The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-05-10
CURB BROKERS HOWL.
LOUDLY AT LICENSE
They Send Morgan j. 0'Brien
to Tell Aldermen How
Gently They Shear.

There isn't even hint OF evil which
and the imposition Of license fee would
be a crushing handicap to bright young
men Just starting in the wool business
with only small fiocks OF Broad street
10 mos, and what's the use of stirring
things all up. anyhow? This, in sub
stance, was the argument presented yes
terdsy by Morgan J. O'Brien. formerly
a Supreme Court Justice. and Franklin
Leonard. Jr., before the committee on
general welfare of the Board OF Alder
men In opposition to an ordinances pro-
posed by Alderman William F. Quinn re-
Quirtng curb brokers to pay license fee
to the city.
The original measure provided for "A
81, 900 fee and that each broker should
file s25, 900 bond to insure his observ-
ance OF all financial obligations Alder
man Collins, chairman of the committee,
announced when the hearing opened that
its sponsor had amended It. cutting the
| fee to 5000 and eliminating the bond
| feature altogether But even at that Mr..
O'Brien said the whole street was just
dead set against the idea Six curb
brokers sat in a row on one side OF the
| aldermanic chamber and nodded their
heads In appreciation.
Mr.. OBrien pointed out that the curb
\ market was the second largest stock
exchange In the world. being exceeded
in the volume of its business only by the
! New York Stock Exchange itself
! "If you impose this tax the effect viii
| be TO create a monopoly on the curb, -
said Mr. OBren. 1T would lessen the
number OF brokers, and men beginning
their careers would not have a part In
| the work Last year the state received
more than $4,000, 900 on the transfer of
stock there. What useful purpose can
be served by imposing this tax? The
effect would be practically TO destroy the
market. There are no evils TO be cor
| rected. and II you lessen the number of
brokers you will injure the financial life
Of the city. The business is regulated
already by an association that corrccts
anv abuse that might arise"
| Mr.. Leonard asserted that no bonding
company would issue S25 900 bond 10
a curb broker and that. even II IL would,
he premium would be prohibitive He
said that seventy-hve Stock Exchange
kct and that there had not been a single
failure to carry out contract in two
Years. II any tax was 10 be Imposed
Mr.. Leonard thought IL should result
from action by the Legislature.
We are Npaying the State more than
S2N 900 day on transfers" he went
on. In the last three months we have
paid a total to Federal and State gov
ernments OF s2.977.00O, The broker.
contributed $500. 900 to war. relief work
last year and $4,000 900 worth OF Lib
lerty bonds
Certainly the members can pay 5000
II it's right. We are paying now $50 a
year to the Federal Government. II
isn't a question of money when II comes
to paying $500. but TO a young man who
is lust learning, 1t Is a terrible amount
and It will do tremendous damage to the
market Itself"
Alderman Quinn said he had been on
the curb market for three years himself
and that he didn't want to put II out OF
business. He asserted that he had pre-
scented his ordinance at the "instigation
of members of the curb market He con-
tended that the brokers had no right &c
use the city streets without paying a
license fee az newsdealers and push cart
pedlers were required to.
The committee will think the proposed
license fee over and report to the Board
of Aldermen, probably next Tuesday.