The Washington herald., 1920-05-08
PLAN DEFEAT
OF TAX BILL
Principal Stock and Com
modify Exchanges
Represented.
RESOLUTION ADOPTED
Remick Of New York Stock
Exchange Scores Pro-
posed Measure.
RESOLUTION ADOPTED

New York. May 7.-Representa-
tiVes Of practically all Of the i'm
portsnt stock and commodity ex-
changes OF the country held a con-
ference today in New York sock
Exchange for the purpose OF dis
cussing plans looking toward the
defeat OF the proposed heavy tax on
stock and commodity sales now be-
ing considered by Congress at
Washington.
The principal development Of the
meeting was the adoption Of a res
olution by Col. J. w. Prentiss. rep
resenting large wire houses, which
provided for the organization of
committees in the various cities of
the country represented at the con-
Terence to instruct the public in the
consequences TO be apprehended
from the proposed legislation"
The chief executive offcers Of If
teen OF the principal exchanges Of
the country were named a general
committee through which the va
rious committees orRanized
Throughout the country will CO.
ordinate their activities.
William IL RemIck. president Of
New York Stock Exchange, who
presided over the meeting, declared
II to be the opinion that the pro-
posed tax Of 20 cents on every $40
Of stocks and commodities sold
would be felt by every class and
practically every individual in the
United States The imposition OF
such tax. he pointed out, would
cost anywhere from $50 to $40 on
the sale OF 100 shares Of stock: SEQ
on the sale Of 100 bales Of cotton
at current quotations. and IS on the
sale Of 1000 bushels Of wheat. Such
tax. President Remick declared,
would produce little revenue, for Il
would have the effect Of restricting
| transactions Of this kind and would
change the character of these mar
kets from free and open markets
for stocks and commodities to
places where only occasional trans
actions would occur. London and
Montreal. he said. would be made
the primary markets for American
securities. The investment Of capi-
tai in American enterprise would
be halted because Of the absence
here.
The various exchanges OF the
country were represented by the
following conferees:
A. NJ. Almsted. Louisville Stock
Exchange: Z. +. Thompson. Wash
ingtOn Stock Exchange: Frederick
W. Freeman. Columbus Stock Ex-
change; ". L. Hutton. president.
Cincinnati Stock Exchange: Walter
Monroe. Buffalo Stock Exchange;
s. J. Foster. president, Providence
Stock Exchange: W. r. Coming.
president. Hartford stock Exchange:
Fred Countiss. former president.
, Chicago Stock Exchange: J. X.
Hummer. vice president. and .. w.
l. johnson. governor OF the Bslti-
more stock Exchange; Frederick II.
Semple. president. st. Louis Stock
Exchange: $. J. White. vice presI-
dent. New Orleans Stock Exchange:
| Phillip W. wrenn. president. Boston
Stock Exchange: John r. Barbour.
( president. PittsburC Stock EK-
change: James 4. Emery. counsel.
National Association OF Msnufac-
( turers. Washington, u. c: Charles
! 4. Otis. OF Otis & Co. Cleveland
Stock Exchange: 4. r. Mccormick.
chairman. New York Curb Market
, Association: w. =. SilIworth. presi-
dent. Consolidated Stock Exchange
! New York. and Edward Flash. ir-
president. New York Produce EE-
change