Evening star., 1933-09-26
Mr. Untermeyer Comes Down.

New York, it appears. is to retain it
Stock Exchange. The city administra
tion and its fiscal adviser, Samue
Untermeyer, have capitulated. TIL,
proposed emergency taxes on stool
brokers and the brokerage business ART
not to be levied provided the member.
Of the exchange give up their plan t.
move to Newark. The brokers have
proved too resourceful for Mr.. Unter.
meyer. Like the raccoon in the story
Of Davy Crockett, Mr.. Untermeyer ha.
said: Please don't fire, Mr.. Exchange
I'll come down." With the new ex-
change in Newark almost ready tt
house the irate members of the New
York Stock Exchange, the fiscal ad.
wiser of New York City's administra-
ton has decided after all that the ex.
change members are not merely bluff
ing
Mr.. Untermeyer has looked with q
shudder upon the ruin of values in
lower New York If the exchange should
move. He has realized the huge loss
In real estate taxes to the city when
values fall. He has seen the present
State income taxes and stock transfer
taxes levied by the State on the
brokerage business vanish into thin air
And perhaps Mr.. Untermeyer has de.
cided that New York without the Stock
Exchange would be like Hamlet" with
Hamlet left out.
The city administration of New York
dominated by Tammany and John F,
Curry, its head, has already had both
its eyes blacked many times. Its NAL
administration and wastefulness have
been responsible, it is charged, for the
present financial situation there and the
demand for greatly increased taxes to
meet the expenses of the city and the
cost of aiding the needy. In its efforts
to obtain money to relieve the unem-
ployed and to help balance the city
budget a new list Of taxes has been
brought forward by Mr.. Untermeyer, OF
which the stock brokerage taxes we're
part. The other taxes fall on insurance
companies, savings banks, the public
utilities and the taxicabs. OF course
in the end. all the taxes will come out
the pockets Of the citizens of New York
and the visitors to that city.
1t is this pinch of the voters pocket.
books that is threatening the over.
throw Of Tammany and Mayor o'Brien
and John F. Curry today. The city il
aroused. Men who never before cared
a great deal what Tammany and the
politicians" were doing as long as they
were let alone in their businesses and
pursuits have thrown off their indiffer-
ence. The row with the Stock Ex-
change, which apparently has ended
with complete surrender on the part
of the city administration, has not been
an aid to Curry and O'Brien in their
effort to retain control of the city gov
ernment. Their surrender leaves the
other proposed victims of new take.
even more angry than before.
When the Federal Government
through legislation by Congress, threat
ened the New York Stock Exchange
with an end to short selling and with
very greatly increased Federal taxes
the threat was made to move the
exchange to Canada. Whether that
step would have been taken or not is
open to conjecture. Canada is a much
longer move than that from New
York to Newark. Under the threat OF
the Federal Government, however, the
exchange has cleaned house to q very
considerable extent. Before the Senate
investigation is concluded, it may dc
more cleaning. A move from New York
to Newark will be of no avail in a con-
troversy with the Federal Government