The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-01-27
NEW YORK CURB MARKET
SOON TO LEAVE STREET
ORIGIN OF cURB-BUslNEsS is
SECOND ONLY TO N. Y.
EXCHANGE.

The statistical number OF the Finan-
oia Review. published by Coleman x
lReitze OF New York, has the follow
ing story regarding the New York
curD which is soon to transfer its OPP
erauons from the street to building
that is now being constructed at
cost of SL75OOOO.
The year 1921 Will witness the dis
appearance from that section OF
Broad street between Exchange Place
and Beaver street OF the New York
Curb association to its own building,
which is now in course OF erection
and expected TO be ready for occu-
pancy early in May.
The building now under construc-
ton Will cost about $l.75O,OOO. Mem
bership to the Curb association is linn
tied TO 600 and seats are now selling
at from $500 to $1,000 each. which
compares with "a current market price
OF about $1,000 for seats on the Con-
solidated exchange, and would appear
to be reliable indication of the large
amount of business the members ex-
pect to transact.
Origin of Curb.
Legendary history states that the
curb market was started under an
ancient tree on the eastern end of
Wall street by Californian pioneers
and their eastern representatives. for
the purpose of interesting the public
in the gold mining stocks of that
state. During the Comstock excite
ment the late James r. Keene was
one of the spectacular traders on the
curb market in stocks of the Comstock
mines, which rose TO dizzy heights and
created a market which has probably
never since been eXcelled for excite
ment and spectacular trading.
The march of progress in the build
ing of big banking institutions on
Wall street swept away the famous
old tree and caused the curb market
to move to Broad street near Wall
street in close proximity to the stock
exchange from which it was removed
by the city authorities to its present
location. In the meantime the num-
Der of traders had increased from the
first hal fdozen under the tree in
Wall street to a crowd of several hun
dred and trading had broadened out
from mining stocks until it attained
the wide field of bonds, industrials,
oils and mining stocks which it now
embraces.
Forces Recognition.
With the growth of trading and the
wide public interest created, the New
York curb began to receive the indi-
rect recognition of the New York
stock exchange and in later years has
been utilized and recognized by mem
bers of that institution as the gradu-
ating school OF many stocks which
pass through the fire of public specu-
lation before receiving the stamp Of
approval of the committee which ad-
mts them to trading on the New
York stock exchange. For that rea-
son stock exchange houses for some
years past have had representative
traders on the street and although
large numbers of stocks of all de-
scriptions have failed to graduate
from the curb and display those quail
tiles which are supposed to fit them
for entry to the sanctuary of the New
York stock exchange, a great number
of issues which are now popular on
the big board" have graduated from
the curb and either have attained the
dignity Of "gilt-edge" investments or
passed into the limbo of dead issues.
Il must not. however. be supposed
that every stock of intrinsic merit
eventually departs from the New York
curb market for entry into the stock
exchange which compels compliance
with many rules among which is the
barring from the stock exchange list
of all stocks which have not a mini
mum par value of IS a share.
Listing Curb Stocks.
In an effort to in some manner reg
ulate the Introduction of doubtful
stocks to the curb market the New
York Curb association was formed
for the purpose of officially listing the
stocks approved by a committee of
that body which requires the filing of
the most intimate details of the COM
pany's organization, property and per-
sonnet of the directors before the stock
is admitted to official trading as list
ed on the New York curb" This,
however, has not prevented trading in
a great number of unlisted stocks in
the open street market over which no
one has any actual control.
1t is believed that the removal of
the New York Curb association to
its own building with the issuance of
authorized quotations and official
records of sales over the tape furnish
ed to the newspapers will give to the
curb market the prestige and dignity
which it has hitherto failed to enjoy
and will moreover give to the public
greater confidence in the legitimacy of
those stocks which are admitted to