The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-08-04
NEW YORK CURB MARKET
AND ITS NEW QUARTERS
INTERESTING FACTS REGARDING
ITS HISTORY AND VOLUME
OF BUSINESS.

NJ Atoo AAAun III tSldDAlHAGu CA
changes" of more or less importanc
are recognized. Ready markets ar
set for a wide range of securities an,
commodities, thereby facilitating bus
mess operations for the entire coun
try syas the New York Financial Re
view
In addition to four important stool
exchanges. there are two more or les
associated cotton markets. a coffee
and sugar exchange. a produce ex
change. rejuvenated metal market
a maritime exchange and a diamond
curb" Other organizations of lesser
Importance or of more restricted field
of operations, such as semi private
insurance combines, etc, are also in
existence in New York city. Eight
of the recognized exchanges are
housed, while two of them continue
to operate ION the curb"
The leading market of the world is
of course the New York stock ex-
change. 1t stands foremost in volume
of business transacted. Last year
2S2,6466 900 shares of stock were sold,
as compared with S157sO,4OO in 1919.
Membership is valued above $1,000.
Seats Quoted at $500.
The New York Curb Market asso-
citation is firmly entrenched in sec
ond place, both by volume of business
Ind value of membership. Seats" on
the curb" are quoted around $4,000
against the nominal par of s5OOO al
though trading indoors has hardly
begun. There are already $50 full"
members of the New York Curb Mar
ket association. together with 800 as
sociate members. About 200 mem
bers are also listed on the roster of
the New York stock exchange.
Last year 1884, 400 shares of
stock changed hands on the curb, in
addition to $1SS. 900 bonds. In the
famous 1919 bull market there were
recorded 215,4SO,9OO shares of stock,
together with s62,415,OOO in bonds.
This record was exceeded only by the
New York stock exchange which re-
ported S15 100000 shares of stock.
The Consolidated exchange claimed
Pittsburg, $4,000; Boston, 9,2S5 500;
and Philadelphia 3 2ShOOO.
Although the curb market can not
claim to be the Oldest securities ex-
change i'm the country. its roots are
grounded i'm colonial days. The first
stock exchange formed in the colon
les was that of Philadelphia. There
a board of stock brokers formally or
ganized and adopted a constitution in
oe osr
fury.
Origin of Curb.
The curb market in New York
came into being around 1883 in con-
nection with the purchase and sale
of an sSO,OOOOOO bond issue author
lied by the first congress of the Unit
ed States. In addition to establish
ing distrbutive facilities for govern
ment bonds, the exchange provided
an open market for the volatile con-
tinental currency-"shin plasters."
On May II, 1892. about 20 of the
leading brokers of the city drew up a |
protective agreement establishing the |
stock exchange. Members met on the |
curb under a button wood tree stu
ated between the present 68 and 70 |
Wall street. The articles of associa-
ton declared that I'VE, the subscrib
ers, brokers for the purchase and sale |
of public business. agree to do bust
ness at not less than one-fourth of 1
per cent" That commissions are
now generally but half this amount
speaks well for modern brokerage eff
ficiency
The war of 1912 gave the first genu
inc impulse to stock speculation. In
addition to some s1O9OOO,OOO of gov
eminent loans put on the market,
there was wilcd trading in bank
stocks and currencies. This activity
led a contingent of brokers to adopt
the Philadelphia exchanges system
around 1917. The New York stock
and exchange board was formed
with the Tontine coffee house as the
meeting place
Some of the brokers who refused
to take root in any building remained
outside on the curb, conducting an
open market" From that time on
two separate stock exchanges existed
in the city.
Three years later, February Il
1929 the preliminary code was revis-
ed and constitution and by laws were
adopted Some of the largest cap
italists of the city allied themselves
with the new organization.
In 1869 the inside" and the "out-
side" markets merged to form the
present New York stock exchange
Ten years later this group secured
the Broad street site upon which the
stock exchange building now stands.
Need for organization to trade in {
the securities which had formerly {
been handled by the open board re- {
suited in the formation Of the I'm '
listed Securities Market around 1873
This in 1885 became the Consolidated
Exchange. and ceased to exert its {
former influence.
Has Magnificent Building.
The curb" continued to meet {