New-York tribune., 1886-05-03
MENACE TO THE EXCHANG ES
SENATOR vEDDER's oMINOUs BILL.
OPINIONS OF LEADING BUSINESS MEN-Ir WOULD
DRIVE TRADE FROM NEw-YORK.

OPINIONS OF LEADING BUSINESS MEN-Ir WOULD
DRIVE TRADE FROM NEw-YORK.
The hostile legislation. which the Stock Ex-
change has been taught by long experience 10 ex-
meet about this time, Is tins year proposed TAX on
sales. The bill imposes tax OF one-hf icih OF
por cent upon the gross amount of the sales OF every
banker broker or person dealing IN the s,pcSs s o
bonds of corporations, or in crude or refned pc,ro
ieum or in cotton. pork. gram. -four. tea. coffee.
spices or drugs. The bill Is generally regarded III
ccnnt the general opinion is that it stands little
chaucc of passlng. Officers OF the pilDciPaii, On
changes appeared before tne toi,r't6S n, ,Sc hill II
and Means recently, and argued against 'hc p,' A.
was urged that the tax would drive the CONF ' uus,
ness 10 Baltimore, the cotton business 10 new
Orleans ana oimeT Presdept Simmons. Of the
stock Exchange, attacked the cOnstitutlonanty Oh
the bili. the ground that IL impose4 usS' M I'M
t@,d"S: The tax would amount to something like
So 900 600 or 80, 600 900 year. or from $4,000 TO
S. 900 on every membercf the exchange. oucn "a TAX
i ZOO burdensome 10 be borne complaccntly: lii
would be a"boyc the stock brokerage business
and II the bill should become law. we might as
well shut up the exchange. we certaln'y woulu
soon have no further business to do DO not think
the bll will be passec, although have no spcclal
knowledge about the matter. It's provisions o: the
b,ll a;c against II, for they simply Impractical
bic So far as the stock market is concerned. the
most ordinary business could not be transacted cX,
Cept under the most burdeusome resIlc'i"ns' All
ON, oi-;ovn business would be prevented. ana or
dcis from the European bourses cond not DC exc
Gated IN any way. In transactions between brokers
},re IN tic board the necessity of making a bar
tlcular specification of the stocks or bonds soid,
on the lay of the SALE would restrict business 10 the
naTrowest limits l suppose we conld 90 some pntl-
ness after fashion. but 1t would hardly be worth
q have no hesitation in saying Mr.. Simmons
concluded " that regard the bill as strike and
nothing more. While was IN Albany, wGS told
that a consideration would prevent further ac-
ton, and since that time emssares % the Dl nafT T
one answer-that we Will not pay dollar 10 deicat
the bill. We VIII pay good deal 10 test It's
Il look upon Senator Vedder's bill as one of the
mos Infamous measures that was ever proposed III
body supposed to be OF neGehGs G p,odm"n S",a
change. Ii one of the most absurd movements
that was ever undertaken to DESTROY the commerce
of New-lork. 1t would greatly cuftall the 1lsl- 1
ness of the several exchanges. How much That
would he impossible TO say, nut confidently oe-
neye that iu short time there would not remain
90 per cent Of the business we now have
gracious knows 1t is ilttle enough now. 30 lar as
the Produce Exchange business Is concerned. It's
trade IN sreadstuifs and provisions which employs
so many thousands of men IN handing tle sum III
warehouses, boats and elevators, would be driVeh
elsewhere. Yes, II would pI0papy 90 10 JeineS1 S1
CITY but Chicago and other Western cltes would
get back the trade which we Eave taken from mem.
lie business of the Produce Exchange amounts 10
many millions Of dollars III year ct The saics DC
taxed as proposed and there would be no pioht III
tne business TO pay for doing IT.. Some menbers oi
the Legislature seem Determines 10 lnJe tnf f vi
ness oil this cjy i'll every possible way, ana IL Neu-
der's bill passed can only predlct the reuuclug
of the exchange 10 nothing. Real estate values
few because business men Will 60 elsewhere, ana
the country taxpayers VIII be expected 10 make UP
the deficiency. ..,.,.:e,
Joseph j. O. Dor ohue who is prominently identified
with the coffee trade, and particularly With tie
success of the COfiec Exchange. said: Inc 1ner-
chants clerks, owners OF real estate ana warehouse
laborers certainly owe TIE TRIBUNE debt OF
gratitude for H. first and exclusively gave the III
formation that there was such thing as the Ned-
der stamp lax bli. The bill Is dangerous TO the
business interests Of this cIty-yes, ana OF the en-
tire state, when you stop 10 consider IT in all
lis effects 1t Is Il blow at trade which will drive
II TO Baltimore, Washington, Chicago ana else
where. The original contest for our Tree ioln
was brought aboGt by a stamp at Ill some
res pecis similar TO the Nedder bull MASSACHUSETTS,
passed a similar act, saw her mistake, reDealcd 1t
le next year. but too late, as much OF the business
had aheaGy left the State-and IL has not gone
back lake the coffee trade OF this city, compare
lively in It's infancy. 1t has grown to such an ex-
tent that seats our exchange have been pur-
chased by merchants in kIO Janelro III Santos, IN
Liverpool, Ill Havre, and III ltalnburg. new ioih
Is becoming a central market for the coffee trade OF
the world. New warehouses have been built here
and there. with other branches OF the trace, giye
employment TO thousands, TO say nOthil OF the
banking capital that employed Put a tax on
the transactions, as Is proposed, ana deaihoiow
Will be given 10 the trade IRON winch VIII never
reco yer If The members from the western
part of the State vote to pass such bill they VIII
vote TO Increase their taxes as tins cItv Will not
continue to pay One-thIrd OF the tax as now."
J. II; Parker ol the Cotton LAenaHSh, M SS, Sa,u'
ness Of tins city, If IT should become law, and All
OF he COMMERCIAL exchanges would nave TO smut
" shop 1t would drive the GOTTEN nnSess % pafS ha
abandoned, the warehouses would be closed, thcie
would BE no demaud Tor tie capl al employed;
clc ks and laborers would be thrown out OF employ
mcut and every interest would suaer
O,ner leading members of the Produce Cotton
and Office Exchanges expressed themselves III ne
same tone not single favorable opnioh pelhg
gwen.