HEAVILY TAXED CITY.

Waikato Times, Volume 114, Issue 19051, 15 September 1933, Page 7

HEAVILY TAXED CITY.

POSITION IN NEW YORK. STOCK EXCHANGE HARD HIT. MAY CHANGE ITS QUARTERS. United Press Assn.—Elec. Tel. Copyright. NEW YORK, Sept. 13. Heavy city taxes which are threatened on stock market transactions may cause the removal of the New York Stock Exchange from its historic location in Wall Street to some near State. In any evont it is believed to be certain that many large brokerage companies and individual operators will establish their businesses elsewhere. The taxes which already have been passed in the estimates of the Board of Aldermen, and are virtually assured of ratification by the board, comprise a levy of 4 cents on each sharo or stock transferred, also 5 per cent, on the gross profits of brokers. It is staled that 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. Opponents of the Administration, however, insist that 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 complete removal from New York Is not considered feasible, there is a movement under way among the members to establish a New Jersey Stock Exchange, to limit its membership to those who belong to the New York unit and to carry out the majority of the large transactions there.