New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-23
STAMPS IN THE ~BULL~ MOVEMENT
ACTIVE SPECULATION BRINGS EXTRA
MILLIONS TO THE UNITED
STATES TREASURY.


In connection with the excitement caused by
the great "bulP movement which has dominated
Wall Street for the last five months it is inter
esting to figure up the cost Of the speculation 10
those who indulge in the luxury of buying and
selling stocks At the same time should DE
noted the silent interest which Uncle Sam takes
in the daily transactions There is revenue
tax of two cents a. share on every share sold,
and inasmuch as there is about twice as much
activity on the Stock Exchange as there was a
year ago the Government Treasurer has had his
heart gladdened by the returns from the inter
nal revenue office Of New-York City to say
nothing of Boston, which has gone mad over
copper stocks, and Philadelphia and Chicago
where the business of dealing In securities had
enjoyed a boom second only to that OF the me
tropolis
From January to April IA there have been
e. OS9 39S shares of stock sold the floor Of the
New-York Stock Exchange making the weekly
average for the present year 100000. At the
rate Of two cents a share the spectators in wan
Street have paid to the Government S1,361.7S7
since the first Of the year. or at the rate OF
800. 900 week, or $4,000 day. simply on reve-
nue. stamps. This means that here in the city OF
New York each day there are about seven hun
be licked and pasted on the certificates Of sales
by somebody. This work alone involves cleri-
cal force of large proportions.
The Stock Exchange machine is a huge affair
and requires plenty of oiling. On the basis of a
one eighth commission paid to the broker 1t has
cost about SIT, O22 $40 since the first Of the year
just in the fees for buying and selling securities
to say nothing Of the gains or losses involved. At
this rate the brokers take In 81, 125,000 each
week, or at the rate of $1S7.500 day. II this
average keeps up for the whole year the stock
broking offices on the last day of December will
have received $50, 100000 In commissions alone.
From this it is easy to see why the Government
and the broker have reason to congratulate each
other on the "bull movement. Whether fort
unes are being made or lost matters not to
either. The revenue stamp must be attached to
every bill of sale, and the broker gets his COM
mission
1t has been remarked that, for q wonder, there
has been no kick" against the stamp tax on
shares Of stocks. The brokers do not pay it.
They charge their customers the extra amount,
and now. instead of paying $50 for buying and
selling one hundred shares of stock, the outsider
pays $27 Plenty of money has been made, and
1t was just as easy to pay the extra 81. and that
Is the explanation in nutshell. When condi-
lions change. then there will be time for an out
cry The fact that the same stamp is required
for a stock that sells at $3.50 and one that sells
at So appears TO have received little If any at
tention. On the present basis Uncle Sam will be
richer by 81. 500 900 for the year 1899 result
Of the stamps sold in Wall Street on shares
alone. and these figures relate only to the trans
actions OF the Stock Exchange. The Consoll