New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-20
BROKERS DECRY NEW TAX
Gloomy Prophesies Of Stock
Exchange Being Exi|ed.
REALTY MEN ALSO PROTEST
Will Join in Fight Against 81
Impost on Transfers Con-
tanned in Bill.

Threats OF the removal Of the New York
Stock Exchange to another state and
prophecies Of the most disastrous real
estate panic in the history of the city II
the bill increasing the stock transfer tax
from & TO "a a hundred shares passes
the Legislature we're voiced at con-
ference of members of the Stock Ex-
change and representatives of real estate
interests in the Wall Street district yes
terday. A formal protest against the
proposed legislation was contemplated.
Although President Mabop declares
there has been no official discussion OF
the bill by the governing committee VI
the Stock Exchange. the general senti-
ment among Stock Exchange members
seems to point TO a removal of the ex-
change from this city II the tax is in
creased Boston, Philadelphia. Chicago,
and even London, were some Of the
cities talked OF yesterday az the new
home of the exied exchange.
III this should be DONE" George A.
Hurry. of Henry Clews & Co.. said, New
York would experience the greatest panic
in it's history. owing 10 the fact that
many banks have mortgages on most OF
the big downtown office buildings occu-
pied chiefly by brokers'"
The sentiment among many of the broh-
ers seemed to be that the closing OF the
exchange and its removal to another city
would soon demonstrate to the legislators
the folly OF the increase in the tax.
Among real estate operators fear that
the imposition of the heavier tax would
drive many brokers out OF business and
thus leave a large amount of vacant once
space on their hands was voiced. At least
six OF the largest stock exchange firms
have already served notices upon real es-
tate brokers. it is understood. that their
leases. renewable May I. will not be re-
newed If the stool, transfer act goes into
effect
Because of the seriousness OF the situa-
ton prominent real estate brokers, IN
Guiding Horace :. Ely & Co, the Douglas
Robinson. Charles :. Brown Company
Bryan J.. Kennedy and the United states
Realty and Improvement Company. heid
an informal conference at which IL was
decided to call a mass meeting Of down
town real estate brokers and operators TO
DfDltSI tSdlllSl VIC p'OPo'''
at the same time appoint committee 10
20 20 Albany TO enter vigorous ooJee-
ton to the bill.
Bryan l.. Kennedy. who brought IN"
financial district real estate men together
YESTERDAY on this matter, said that "hlIe
II WAS decided 70 call meeting or reai
estate interests within d few days at the
Zeal Estate Exchange. the date had not
been fixed.
Mr. Kennedy stated that the enforce
ncut OF the proposed law would undoupt-
cdlv force the officials Of the New YORK
stock Exchange TO either Boston or Phll-
adelphia because the increase In the taN
wou,d make dealings in securities on the
Stock Exchange here prOhibitive. wnile
in Boston or Philadelphia the exchange
could transact business without pawn
tho states anv stock transfer tax. lh!s
condition. Mr. Kennedy ADDED, "ouiu
cause practically panic.
"It IS a fact" Mr.. Kennedy said, that
several stock exchange firms have called
mo No and given notice that their leases
will not be renewed on May il the bill
is passed. Members of the exchange
are much alarmed over the situation pu'
their interes, cannot Ice greater than that
which the real estate brokers and opera
tors feel.