The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-08
CURB MARKET TO
BUILD ITS HOME
Will Purchase Site and Erect
Structure to Contain Its
Exchange and Offices.
FORM REALTY COMPANY
Mccormick Declares Action
Not Due to Statement
Of Swami.

The New York Curb Market has at
last decided to build roof over its
head. After many years OF hopeless talk
and discussion, intermingled with spo-
radio attempts to put through a housing
proposition. the members Of the Curb
Market Association at a meeting on last
Friday night decided to 20 ahead with
the project. form realty company, buy
a site, construct a building and do their
business in place where boots. rain
coats. bright colored hats and mysteri-
Gus finger signs no longer will be neces-
sary 1t Is estimated that 1t will take
nearly year to complete the project
and put tho curb brokers where thew
can work without interference from the
elements. but the plan is much further
advanced than were previous similar
projects. In two hours yesterday morn
Ing more than s425,O00 In subscriptions
was raised as the first step in the forma-
ton OF the realty company.
At Friday nights meeting a large
percentage OF the membership of the
association was represented After the
proposition had been discussed at length
Chairman E. r, Mccormick was in
structed TO name committee to GO
ahead with the acceptance OF subscrip-
tons for the new realty company, the
name of which has not been decided
upon. ]. L. Mccormack was made chair.
man of that committee. the other mem
bers being Edgar NJ. Williamson. George
Winchell, Herbert G. Einstein and Will
lam Hoffman. They were authorized to
receive subscriptions to stock In the realty
company to be formed, after which addi-
tional steps in the way of acquiring
property and making plans for building
construction will be taken. What the
nature of the new building will be or
where it will be situated has not been
decided Chairman Z. r. Mccormick of
the Curb Market Association said yes
terday that three tentative proposals for
building sites were under consideration,
but that nothing had been said or done
in the way OF accepting any Of them.
lie estimated that the amount of money
needed would be probably between $780,
900 and 100000. The building prob
ably will be constructed with Office floors
above the exchange floor, but such de-
tails are to be worked out.
Long Search for Site.
Now that the war Is over" said
Chairman E. r. Mccormick yesterday,
I'VE can proceed. We have been looking
for a site for long time and have
learned that the first thing we must do
is get the money. With that idea in
mind l called a special meeting Of the
association for Friday evening and put
before 1t the best possible means OF
housing the market. The committee was
appointed and authorized TO accept sub
scriptions of money to organize a realty
company with the object of purchasing
a piece OF property and building build
ing for the association. We found out
that we were wasting effort to control
properly the outside market We cannot
stop any one going into Broad street
and buying and selling what stocks they
like, but we can stop them II we are
indoors.
I'm all likelihood the membership OF
the association when these plans shall
be completed will be limited to 500. We
have a membership OF 400 with no maxi
mum limit, but already there are a large
number of requests to join and eighty
nine applications are pending. The ini-
tiation fee of the New York Curb Market
Association now is $3.50 and dues SIS a
year. II Is likely that dues will be raised
to $3.50 year when the changes shall be
effected"
Mr. Mccormick said in speaking OF
District Attorney Swans statement that
the Curb Market must clean house or be
put of the street as a nuisance. pub,
lshed in yesterday mornings newspa-
pers, that the plans for Fridays meet
ing had been laid two weeks ago and
that no suggestion had been received
by the association from the District At
torney's office that q move was contem-
plated to have them ousted from Broad
street.
Cam Control Indoor Trading.
IF the Curb Market Association does
its trading indoors" he said, at will
take all Of the decent properties with It.
Any stock that some outsider may trade
IN in the outside market after We have
roof over our heads will be outlawed
from the very start The operation OF
the inside market will be conducted
along the same lines as the present
market In Broad street with additional
regulations to cover things which at
present we cannot control"
In regard TO the attitude OF the New
York Stock Echange on the proposition.
Mr.. Mccormick said that its position
was negative-that H. It was en-
tirely passive In the matter. He said
that the housing OF the Curb Market
would have no effect on the trading
done In this market by members of the
New York Stock Exchange. for the Curb
association will list no securities that
are traded In on the big board. The
only restrictions imposed on members
OF the New York Stock Exchange along
ti1at line is the provision that they may
not trade in any exchange In New Yorl;
city which lists the same securities as
those traded in on the New York Stock
Exchange.
The big board was chiefly instrument
tai in defeating a proposition for the
housing OF the curb market about three
years ago. At that time plans had
progressed to a considerable extent, al
though not so far as the present arrange
ments have gone. Then committees of
the curb association and OF the Stock
Exchange held meetings and a decided
opposition to the plan developed on the
part Of the latter committee. As result
the plan was abandoned. At that time
II was estimated that so per cent of the
business done in the curb market came
through Stock Exchange houses. 1t was
completed despite the opposition OF the
management OF the New York Stock Ex-
change the governors OF that institution
would have adopted regulations whereby
the members could not have transacted
any business In the curb market. With
that business eliminated the curb would
have suffered a tremendous loss or
business
Now. it Is declared, there Is no oppo-
sition to the project on the part OF the
New York Stock Exchange. Besides the
percentage OF business which comes
through Stock Exchange houses has de-
clined materially. According TO Chair
man Mccormick. the total business from