The Washington times., 1928-11-14
CURB EXCHANGE
GROWTH SETS
RECORD
BY w. s. COUSINS
Copyright by Interna tionsI News
Servicel

DS We" 81 .AONt6l1No
Copyright by international News
Service)
NEW YORK, Nov. Ia. The alert
ness and ability of its members to
serve and protect the Investing
public in the distribution of worth
while securities were cited by Will
liam S. Muller, president of the
New York Curb Market today, as
the principal factor behind the phen-
omenal growth of the curb market
in a comparatively short space of
time.
From modest beginnings the curb
exchange has grown to be the
second largest security market In
the world with memberships cur
rently selling at $14O, 900, and an
aggregate of more than 1000 stocks
and bonds passing through its sales
lists.
Comprises Three Units
sThe listing department. of the.
curb exchange, and the committees
Of the board supervising it." said
Mr.. Miller in discussing the matter,
with the writer today ARE the most
important of its branches and func-
tons.
1T Is divided into three units,
each directed by a chairman. d
committee on regular listings, one
on unlisted securities and one on
foreign securities.
.'The governors of the curb mar
ket have laid down a list Of require.
mentg that will determine, as far as.
possible, the general worth of a new
security. They embrace everything
in the way of balance sheets, earn
ings statements, credentials and
sponsorship, embracing in all 33 re-
4quirements.
Mr.. Muller pointed out that the
so-called unlisted securities, though
designated by a negative title, are
in nowise inferior to those regularly
listed.
Stocks Not Inferior
THE suggestion that unlisted
stocks are inferior to listed securi.
ties is entirely wrong" Mr.. Muller
declared. In some cases they are
superior, by reason Of their long sea.
soning to listed stocks of new but
meritorious enterprises
Sketching briefly the recent enor-
NOUS growth OF the curb exchange,
Mr.. Muller pointed out that this was
largely the cumulative effect of the.
40 years Of service to the public
which preceded 1t.
The organized effort of the curb
market" he said, dates back to
1908, when group of brokers
formed the New York Curb Agency,
three years later, in 1911, the New
York Curb Market Association was
formed. In June, 1921, the curb
~ V.L- fnyV,aa haeoTa hnufraa-
the $4,000, 900 building. in which
there is still room for expansion of
its activities.
"The quotation system through
the ticker medium now operates
through 40 cities, to the number of
500 machines reaching az far west
as Chicago. south to Wheeling. w.
Va, north to Toronto and Montreal,
and east to Boston and all inter.
mediate cities.
Sees Wide Extension
ut will eventually be extended as
far south as Miami, Fla. Separate
tlckers, for the reporting of bond
transactions, have been installed i'm
New York city and vicinity"
Sale of a seat on the Curb Ex-
change this week at $4,000, estab-
fishes the total value OF Curb Ex-
change membership at ST. 100000,
not including the 100 new transfer
able associate membership held by
Stock Exchange firms.
''Of the 1,700 foreign and dones-
tic stocks now listed in our market,
] 500 are seasoned dividend d-payers,
said the head of the curb exchange.
Stocks of unknown prospects have
been dropped from the list: the
penny mining stocks have practi.
cally disappeared, and reliable data
is required from all listings of
foreign stocks. Certificates of de-
post OF more than 40 foreign COM
panies, with a capitalization of the.
market value to close to five billion.
dollars, are available for trading on
the curb exchange"
Greater Buying. Seen
Mr.. Muller foresees a steady in
crease in investment interest in
home and foreign stocks and a
growth in public buying of the
same. To take care of this expan-
sion in security distribution the
curb market will expand it's facili
ties as required from time to time.
having already provided ground
space for enlarging the building
according to specified plans.
american investors in the mar
kets today are buying stocks in re-
Election of Americas strong finan-
cial position, as we'll as in the dis
counting of its future prosperity"
Mr.. Muller declared. Americas
position as a creditor nation, he
said. naturally brings to the Ameri-
can markets a large volume OF in
veatment business which in the pre-
war days found an outlet in the
foreign bourSes. This is one ex-
planation OF active and buoyant
stock markets on the New York ex
changes"