The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-01-16
THE NEW YORK CURB
METHODS Of BUSINESS
LOCAL BROKER GIVES INTER
EsTiNG INSIGHT TO FAM.
Gus INSTITUTION


curities except the Interstate Callahan
ar d Federal Mining & Smelling COM
pany which have large eastern
market, are traded In on the New
Rork curb, the two named being list
ed on the New York stock exchange"
said II. b. Kfngsbury, manager of
the brokerage department of the ..
A. Olin company. Most people, un-
less they have been to New Rork city
and witnessed trading on the curb,
which by the way Is one of the Won
der sights of the American metropolis,
have very crude idea OF what the
curb market il like.
"A considerable number of large cor
porations which are unable or un-
willing to furnish necessary informa-
ton about their affairs to become
listed on the big exchange, are listed
OF, the curb. There are other securl-
ties that are highly speculative in
their nature or that are issued by
corporations not honestly or efficient
~ managed, better known as Cats
and Dogs Such securities would
not knowingly be admissible under the
rules of any reputable exchange
hence, the curb market came into
existence
Investigate Securities.
Lately, however, the curb market
has elected from among members
listing committee, which, before any
rev security can be listed on the curb,
investigates it very thoroughly, but
not to such an extent as the big ex-
change does. Consequently the curb
has many wel-known and important
corporations whose securities are list
ed on this market.
"As the curb market is free insti-
tuition to the public and brokers a!ike,
as far as their laws are concerned.
any security, whether Of value or nos
can be traded In without the consent
of the listing committee of the curb,
These stocks are classed as unlisted
and are often run by manipulators
and schemers who unload them on the
public.
"The market received its name for
the reason that the meetings Of the
brokers who participate in 1t are held
in the open air, the year round, in all
kinds of weather, in one Of the streets
of the Wall street district, near the
street curb.
No Fixed Rules.
"As there are no fixed rules and no
fixed organization for the curb mar
ket as far as the public is concerned,
anybody may go among the throng
Of brokers, standing on the street and
buy and sell securities if he can find
any one to trade with him, AS a mat
ter of fact, however stranger would
not be able to transact any business
for no one would trade with him I'M
less he happened to find some one
there like himself--a stranger.
TN order to do business on the
curb a broker must either have high
standing and reputation on his own
account or must be representative
OF an established brokerage firm. On
the street where these brokers con-
gregate. the scene to an uninitiated
observer Is strange and confusing
Just imagine part Of a city street
between big city blocks where about
1000 brokers, each armed with pen
ell and memo pad and many of them
engaged in making frantic signs to
their offices and other brokers. The
signs which are unintelligible to- the
outsider indicate the offers to buy or
sell at a certain price, or the name
of the security out of the hundreds of
different securities listed and un-
listed.
System Of Trading.
IF these brokers did not have some
fixed plan for trading it would be i'm
possible to fill their orders in this mad
acting throng, so they have the street,
where they trade, proportioned off in
sections. One section where for in
stance, the Goldfield stocks are traded
in, another section Occur d'Alene
stocks are traded in and so on in this |
way the whole trading area is pro.
portioned off. Most of these brokers |
have their offices in the buildings Dor
dering around this trading scene and !
when they receive an order for in
stance, to buy a Occur d'Alene ISSUE /
which order, of course, comes to their I
office, where it is taken by the office I
man to the window which overlooks |
the trading area on the street below,
and signals the order to their man by !
a sign language and he in turn exc
cutes the order.
IF you have not visited this curb"
market you must not get the idea
that his proceeding is as simple and
unexciting as it seems If the market
is at all active the street trader may
have to fight his way to the center +
Of the struggling group over to where
the Occur d'Alene section Is, yell his
order for bid or offering at the top
Of his voice and accept one or more
Of the bids or offerings yelled back
at him In the twinkling of an eye
After he has executed this order he
signals back to his office as soon as