New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-06-08
Curb Brokers
Decide to Get
Under a Roof
Members of Association Sub
scribe $425,OOO Toward
ST., 100000 Fund for
Building; to Eliminate
Worthless Issues

Members of the New York Curb
Market Association between 10 o'clock
and noon yesterday subscribed -425, 900
to the 100000 needed to provide a
building where the bonafde brokers
on the Broad Street open air market
may transfer their dealings This ac-
ton resulted from vote taken Fri
day evening at the Hotel Commodore
that it would be for the best interests
of the association to provide a roof
Tor It's activities in view of the recent
efforts of non-members foist upon
the public oil and mining stocks of
doubtful value.
Working out of the details of the
new building plan will devolve upon a
special committee appointed by E. r.
Mccormick, chairman of the Curb Mar
ket Association. The members are: J.
l.. MCCORMACK, chairman; Edgard NJ.
Williamson, George Winchell. Herbert
G. Einstein and William Hoffman.
Mr.. Mccormick said yesterday that
the action of the association in voting
to go indoors had no connectin with
the implied threat District Attorney
Swami that the city might prevent the
outside brokers from conducting their
dealings in Broad Street if the associa-
ton failed to clean out the swindlers
and purge the curb lists Of worthless
stocks
Thinks More Opportune
I'VE have been waiting for some
time" Mr.. Mccormick stated. "for a
favorable opportunity to take the Curb
Market Association under a roof. And
now that the war is over we think that
period has arrived. The committee ap-
pointed at the Hotel Commodore on
Friday evening has ben authorized to
accept subscriptions for the purpose of
organizing realty company to pur.
chase suitable site on which will b..
erected building exchange for our
association
We believe that such step will go
long way toward putting a stop t.,
the Rotation Of fake oil and mininc
stocks by irresponsible persons who
are not members of the Curb Market
ASSOCIATION. When the association has
gone indoors its membership will prob
ably be limited to 500 and the cost of
membership will be Approximately $3.50
a year. This will include an initiation
fee Of $780, dues and expenses for
telephone service, etc.
There has already been a rush on
the part of non-members to Join the
association as the result of the move
TO go indoors. We received eirhtv-
nine new applications yesterday morn
ing.
Il am confident that when the asso-
cation conducts its dealings under a
root that anybody who tries to con-
tlnue business on Broad Street will be
outiawed Although we are in entire
sympathy with the District Attorney
IN his campaign to purge the curb of
all worthless securities we have had
che matter OF placing the dealings of
lhe ASSOCIATION under roof for long
tlme and the action taken by US Friday
night was the result of months of
consideration"
MIR. Mccormick said that so far as
ne has known the Stock EXCHANGE
authorities would not oppose the move
OF the Curb Market Association to go
indoors as they did three years ago.
Stock Exchange Passive
ne attitude of the Stock Exchange
IN the present movement" he added.
is passive. There is no danger of
our contravening the rules of the ex-
change regarding dealing with the
members of other exchanges in the
city of New York as any securities
listed on the exchange will not be
dealt in on the curb but the EXCHANGE
as 1T is doing now, will be able to CON
tlnue its dealings in curb market Sc
curlties by its authorized representa-
tives."
MIR. Mccormick estimated that the
proportion of curb business now being
conducted through Stock Exchange
firms was about 60 per cent of the
total. In recent years the percentage
has been as high as 80 per cent. The
chairman of the Curb Market Associa-
ton said that it had not yet been de-
clded where the association would be
housed, but added that three PROPOSE
tons were under consideration.