New-York tribune., 1920-12-26

OOOrs next spring, the makers OF Nnan-
clal dictionaries will have to revise their
definitions. When the poor-little- rich
boy of the world Of fnance-the Curb
Market-goes into its home in the
shadow Of Trinity Church, the great un-
organized exchange of Broad Street will
have lost most of its musical comedy
clements. The need for the multi-co-
ored hats which add to the visibility of
Curb traders to those who are in the
buildings on either side will have passed !;
The conditions which make it necessary
Tor traders to communicate with repre-
sentatives OF their Offices by sign Ian
guage will have ceased to be. The JUS
tihcation for the loudest bellows which
arise out OF the crowds in lower Broad
Street, where traders in the Street are
seeking through sheer shrillness Of voice
TO attract their comrades, crowded like
birds in pigconhole-iike windows in
buildings on both sides Of the street,
will no longer exist.
The Exodus from the Gutter
With its $50 members, the Curb Mar
let Association next spring purposes to
leave the gutter, whence it derived its
name, and to reside in a building, just as
II respectable exchanges do. The asso-
cation, mindful of the evils that have
existed while the Curb has been public
market, will seek to break with tradi-
IL. Al. u. l.
change as its model, will try to win for
itself a higher place in the esteem of
The community. Its goal is enhanced
public confidence, and incidentally. its
members believe that, aside from the
moral satisfaction which comes from a
better reputation, their expected new
status will make the business of being
a Curb broker more remunerative.
When the Curb moves one of the
last symbols Of the simple, unconven-
tional spirit which marked America S
early activities will be removed from
the financial district. The Curb has
~ historian and no recognized phil
losopher. Its career has been en-
rched with continuously growing
body of folklore, but the exact facts
about its origin and growth probably
will remain in dispute until some
great university becomes impressed
with the beautiful new home of the
ity Place-ani decides the moment
propitious for recognition of the new
position OF the market by offering to
youthful scholars the degree Of Doctor
Of Curbology. When that time comes
It will be possible to test the validity
of the myths about the market. Ac-
cording to tradition, the Curb is half
a century old and started in a base
ment in William Street. The essence
of the Curb has always been that it is
q free and opel market, which came
INTO being spontaneously and which
if it had not been started when it was
would have been invented subsequent
ly to meet the need which it serves.
The Broad Street Maelstrom
When one strolls down to the mael
strom on Broad Street, where brokers
clerks, messengers and fruit vender
merge with seething excitement, tht
urge to think in the terms OF pure eco
nomics is lacking. The informal dis
array-which is the Curb-is the an
tithesis Of the academic atmosphere
and yet professors of economics rec
cgnize that this great exchange of tn
outdoors serves purpose in the pres
ent financial order. The Curb ira
ditionally has been the place to wei
come securities that have not yet al
rived. After the stocks and bonds be
come tried and seasoned-at least, ae
cording to theory-they usually ar
ready to receive recognition from tn
big brother of the Curb, the New Yor
Stock Exchange.
Curb brokers argue that buying an
selling oil stocks and others under th
sky In clear weather and stormy max
for good health. They become hare
ened TO the rigors of the element, an
che rush to cover next spring orif
mates from no simple wish for phys
cal protection. The Curb Market A.
sociation, on the other hand, regards
building as device for purifying th
market
The acid test OF the transYormatio
from a uniquely spectacular outdoc
market place to rather convention.
trading place under roof will be th
n effect on the moral standards of tn
Curb market. It Is already time fc
observers to speculate az to whs
changes in market technique will /
necessary TO improve the market an
to assess tho probable effectiveness
the alterations In methods which II
association plans to make.
The Budget Of Sins
Tho sins Of omission and OF con
mission that have been committed G
tho Curb II tabulated and classife
would be great enough TO mako th
very devil himself blush gor sham
Being merely a section Of tho publ
thoroughfare where all could trad
s1ere was no effective way Of excluc
lax evsry ono except those with fin
s-nsc OF business ethics.
The Curb Market Association, who's
membership comprises no moro tha
1ne-half of tho number which no,