WALL STREET ’CHANGE

Dominion, Volume 26, Issue 301, 15 September 1933, Page 11

WALL STREET ’CHANGE

Removal to New Location Possible THREATENED TAXATION By Telegraph.—Press Assn. —Copyright. (Received September 14,11.50 p.m.) New York, September 13. Heavy city taxes threatened on stock market transactions may cause the removal of the 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. s The taxes, which are virtually assured of ratification by the Board of Aidermen, levy four cents on each share of stock transferred, also five per cent, on the gross profits of brokers. The taxes are part of an emergency programme, to supply unemployment relief funds and ease the financial crisis which has gripped the city over the year, although opponents of the administration insist they are merely an unnecessary levy to cover the Government’s graft and extravagance. Many buildings throughout New Jersey have been offered gratis to the Stock Exchange officials. Although the complete removal of the Stock Exchange 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 the large transactions there.