NEW YORK STOCK EXCHANGE

Press, Volume LXIX, Issue 20961, 15 September 1933, Page 9

NEW YORK STOCK EXCHANGE

Possible Move From Wall Street REPLY TO THREAT OF NEW TAXES fI'.SiTF.D ASSOCIATION" —BY EL3SCTBIO TZLEGRAI'H COry-RIGUT.) (Received September 14. 11.41 p.m.) NEW YORK, September 13. Heavy city taxes threatened on stock market transactions may cause the removal of the. exchange from its historic Wall Street location to sonic nearoy state. In any event if is believed to be cei'tain 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, levy four cents on each share of stock transferred, and also 5 per cent, on the gross profits of brokers. The taxes are part of an emergency programme to supply unemployment relief funds and to ease the financial crisis which has gripped the city for more than a year. Opponents of the Administration insist that they are merely an unnecessary levy to cover the city government's graft and extravagance.

Many buildings in New Jersey have been offered free to exchange officials. Although 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 the membership to those belonging to the New York exchange, and carrying out the majority of large transactions there.