The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-07-03
TAX ON moNps AND STOCKS.
II VIII Relieve the Necessity OF
Taxing pecr npu T"bncro.

II VIII Relieve the Necessity of
Tnxinu, uecr np,t fobncro.
Washington. July 1.-The provision for
a tax on stock and bond transactions in
connection with the tarifl bill, which was
agreed upon at the caucus of republican
senator's. was suggested by Senator Lodge
of Massachusetts and grew out oil STATE
men, that with the tea and beer proNia-
ion, withdrawn the tariff bill viii likely
fan short 10 tho extent Of Slo.ooo.ooo IN
providing sufficient revenue to meet the
demands Of the government.
The suggestion made by Mr.. Lodge was
that n tax OF . cents per snare shoulu
he levied upon every share OF STOCK soln
Mt stock exchange or at any other pla'e
and that a similar tax OF cents should
he collected upon all bonds sold on the
stock exchange or elsewhere. The caucus
accented tho suggestion, hut decided 10
leave the formulation Of the amendment
with possibly n change OF rates to the IL
nance committee.
The committee took the matter up al
IT'S early meeting today, but did not reach
a definite conclusion rs 10 the details In
volyed In the proposition. a rough os-
innate places the amount of revenue the
provision will furnish at $1,000 600
The caucus not only decided not to M
nose the extra tax on beer. bht IL also
with the suggestion of Senator Prltch1rd'
recedod from the proposed changes on
manufactured tobacco, including snuh ana
smoking tobacco leaving only the proNls-
ions in regard to cigars and cigarettes OF
the internal revenue features OF the Dill
conclusion was reached 10 make the rate
an cigarettes double that proposed by tho
finance committee or 81 per lpno on those
Weighing less than three pounds per 1000
aud increasing the rate on those o' larger
size.
Senator Elklns seconded Senator Lodges
efforts In behalf OF the tax making Wig
orous speech and working 2ealousl/1or
the proposition. It is now understood that
the amendment will also provide for
stamn lax on all issues of stock, whether
when n company Is originally formed or II
subsequently, enlarges us issue The rate
suggested is cents per 100 OF stock
DON'T SUIT WALL STREET
New York. July 2.-The news from
Washington that tax on stock ana bona
transactions was contemplated by the gov
eminent was discussed generally In wan
street today. The more conservative
bouses especially those dealing in In
ves,ment securities. look with disfayor on
the scheme. President Eames OF the
stock exchange said the proposition was
III advised He had no knowledge. eS-
cept in a general way he said of the ac.
ton of the republican senate caucus ana
until he had more definite information on
The subject he would say nothing except
10 express the hope that the proposed
measure would fail
John r. Terry, a director OF the West,
ern Union Telegraph and the Manhattan
Railway companies. said that he doubted
the constitutonality OF the measure. and
thought II unfair and unjust In every way.
MIR, Terry, who has been stanch repup.
lIoan since the formation OF the party, said
that It seemed to him that the party was
rushing headiong to ruin when It ad-
yocated such legislation as this.
New York, July 1.-The governors of the
Stock Exchange today sent to Washington
telegram protesting against the proposed
tax on stock and bond transactions and
asking that the finance committee OF the
senate grant hearing.
. x.ax