The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-05-22
STOCK EXCHANGE IN JERSEY.
III Consolidated HANGE
BROkERS JOIN IT.
nlrcct,rs Expect to Have 1t Doing Busi.
ness In six Weeks In Temporar, Quar-.
trrsi Jersey Ct,--Hear That Transfer
Unlccs WIN Emigrate - jersey, Too.

o,rCrtprs Expect to Have II DOING Bus.
ness In six Weeks In Temporary Quar-.
tiers in Jerse. Cit,--Hear That Transfer
Unlccs WIN Emigrate - Je-se!, Too.
directors of the New Jersey Stock E1-
change organized recently by Consolidated
Exchange brokers to ESCAPE the stock
transfer tax az far as possible, said yes
,criay that the new exchange would be
doing business within six weeks If every
thing gocs, through without a hitch.
The stock transfer law gees into effect
on June but the traders who have launched
the new enterprise will hardly be ready
to carry their business over the river by
that time. The membership list has not
been filed and site has not yet been Sc
cured Temporary quarters will be taken
in Jersey City, somewhere near the river
and later, the directors say, the new ex-
change will put up its own building.
Miguel f. de Aguero of 81 Broadway,
president of the American Oil and Refining
COMPANY and member of the board Of
governors of the Consolidated Stock and
Petroleum Exchange, has been elected
president Of the New Jersey Stock Ex-
is treasurer. The secretary has not been
selected De Aguero and Hawley were
elected at a meeting of Consolidated ira
GERS at Fast Orange on Saturday. Among
the directors of the new exchange are w. +,
Valentine. A. de Cordova, l.. n. Morgen-
stern. Marcus Helm, A. Il. Hawley. l., B.
Wilson and K. j. Hoffman.
The remh ershp limit has been fixed at
200 and there are at present seventy -hVe
traders all Of them Consolidated Exchange
men, on the roll OF the New Jersey Stock
Exchange.
frank II, Nightingale director Of the
Consolidated ard the new exchange will not
he closely allied and that the New Jersey
Exchange could not he considered in any
sense a branch of the Consolidated.
1T haprens,' said he, that the Console
dated traders were the first to get together
and plan relief from the new tax. The ex-
changes will be in competition Just as much
HS the New York and the Consolidated
exchanges are to-day. The membership
oren to all reputable traders
MIR. Nightingale said he had understood
that the New York Stock Exchange would
not look with favor upon any of its members
applications had teen received from, New
York Stock Exchange traders he said.
Brokers have figured out by this time
said Mr.. Nightingale that Gov. Higgins
and the State Treasurer will be very much
disappointed in the amount of revenue
tax, Ii has been estimated, l believe. by
trends Of the law that it will produce an
rually 100000 Of revenue, The estimate
is ta-ed on what the war tax produced.
Then, it must be remembered, there was
a strong bull movement and the market
was yigorous, with steady rising tenden-
es Now the tendency is in the other
direction Transactions will be less in
rumber and lighter. Again, every trader
who is a member of the Boston Exchange
or the Philadelphia Exchange will switch
business whenever possible to those cities.
Perhaps the biggest factor in evading the
tax will lie the moving Of transfer cfices
by corporations. l understand that many
large corporations are planning to move
their transfer offices across the river to
escape the law.
With a new exchange across the river
and large volume OF trading carried on
there any one can ICE how much Of the
burden will be avoided
"The new exchange will he on solid
footing, for the simple reason that hun
dreds OF brokers will find it hard to make
a living at all doing business in this city.
When the war tax was on the biggest
plunger on the New York Exchange paid
out the first year S5l 600 and the second
year 81 900 in taxes. That would break
most traders Men who make money
scalping eighths can't stand the burden"