Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-04-17
Stock Exchange Settlement Passed
More Easily Than Expected.
SPECULATlONs NOT ACTIVE
The Event OF the Week. was the Mud
gct-A Prospective Heavy Deficit
Misunderstanding rsx.

New York. April 1.-THE Times 1on-
don financial correspondent cables.
we got over the stock exchange set
Element morc easily than was expected
and the immediate prospect il that
credit will remain comparatively cheap
because the foreign exchanges are more
In our favor and the Bank Of England
Is collecting little gold. Trade. how>
ever. Is employing much more credit
than II dld and the country banks say
that thoy have not In years experienced
such heavy demands from the provin'
cini branches. Some I'VE million pounds
were Dispersed over the country dur
ing Eaatcrtldc. mainly Tor holiday pur-
poses, and usually this money fltcfs
back within q few weeks. This year
hardly any will return and the Scotch
banks are already drawing away gold
to cover their Increased new circuln'
ton. almost "a month earlier than usual.
All this ~ against great chcnpncss
Of credit aud also against an Increase
" stock speculation. People are indlng
employment FOR their means IN com.
mOrcc ana manufactures ana VIII not
return to the stock markets In large
nMNINNffN uNNNA NnfN nav AhNA'F
IN their husincru. This explains why
ntngnaiion prevails In every depart
ment 81 the stock exchange. Eycryhois
thcrc declares that there In nothing do
Ing. which means at present that
business OF six ordinary days IA not be-
ing done In two or three. We have no
tremendous runhca Of speculation but
only the quiet jobblns and small ped
ding that Just keep things going, In
the main. trading IN securities must b,
enormous for the stock exchange now
contains i..s1 members and s.'1i clerks
Were the average gross Income OF
each OF these only goo year. ana that
n very moderate estimate. II would
imply an aggregate Income OF fgs,QQo,
900 per nnnum from commissions ana
jobh.rr' profits. Dizziness, therefore. can
only 10 relative. stin we are not doing
the large and exciting business % Two
months AFRO and are not likely 10 do II
for some time 60 come,
EVENT or THE WEEK.
The most Interesting event OF this
week IN the government budget. An you
know, we arr leading the nations of
Europe In the fashion ~ enormous ma
vni aud military expenditures which
one party IN the state calls wnHieful
and provocative ~ strife and the other
precautionary. hut what may Interest
Aufl IL the fnUflfIff w WINCH hNNf NNNAAA-
cciior 81 tho cxuhequer lodged the nee
cpslty of impeslns more taxes. For tha
current year ending on March siHt noSt.
he requires cil3,ODOOoO for imperial
purposes, and the revenue Tor the past
year was CLOS $4,000. 20. on the basis
" existing taxation. the prospective dc.
ncit II about ci.s0oooo. He knocks on
1 ~ eco 900 ~ this by suspending part
OF tho debt singing FUND and an
other 100000 he looks for from
some small Increase In taxation. The
rest he expects 60 make good by the
natural Increase ~ the revenue. 80 he
viii come out NJ the years end with
small surplus.
Thss. figures relate 90 the imperial
expenditure alone. but We give between
nine and ten millions now IN grants
Of aid 20 tho municipal and county
spending authorities, ~ that the total
revenue 60 be- raised this year np-
proachea cie0 Oo0.oO0 m amount wholly
unprecedented IN our annals. How long
the nation can go on carrying thls bur
den without Erumhlins, no man can
suy hut u II burden ~ hruully lm-
poaid that NJ yet nobody seems q think
a IL heavy. Your nnnncierr might
learn lesson from ours In the art or
extracting enormous revenues from a
very fow taxes which leave trade frre
and the citizens unconscious or the
tfNli lNlA 81 AN' NhtNNh 'fff
WRATH EXCITING TAX.
one new tax excltcs great wrath In
tho city. Tho chancellor OF the cN-
chcauer IL dcrlrouH 20 put "A i've shilling
stamp duty ON all bonds ana shares %
foreign and colonial origin not nlr,ady
stamped THIS rtrikes all American
railroad shares and bonds not iifrt Is
sued here and the contention u Tint
II will hurt business. The tax II only
payable once. but N n conversion takes
place and the new security n Issued TO
rcpince the cancelled. then there n
some fresh tax. II means one shilling
per 100 shares on all your shares ma
mntter whether they are worth ten dol-
lars a share or two hundred, memoir
ial IN being got up against the proposal.
hut there II a doubt n II VIII succeed
In accomplishing anything. Meanwhile.
The market II nearly parnlyzed. " the
law passes, nrhltrare business VIII be
much hampered at frrt ~ least. M no
share or bond struck can be trnnrferrei
.xl,h,uf tho atamp. which tho trans