The Phantom New Jersey Stock Exchange of 1933

Financial History, Fall 2013

13 Pages Posted: 20 Oct 2013 Last revised: 31 Oct 2013

See all articles by Ethan Namvar

Ethan Namvar

University of California, Berkeley - Haas School of Business; Columbia Business School

Date Written: October 18, 2013


In the wake of the stock market crash of 1929 and the Great Depression that followed, New York City’s municipal government decided to levy new taxes on stock gains to generate funds needed to support the city in those difficult economic times. Faced with pressure from brokers, stock traders, and other business people, the New York Stock Exchange (NYSE), in protest of the new taxes, threatened to move its trading floor from New York City to New Jersey. This paper seeks to detail the story of the New Jersey Stock Exchange that never came to be.

Keywords: New Jersey Stock Exchange, New York Stock Exchange, Microstructure, Stock Taxation, Taxes, Financial Market History

JEL Classification: JEL Codes: B00, G20, G28, N00, N20

Suggested Citation

Namvar, Ethan, The Phantom New Jersey Stock Exchange of 1933 (October 18, 2013). Financial History, Fall 2013, Available at SSRN: or

Ethan Namvar (Contact Author)

University of California, Berkeley - Haas School of Business ( email )

545 Student Services Building, #1900
2220 Piedmont Avenue
Berkeley, CA 94720
United States
510-642-7989 (Phone)


Columbia Business School ( email )

3022 Broadway
New York, NY 10027
United States

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