New-York tribune., 1920-05-08
Hartford, Minneapolis, New Orleans.
New York, Philadelphia, Pittsburgh, st.

Hartford, Minneapolis, New Orleans.
New York, Philadelphia, Pittsburgh, St.
LOUIS, San Francisco and Washington.
me me various exchanges were repre-
sented by these members.
oh "A. M: Almsted, Louisville Stock Ex-
Stock Exchange; Frederick W. Free
man, Columbus Stock Exchange: W. E.
hutton, president Cincinnati Stock Ex-
change; Walter Monro, Buffalo Stock
exchange; s. J. Foster, president
providence Stock Exchange; w. r.
coming, president Of the Hartford
stock Exchange; Fred Countiss, former
pres dent Of the Chicago Stock Ex-
cnahge; ), Fl: Hummer, vice-president
Frederick H. Semple, president of the
st. Louis Stock Exchange; S. J. White,
vlce-president New Orleans Stock Ex.
change; John B. Barbour, president
pittsburgh Stock Exchange; James A.
Emery, counsel National Association Of
Manufacturers; Charles A. Otis, Cleve-
land stock Exchange; George A. Rich,
president of the Boston Stock Ex-
fT,hange; +. II. Kittredge, secretary
boston Association of Stock Exchange
Partners, E.: R: Mccormack. chairman
New York Curb Market Association:
W; ;. Sllkworth, president Consoli-
dated Stock Exchange of New York.
and Edward Flash jr, president New
York Produce Exchange
Alfred q, Marling, retiring president
OF the Chamber Of Commerce. of New
\, ork' IN expressing the opposition of
the body he represents to the suggested
measure, said: at has been said that
the power to tax is the power to de-
stroy and the power to keep alive,
and we have elected to keep alive. We
refuse to be taxed to death"
Hindrance to All Business
For the Merchants Association Will
iam Fellowes Morgan, the president.
declared that a tax (which is put on
transfers on Stock Exchange transac-
1,;o,a sions such as this present one is
hlndrance to all business, to merchants
IN every kind of business. and should
be resisted, and we offer you our hearty
cooperation and help in anv wav in
winch you may ask u.s."
In his speech Mr.. Thompson, of the
Washington Stock Exchange, urged
that the opposition be directed at the
suggested tax specifically and not in
{alscrim!nately on the question of
to keep the distinction clear was
warmly applauded. Mr.. Thompson
SAID that it was unlikely that the new
tax on transfers of securities and
commodities would pass, but he ad
monlshed, I'VE cannot help but believe
that the seed has been shown and
that II the present bill fails we NAV
get something in the next bill and #
does seem to me that we ought to be
up and doing"
Committees from the various cities
and many of the exchange members
are writing to their Representative
at Washington to stand against the
measure. In some instances efforts
are being made to enlist the support
of customers of brokers, on whom. if
was said, the burden would ultimately
fall
Should Insist on Rights
In connection with tactics, Francis
II. Sisson, vice-president Of the Guar
anty Trust Company, said: 1--WE have
a rlght to our day in court and should
insist on it, and the tax situation
should be made clear so that the
American people can understand now
and for all time that without a secur-
ity market there cannot be security
there cannot be American business
based on sound principles. . The only
sound tax of course is the sales tax
and consumption tax, but in any event
the most iniquitous tax that has been
aside from the retroactive
tax, is the tax on the country's securl-
ties"
Other speakers were S. J. White, of
New Orleans; William NJ. Kingsley, Of
the United States Trust Company;
Mr.. Flash, of the Produce Exihange;
Mr.. OTIS, of Cleveland; Mr.. Barbour,
of Pittsburgh; William A. Neer, of
Detroit; Mr.: Hummer, of Baltimore,
and Mr.. McHugh, Of Indiananolis.