The Phantom New Jersey Stock Exchange of 1933
Financial History, Fall 2013
13 Pages Posted: 20 Oct 2013 Last revised: 31 Oct 2013
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: Suggested Citation