The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-12
CURB MARKET HAS
REALTY COMPANY
Forms Holding Corporation to
Purchase Site for It's Pro-
posed Building.

Another step which brings housing of
the Curb market nearer to elimination
was taken yesterday when the New
York Curb Market Realty Associates.
Inc, was Incorporated at Albany with a
s75o.ooo capital. The capital stock con-
sists OF 1900 shares OF a par value of
800 each. virtually all of which have
been subscribed. The incorporators are
John l.. Mccormack, Edgar NJ. William
son. Herbert G. Einstein. William Hoff-
man and George Winchell, who are
members of the committee appointed last
week by q. r. Mccormick, chairman Of
the Curb Market Association, to plan
the formation of the realty company.
The company has been formed for
purchasing a suitable site and erecting
thereon building to house the Curb
market 1t Is anticipated that within
the next fortnight the site will have been
selected and plans for the building made,
after which 1t is expected that about
nve months will be necessary for the
erection OF the building. In other words,
the members OF the Curb Market Asso-
citation expect that they will be able to
do their trading under a roof within
about six months. Where the new
building will be has not been decided
The members OF the committee yestei.
day afternoon conferred with real estate
men who had offerings of properly. The
committee will investigate all OF these
possibilities before making n final deci-
sion. 1t is hardly likely. according to
Chairman Mccormick, that any property
near the present quarters of the curb
market will be obtained. because all of
that section is held far too high. He
indicated. however. that the committee
expects to find a site somewhere in the
financial district between Broadway,
Wall. Beaver and William streets. l..
was learned. however. that the commit
tee favors a Broad street building near
the Maritime Building.
With the idea OF keeping the realty
company well under the control of the
association and preventing any exploita-
ton of II and of its stock by outsiders
the association has arranged to have the
stock ownership tied up with the owner
snip of seat in the new exchange. All
members ef the association are to be
given a pro rata allotment OF the shares
on basis OF 500 members. which linn,
the association will establish. Every
member will be allotted fifteen shares of
stock. No member will be permitted to
sell his stock unless he shall have per-
mission from the governors OF the asso-
citation, and none OF the stock will be
allowed to pass to any person noe a
member of the association. When a
membership in the association Is bought
or sold the stock owned by the member
must become a part Of the transaction
at par, and the governors reserve the
right to call any part or all Of a men,
ber's stock at par at any time
One OF the reasons for those regula-
lions OF the stock OF the realty company
was to eliminate possibility of the bucket
shop getting the upper hand in the pres
ent situation. With the association in
doors and subject to strict regulation by
Its governors the bucket shop operators
viii! have lost their graft. II is pointed
out For that reason some Of those who
are popularity supposed to be In that
class are said to be opposed to the
change. On that assumption the as
ISOLATION has tied up the realty company
stock to prevent any concerted action on
the part OF such operators which might
result in the death OF the housing propo-
stion.