HEAVY TAXES.

Ashburton Guardian, Volume 53, Issue 287, 15 September 1933, Page 6

HEAVY TAXES.

ON TRANSFERS OF SHARES. PROPOSALS IN) NEW YORK. (United Press Association —Copyright). NEW YORK, September 13. Heavy city taxes threatened on stock market transactions may cause the removal of the New Yafrk Stock Exchange from its historic Wall Street location to some nearby State. In any event it is believed to be certain that many large brokerage companies and individual operators will establish businesses elsewhere. The taxes, which are virtually, assured of ratification by the Board of Aldermen, will levy four cents on each share of stock transferred, also 5 per cent on the gross profits of brokers. The taxes are part of the emergency programme to supply unemployment relief funds and ease the financial crisis which has gripped the city for more than a year, although opponents of the Administration insist that they are merely an unnecessary levy to cover the city government's graft and extravagance. Many buildings throughout New Jersey have been offered gratis to the Exchange officials. Although its complete removal from New York is not considered feasible, there is a movement under way among members to establish a "New Jersey Stock Exchange," limiting membership to those belonging to the New York unit and carrying out the majority of large transactions there.