"Bulls make money, bears make money, but pigs never do," goes an old Wall Street saying. To the New York Stock Exchange, the pig that is trying to take too much money is the city of New York. The exchange has long been irked at the city's torrent of taxes-high real-estate taxes, occupancy taxes, gross-receipts taxes, state income taxes and state and city sales taxes. When
Mayor John Lindsay early this month proposed to add to that burden by a 50% increase in securities-transfer taxes, the Big Board threatened to leave town.
Exchange President Keith Funston denounced the tax as...
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