE BILL TO TAX TIW SALE OF STOCKS FASsED
utJRRIFptY-A PROTEST BIZ NEw-YORK STOCK
BROKERS.
ALBANY, May 3.-The bill which Senator
Foster drew up for taxing sto ckbrokers uahSac'onS
was for the first time considered by the senate To-Day
Little interest was taken in IT, No opposition was snow"
except when vote was taken the final passage OF
the hin Nor was there any suggestion that
the tax mentioned too high. This Is 10
be e-afth Of one min for each dollar OF the
par value OF s4Ncks bonds securities bought or sofa
This would amount If the par value Of share was SiOo
10 81 on every 100 shares bought or sold Senator
LOOIDs inquired each share OF stock sold or bought
20 be taxed its par value or on "e
market value. Senator Forster replied that 1t was
10 he taxed tts par value. The bin vas
slightly amended at HIS request; by which Government
bonds and the sales OF stocks for the benefit OF an estate
by the executors Of will, exempted from tahaoh
The bill, after a short debate ordered TO third
reading subsequently, II was read tmrd Tune anu
passed. The vote wac fo0ws;
Yeas-I3iriSau, BlAty, Forster, Haleert, Hogan
Loons Lord Lynde Madden. Mccarthy, Murtha. IltiAi
Schroeder seebacher. Sessions Wiliams, Woodin1l''
Nays-Astor Bszer Brsm@n Edmsn tgSleI here
10 protest against the passage OF the senate OH
MCKAY president Of the stock exchange Brnyon Ives,
Henry Neigs, g. 4. Russell william LumInis ana n M
An,S ~. - 80 80. ord frcon-
siderate passage OF the bill by the Senate IN the morning
They then arranged for hearing the bill in the even
ING before the Assemble half OF tie Joint Committee
Taxation TO whom the bin viii referred in the Assem-
before this committee in the evening members of
the delegation gave reasons for not pasring he uu
was the first speaker. He defended the stock Exchange
from charges that had been made against Il az undue
profits stock operations He declared thst lo lns
Stock Exchange due much Of tho development oi
the country He cited the Erie, the Newiork Central
and Western roads evidences OF q 40
velcpment Of the country by fostering the spec,
G1 , sP lie pS9t se TO the S a rGi lp
that led to the development OF the country was YET c
nct. He referred to the danger Of driving away cn
tos!s by taxing their capital at too high rates He SAIL
for Instance, ID. O. Mills intends TO erect building ia
capitalists were driven Francisco by just such
eXOrbtant taxation az IL proposed In this bill Would
from New-York: would you drive capital away when
beginning contest the financial supremacy with
OF taxation. IL Is their opinion that II any tax IL I'm
posed II should be placed all kinds OF commission
pay its share OF such tax without whining. What Is
The amount sales and purchases OF shares nat W0d
Zoe taXedf believe g would amount to full S5OOOoOO
This does not include the mining shares winch would
make the amount Of this tax on brokers SOOOO'OOO
Mr. Steele chairman OF the committee, here said that
according 10 the oonnIttees calculations the tax would
only bring In TO the state al 100000 II the tax 70
be Sj,OOOOOO ne should think II an outrage The com
mitee only intended " tax the brokers IN proportion
Mr. Russell said You ought not to kll the business
that you expect 40 large AN income from Much of
business could he dope lost a. well in another State"
Mr. Hamilton herr said " think this tax would DO
suicidal and very unust to certain class OF the cii-
zens" Mr. Mckay said II would easy. by Telegraph
ing do business Philadelphia and Baltimore as IN
kew-York They do not have n tax o. az on sales
Mr.. Lunms said " Can the brokers stand the tax
Would the brokers' the produce brokers be able
stand IL Is IL Just tai the stock brokers and ex
emJ other intcrestai The speculative spirit would 10
checked you would discourage the enterprsng spirit
you would drive transactions 10 other cities
think 10 would be pra otcable ~ transfer the stock Ia
change 20 Jersey City. THIS tax Is nquisitoria In IT.
nature because c0mpeis every man 70 eN-
pose his whole business. You going 10
cheek the dealing In securities az time
when dealers are attracting the wealth OF this country
aud Europe here for investment We beg You 20 recon
slider you determination TO give Us few days TO con
slider this matter"
L. T. Chiitenden ex Register OF the Treasury argued
that the value Of the shares taxed should 10 considered
taxing them and not their par alue Tho oonnnteo
resolved 70 give another hearing the bill on Thars
Hau