The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1905-04-28
TO DODGE LAW.
The New Jersey Stock
Exchange Has Been
Incorporated.
WALL STREET RIVAL

Jersey Stock Exchange, capitalized at
$250,000, was incorporated here today.
"A branch company, with q capital of
100000, also filed articles of incorpo-
ration in the Office Of Mercer county
clerk.
1t was learned tonight that James b.
Dill, the noted corporation lawyer, OF
q Pine street, New York, and some of
his friends of the New York Stock. Ex-
change, are behind the companies. A
close friend of Mr.. Dill, who Is con-
nected with the companies, admitted
in an interview that 1t is the purpose
of the companies to conduct stock
exchange in Jersey City and In that
way permit the New York Stock Ex-
change to dodge the New York law
imposing a percent tax on all stock
transfers.
The object of the companies is
stated as being to operate an exchange
and to furnish facilities to their mem
bers for the purchase and sale of stock
and other securities. The agent OF
the main company is the New Jersey
Registration and Trust Company of
East Orange and the incorporators
named are clerks in that company's Of
fee.
THE NEW YORK END OF 1T.
New York, April 25.--When the news
that Jersey City was to be the home
of new stock exchange reached Wall
street 1t was at once assumed that the
new enterprise is to be undertaken for
the purpose of avoiding the additional
cost that will be imposed on all stock
transactions when the new stock trans
fer tax law goes into effect on June 1.
While a number Of the stock ex-
change houses seemed to accept the
situation as a matter of fact, there
were several which appeared greatly
surprised. The general feeling, how
ever, prevailed that If Jersey City Of
fered first class exchange it would
not lack patronage from New York
Stock Exchange houses.
At first the scheme was attributed
to several members of the Consoli-
dated Exchange, but subsequent hap
penings led to different view of the
matter.
1t is reported that committee went
to Jersey City yesterday morning with
view to securing quarters for the
new exchange. The first place visited
was the Fourth regiment armory, on
Bergen avenue. The building, which
Is a new one and sufficiently large for
such purpose, was inspected. Every
thing appeared satisfactory and appar-
entity the committee wanted to settle
things right then and there.
The committee was informed, how
ever. that application would have to be
made to the state authorities before
any refusal or lease could be given.
This did not seem to please the COM
mittee. They were finally referred to
Colonel Robert Smith. who, it was
stated, would put them on the right
track to secure the armory.
The committee, it is said, stated that
1t was prepared If necessary to offer a
sum close to $4,000 year for the
hall.
Two or three other halls were looked
Ia, but they did not come up to the
standard desired, and finally the COM
mittee started for home.
News of the project had reached
Jersey City and there were two up-to'
date real estate men at the ferry to
meet the committee. The men repre-
senting the New York enterprise were
invited to look at Offices in the new
trust company building at the ferry
1t was made plain that If the wore
was said. the entire second floor woult
be vacated in short time and the
floor prepared for the new concern. Il
was here that the figure of $4,000 as
an annual rental was talked of. The
men from New York are said to have
expressed themselves as pleased will
the building and location, but seemed
afraid that the floor could not be go
ready in time.
Just who are behind the scheme II
difficult to ascertain. One report wa
that members from both the stock ex
change and the Consolidated had start
ed the scheme, but from we'll authen
ticated sources the New York Stocl
Exchange is behind 1t.
President L. F. d. Randolph Of tn
Consolidated Exchange, said
"This exchange is not behind tn
movement. That you can state posi-
lively. II Individual members are con
templating some such scheme 1t
news to me and entirely removed iron
the Consolidated Exchange proper"
James B. Dill, In speaking of tn
project, indicated that the real estat
end OF the proposition would be left I
the committed and prominent Jerse
City realty trust company
nidntk KNOW Gun Mas [ nadad