New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-25
WOULD DRIVE BUSINESS
AWAY. SAY REALTY MEN
Join Stock Exchange in Sending
Protest to Albany on
Transfer Tax Rise.

The real estate fraternity viii he Ncll
represented al the hearing at Albany to-
morrow on the bill to increase the tax
ON stock transfers from s. 10 81 hun
drcd shares. At meeting held yestcr-
day in this city. at which Bryan l.. Ken
nelly presided. the following committee
was chosen to voice the sentiments Of
real estate owners and agents on this
important subject at that hearing. Rob-
ert T.. Bowling. W. l.. De Bost Douglas
! Robinson. John y. Coldns. George r.
Mortimer Robert \. Granns William
Z G. Gaillard and Bryan l.. Kcnn lily.
Among those present at the meeting
We're Edward j. Hogan. Thomas Morch.
Irving y. Tuland. George Il. Read. NJ.
I Cone. representing the Douglas Robin
son. Charles :. Brown Company; Robert
T. Bowling. president OF the city Invest
ing Company: William \. Whiting. Her
I bert \ sherman. John y. Golding.
/ Charles T.. Moves. George r Mortimer
! William T. White. Alfred l.. Narins
William IT, Chesebrough. Leonard j..
] Carpenter. f.. y TreIdwen repre-
/ sentatives Of the McNickar-Gaillard
! Realty Company. Pease d Gilman. tho
| DE Observation-Disclosures Company. Mooyer &
! Marston. De Seldng Brothers and South
aclS 4 Ball
[ 1t was said last night that Douglas
/ Robinson would represent Vincent Astor
and Mrs Madeleine Force Astor at the
hearing. Mrs. Madeleine Force AstOr
receives under the will Of Colonel John
! Jacob Aston the entire rentals of one Of
the finest buildings in the Wall Street
II, section. Most Of the tenants % the
structure arc stock brokerage houses
| 4 resolution which was proposed by
( ". II. Chesebrough and seconded by
| George T. Mortimer was unanimously
adopted The resolution was in part as
| follows
! After carefully considering the pro-
posed legislation to double The tax upon
I the purchase and sale Of stocks. We here
| by oppose the enactment thereof on the
ground that IL will seriously impair the
| income from New York City real estate
and will. in consequence. reduce It's sal
! able and taxable values and greatly mill
| tate against tho credit prosperity and su-
uremacy Of This city.
The firms. individuals and CORPORA
I lions engaged in this city in tho buying
, and selling Of stocks pay IN the agSre-
gate very substantial percentage OF the
! income derived from office buildings.
apartments and private houses and COM
prise. moreover. considerable part Of
the clientele of hotels. shops. restaurants
and theatres
LIT is clear to VS. from our knowledge
Of the business condition confronting
such firms. and from the attitude taken
I by many Of them with respect to renewal
of their leases. that II this additional tax
alton on the purchase and sale Of stocks
be enacted into law il will force many
such firms and individuals either 20 with
draw from the business or to largely re-
duce space occupied and rentals paid by
them.
1T would be unwise policy for the State
OF New York 10 enact this legislation,
which is certain to injure real property in
Now York City. Ii is obviously not eX-
ped.ent TO kill the goose which lays the
golden egg"