The Providence news. (Providence [R.I.]) 1891-1906, 1898-06-16
EFFECT OF
WAR TAXES.
Will Affect Nearly All Citizens in
One Way or Another--New
York's Big Contribution.

fraction thereof on deeds and convey.
anoes whore the consideration or value
exceeds 500 is going to be. Fer years
it has been tie practice &c insert rolni-
raj considerations, generally 81, I'D
deeds, the object being to keep secret
the amount Of money involved il .
transaction. Hereafter q nominal con-
sideration mentioned ia q deed vii. not
release tho parties Interested from
stamping the deed ut the rate OF DO
cents for every $500 Of valns OF the
property involved over 500, which
will Of course reveal the real corsidera-
ton. From real estate transactions in
New York the government will proba-
bly, derive about $500, 600 annually
The revenue from the country from this
item of the bill will probably bc be-
tween Sl5, O0O, 900 and $40, 600, 900.
A very large part of the war tar Will
come out Of Wall street. The tax OF .
cents OH each 800 of stock and bond
sales is a heavy one, but the brokers are
not kicking. Business on the Stock Ex-
change has averaged 400, 900 shares .
day lately, and if il continues at that
rate the daily assessment will be $S.-
900. On the total sales of stock last year
the revenue would have been 81, 5OO,-
600, and there is no reason to believe
that il will be any less than that after
the revenue bill gets in working order.
The figures Of the Consolidated Ex-
change last year would bring its reve-
nue. up to within $500, 900 Of the Stock
Exchange assessment. The Produce and
Cotton Exchanges are let of with . tax
of / per cent for 500. This would
bring the formers contribution to the
war fund to about $50, 600 and the Lat
ter's to about $50, 900 o year.
About the biggest item down town.
however, will be the tax on bank checks
In 1871 the revenue from this source
was 81, S1S. 455 in the country. The tax
ON bank checks In New York alone VIII
probably run up to 50, 200, 900 . yca1
under the war revenue law. From ting
bank capital tax, the tax ON foreign bills
Of exchange, the "a ON the capital stock
and funded debt of all corporations md
from other taxes in the financial center
it Is estimated that 81, 600, 600 . year
will be realized. Altogether Wall street
will contribute something like tl3, 000,-
900 a year to the war fund.
The tax Of / cent ON telephone mes
z costing more than 10 cents Is put
on pay messages, Of which there were
O. 900, 900 sent in New York Last year.
The telegraph companies have planned
to get even ON the tax on messages BY
compelling senders to put q l cent stamp
on all messages. The telephone COM
panies are casting around for some
means Of making the public share the
added expense, but haven't devised any
scheme yet.
The tax ON tobacco has been raised 70
IL cents a pound. Some dealers have
decided to keep up the size Of the pack
ages and increase the price. Others have
concluded that it will be a letter game
to let the price stay where 1t is, and
make the packages smalles. The cigar
tax is not u heavy one, and the Gully
difference it will make will be that You
won't get as good q cigar for the price
as you used to. The cigarette tax Is 81
on /, 900, and the public will either have
4 I'D pay v ttIls III a ~ Sthe " - -
cigarettes or take a box with fewer Gig
arettes at the old price. There are over
5000, 900, 900 cigarettes made annually
in this country, and the war revenue on
them will be about 80. 900, 600. The q
nual production Of tobacco is about 400,
900, 600 pounds. The increased revenue
on this amount would DO about $2i'
900. 900.
The tax on insurance policies, On
steamship tickets, on express companies
on vessels entering from and clearing u
a foreign port, the Inheritance tax anc
the numerous other things taxed n
which New Workers. are interested. will
bring this city's share Of the war ia,
we'll up to $40, 600. 900 and may carry
it beyond that fgure.-New York SUB