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184:. After decades of involvement in the curb exchange, Mendels became the recognized "proctor" of the curb, and he alone would decide on the quotation lists. He also used his influence to throw out fraudulent stocks and dishonest brokers. In 1904, Mendels began to organize the curb, in an effort to cut down on swindling and other problems. Also that year, Mendels published the first annual directory of reliable brokers. In the mining boom of 1905 and 1906, the Curb market attracted some negative publicity for the "wholesale use of the Curb for swindling." Around late 1907, Mendels as Curb agent began devoting most of his time to keeping the Curb market "free of swindling stocks." As of 1907, Mendels gave the brokers rules "by right of seniority," but the curb brokers intentionally avoided organizing. According to the
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bedlams could unite their most violent voiced roarings in one vast and deafening howl, they would fail to parallel the absolute maniacrison of the scene. Buyer and seller, speculator and investor, operator and spectator, agent and principal, met face to face, upon the curb and beneath the sweltering sun, opened their mouths wide and screamed all manner of seeming nonsense at each other, while their hats tipped far toward the small of their backs, their eyes strained fiercely and their arms waved wildly above their heads, from which rolled rivers of profuse perspiration."
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the Wall Street
Investigating Committee on how the curb brokers did business. He also gave testimony on their restrictions concerning new business, and how swindlers were dealt with. On November 10, 1909, Mendels issued a notice reading that "For the protection of the public, complaints made in writing against any corporation or individual using the New York Curb market, directly or indirectly, will be investigated by the agency and referred to the proper authorities for suitable action." At the time, the Curb market still had no official organization.
140:, stocks in small industrial companies, such as iron and steel, textiles and chemicals were first sold by curbstone brokers. In August 1865, a reporter described the curb market in front of the new exchange building on Broad Street. "There were at least a thousand people on the sidewalk and street... Buyer and seller, speculator and investor, operator and spectator, agent and principal, met face to face, upon the curb and beneath the sweltering sun, opened their mouths wide and screamed all manner of seeming nonsense at each other".
299:. On March 16, 1911, the Curb Association elected its first Board of Representatives. The board corresponded to the Governing Committee of the Stock Exchange and had the "task of keeping the outside market in order." Members included E. S. Mendels, J. L. McCormack, E. M. Williams, C. H. Pforzheimer, E. A. Chartrand, T. J. Newman, W. A. Titus, Franklink Leonard, Jr., H. P. Armstrong, F. T. Ackermann, W. Content, Carl Rawley, R. Godwin, A. B. Sturges, and E. I. Connor. J.L. McCormack became the first Chairman of the Association
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121:. The first local rival of the NYSE, the New Board emerged among the rough and tumble conditions of the very speculative curb-side trading during the down-turn in the market in general. The "curb" or "outside" trading exchange used a system in which "brokers and dealers traded directly with each other in the street near the exchange." To compete, the NYSE quickly began offering a second daily opportunity to buy or sell securities. At first, the New Board was very successful. It remained larger than the
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curb among mining brokers, after fist fights broke out the week prior. A second fist fight among Broad Street brokers occurred on
October 7, 1916, with the police warning that the next time the two combatants would be arrested. Curb Association chairman Edward Reid McCormick noted that the mining brokers had not been members of the
208:, reporting on the open letter, wrote that brokers informed of the letter "were not inclined to worry." The article described "their present ground on the broad asphalt in front of 40 Broad Street, south of the Exchange Place, is the first haven of which they have had anything like indisputed possession."
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decision was made by the "Curb agent and his advisory board," who ruled via their control of the printed lists of transactions. They held a "solemn conclave" and decided that the NYSE stocks would not be added until they had complied with the "Curb list" of requirements. Among the refused stocks were
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in 1910, the Big Board had always looked at the curb as "a trading place for 'cats and dogs.'" On April 1, 1910, however, when the NYSE abolished its "unlisted department," the NYSE stocks "made homeless by the abolition" were "refused domicile" by the curb brokers on Broad Street they turned to. The
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building by lying on the sidewalk in front of the doors. 12 were hurt and 45 arrested in a battle between police and picketers, although the protests "failed to prevent the two security markets from operating at virtually normal rates." There was no violence on the Curb, although picketers and their
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The noise caused by the curb market led to a number of attempts to shut it down. In August 1907, for example, a Wall Street lawyer sent an open letter to the newspapers and the police commissioner, begging for the New York Curb Market on Broad Street to be immediately abolished as a public nuisance.
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In August 1865, a reporter described the curb market in front of the new exchange building on Broad Street. "There were at least a thousand people on the sidewalk and street. Every man shouted; each wore his hat on the top of his head; nearly every man had a moustache, and it seemed to us if twenty
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between Thames and Rector
Streets, at 86 Trinity Place. The curbstone brokers moved indoors on June 27, 1921. By 1930, the Curb Exchange was the leading international stock market, "listing more foreign issues than all other U.S. securities markets combined." That year, the building's trading floor
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wrote the
Metropolitan Street Railway had experienced severe ups and downs on the NYSE, which "rival of worst of the manipulative scandals that the Curb has been trying to live down." In 1910, Mendels again testified before the Wall Street Investigating Committee on behalf of the curb brokers, when
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was a leading curbstone broker who organized the Curb Market Agency. As of
February 1909, Mendels remained "Curb agent," meaning he was essentially the only authority figure in the unorganized curb market on Broad Street. On February 26, 1909, he gave a "very complete and satisfactory" testimony to
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1902. Wrote a local resident in 1907, each morning at 10 o'clock the "multitude" of "brokers, brokers' clerks, lemonade and provision vendors, messenger boys, 'lambs' awaiting slaughter, and numerous other attaches and camp followers of the noisy and disorderly throng breaks forth with a volley of
159:, Open Board members specializing in unlisted stocks were left without "a roof over their heads and took to meeting casually in the course of the day in convenient lobbies in the district." The brokers were ousted by a number of buildings as their numbers grew, until they ended up in front of the
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reported that leaders of the Curb
Association favored a complete reorganization of trading in Broad Street, and were hastening efforts to get the "Curb under a roof" to allow for limited membership and fixed rules. To further its goals, the special curb committee pointed to recent violence on the
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stated that the market presented a "motley, agitated mass of struggling, yelling, finger-wriggling humanity." In 1920, journalist Edwin C. Hill wrote that the curb exchange on lower Broad Street was a roaring, swirling whirlpool” that "tears control of a gold-mine from an unlucky operator, then
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where cabbies lined up. There they were given a "little domain of asphalt" fenced off by the police on Broad Street between
Exchange Place and Beaver Street, after Police Commissioner McAddo took office. As of 1907, the curb market operated starting at 10'clock in the morning, each day except
357:. Per the agreement behind the formation of the curb market, all members of the Stock and Bond Exchange held memberships in the new curb exchange. The Curb had an authorized 100 charter members, 67 from the Stock and Bond Exchange, and the remaining made available for sale.
382:. Historically, curbstone brokers often traded stocks that were speculative in nature. To get attention and be recognized on the curb in Manhattan, many members dressed in attention-grabbing clothes and used flamboyant hand signals to conduct trades.
735:"Asks Bingham to Oust Curb Brokers; Lawyer Allen Says Open-Air Exchange Is a Public Nuisance and Therefore Illegal. He Cites Many Decisions And Will Press His Contention -- Brokers Forced to Move Many Times Owing to Complaints"
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On the second day of a strike by United
Financial Employees, there was violence outside the Curb Exchange and NYSE on March 30, 1948. The incident occurred in the early morning, when picketers attempted to bar entrance to the
1117:"Pickets and Police Battle in Wall St.; 12 Hurt, 45 Seized; Violence Outside the Exchange Laid Mainly to Seamen Aiding Striking Financial Union - Workers Lying on Sidewall Dragged to Patrol Wagons -- Stock Trading Goes On"
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He argued the curb exchange served "no legitimate or beneficial purpose" and was a "gambling institution, pure and simple." He further cited laws relating to street use, arguing blocking the thoroughfare was illegal. The
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began promoting the idea of the market moving indoors, an idea which was not actively picked up for two more decades. Efforts to organize and standardize the market started early in the 20th century under
Mendels and
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Based on a constitution drafted in 1911 to eliminate "irresponsible brokers and valueless stocks from the outside market," in 1911 the New York Curb Market Agency became the New York Curb Market, with offices in the
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discordant screams which rend the air for several blocks, and then bedlam reigns until the gong again sounds at 3 o'clock in the afternoon, to the confusion and discomfort of the whole surrounding neighborhood."
200:, until a gong at 3 o'clock. Orders for the purchase and sale of securities were shouted down from the windows of nearby brokerages, with the execution of the sale then shouted back up to the brokerage.
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often traded stocks that were speculative in nature. With the discovery of oil in the latter half of the 19th century, even oil stocks entered into the curb market. By 1865, following the
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pauses to auction a puppy-dog. It is like nothing else under the astonishing sky that is its only roof.” After a group of Curb brokers formed a real estate company to design a building,
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188:, this came from a general belief that if a curb exchange was organized, the exchange authorities would force members to sell their other exchange memberships.
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311:, leaving "no way for the Curb officers to inflict discipline." The fist-fights occurred over the lack of delivery of Emma Copper and Old Emma Leasing stock.
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market on Broad Street circa 1916, with brokers and clients signalling from street to offices. Many members used flamboyant hand signals to conduct trades.
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sympathizers later lined outside the exchange that day, numbering around 1,200. At the time, Francis Adams
Truslow was president of the Curb Exchange.
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374:"Curb" or "outside" trading the involves brokers and dealers trading directly with each other in the street, for example near a
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an attempt was made to dislodge them from Broad Street. The informal Curb Association formed in 1910 to weed out undesirables.
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92:). Efforts to organize and standardize the market started early in the 20th century under notable curb-stone brokers such as
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that were speculative in nature, as well as stocks in small industrial companies such as iron, textiles and chemicals (
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The curb brokers had been kicked out of the Mills Building front by 1907, and had moved to the pavement outside the
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1018:"Curb Market Opens Its $ 2,250,000 Home; Abandoning Street Trading, Members Dedicate New Quarters in Trinity Place"
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1084:"New Curb Market for San Francisco; Stock and Bond Exchange Votes for Reorganization and Division of Business"
908:"Curb Bars Stocks Big Board Dropped; Securities Shut Out by Abolition of Unlisted Department Are Homeless Now"
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as "a roaring, swirling whirlpool... like nothing else under the astonishing sky that is its only roof."
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827:""Curb" Wars on Swindlers; Ready to Investigate Any Stock Brokers of Whom the Public Complains"
575:"Father of the Curb Dead; Emanuel S. Mendels, Jr., Elevated Trade and Routed Dishonest Brokers"
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151:. Founded in part by former curbstone brokers, the Open Board of Stock Brokers was an early
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877:"Mendels at the White Inquiry; Hughes Investigators Take Up Conditions in the Curb Market"
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established in 1864, which merged with the NYSE in 1869. After the Open Board joined the
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started activities on January 2, 1928, using the unlisted securities formerly on the
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was established, which developed appropriate trading rules for curbstone brokers.
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946:"Men to Run the Curb; Board of Representatives for the Outside Market Nominated"
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http://abcnewspapers.com/index.php?option=com_content&task=view&id=11281
67:. Such brokers were prevalent in the 1800s and early 1900s, and the most famous
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39:. That year, journalist Edwin C. Hill described the curb trading on lower
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692:"The Ketchum Forgery; Additional Particulars Yesterday's Developments"
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was doubled in size, with the entrance moved to 86 Trinity Place.
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The Curbstone Brokers: The Origins of the American Stock Exchange
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The Curbstone Brokers: The Origins of the American Stock Exchange
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was an organization of curb-stone brokers established in 1836 in
803:, New York City Landmarks Preservation Commission, June 26, 2012
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295:, which can be considered as the first formal constitution of
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until 1845, but the New Board's brokers were "crushed" by the
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240:(NYSE), or "Big Board," operating several buildings away at
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in 1920, a year before much of the trading was moved into a
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and the recession that followed, and it folded in 1848.
885:. New York City, New York. February 27, 1909. p. 13
512:
When Stocks Came in From the Cold (September 30, 2010).
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583:. New York City, New York. October 18, 1911. p. 11
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954:. New York City, New York. March 17, 1911. p. 11
664:
The Big Board: A History of the New York Stock Market
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916:. New York City, New York. April 2, 1901. p. 1.
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1990:Self-regulatory organizations in the United States
619:"The NYSE's Long History of Mergers and Rivalries"
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236:The curb exchange was for years at odds with the
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175:in the 1890s. Around 1895, leading curb-broker
63:who conducts trading on the literal curbs of a
1172:AMEX: A History of the American Stock Exchange
483:List of stock exchange mergers in the Americas
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928:"66 Trinity Place - American Stock Exchange"
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835:. New York City, New York. November 11, 1909
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261:'s Metropolitan Street Railway Company. The
979:. New York City, New York. October 8, 1916.
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767:American Stock Exchange Historical Timeline
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743:. New York City, New York. August 17, 1907.
171:The curb market moved to Broad Street near
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648:, Doubleday: Garden City, New York, p. 22.
220:Broad Street and Curb Brokers, circa 1909.
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1125:. New York City, New York, United States
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143:The curb market grew further out of the
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973:"Brokers Again Use Fists in Broad St".
934:. New York City. March 1977. p. 9.
478:List of stock exchanges in the Americas
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1036:from the original on February 21, 2020
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270:1911: New York Curb Market Association
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617:E. Wright, Robert (January 8, 2013).
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355:San Francisco Stock and Bond Exchange
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105:1860s-1880s: New Board and Open Board
1995:Stock exchanges in the United States
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167:1890s-1907: Broad Street curb market
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1115:Adams, Frank S. (March 31, 1948).
212:1908-1910: Increased formalization
25:
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119:New York Stock and Exchange Board
79:. Curbstone brokers often traded
1467:Electronic communication network
1174:. Washington, D.C.: BeardBooks.
1155:. Washington, D.C.: BeardBooks.
866:New York Curb Market Association
667:. Beard Books. pp. 49, 51.
457:
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293:New York Curb Market Association
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993:Financial Trading and Investing
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315:Official Curb Exchange building
77:financial district of Manhattan
996:. Academic Press. p. 29.
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147:, previously in a building on
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1461:Multilateral trading facility
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451:Business and economics portal
1884:Returns-based style analysis
1680:Post-modern portfolio theory
1586:Security characteristic line
661:Sobel, Robert (2000-05-01).
7:
1638:Efficient-market hypothesis
1542:Capital asset pricing model
1479:Straight-through processing
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424:San Francisco Curb Exchange
351:San Francisco Curb Exchange
255:International Power Company
226:New York Curb Market Agency
37:dedicated exchange building
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1455:Alternative Trading System
522:. New York City, New York.
163:entrance on Broad Street.
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280:New York Curb Association
1519:Arbitrage pricing theory
646:The Anatomy of the Floor
473:Economy of New York City
326:Starrett & Van Vleck
1798:Initial public offering
1659:Modern portfolio theory
1554:Dividend discount model
1437:List of stock exchanges
990:Teall, John L. (2012).
644:Sloane, Leonard 1980
297:American Stock Exchange
289:Broad Exchange Building
238:New York Stock Exchange
153:regional stock exchange
1686:Random walk hypothesis
1170:Sobel, Robert (1972).
797:New York Curb Exchange
542:Sobel, Robert (2000).
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1628:Contrarian investing
1591:Security market line
1496:Liquidity aggregator
1473:Direct market access
1384:Quantitative analyst
465:New York City portal
419:Montreal Curb Market
403:Notable curb markets
302:On October 8, 1916,
117:to compete with the
1889:Reverse stock split
1834:Market manipulation
1758:Dual-listed company
1618:Algorithmic trading
1548:Capital market line
1350:Inter-dealer broker
370:Methods and culture
182:Carl H. Pforzheimer
1929:Stock market index
1768:Efficient frontier
1707:Technical analysis
1665:Momentum investing
1487:(private exchange)
1377:Proprietary trader
1319:Shares outstanding
1309:Authorised capital
1122:The New York Times
1096:. December 9, 1927
1089:The New York Times
1064:. November 4, 1928
1061:The New York Times
1022:The New York Times
976:The New York Times
951:The New York Times
913:The New York Times
882:The New York Times
862:2010-04-14 at the
832:The New York Times
740:The New York Times
697:The New York Times
580:The New York Times
519:The New York Times
514:"Christopher Gray"
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380:financial district
345:Later curb markets
304:The New York Times
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246:The New York Times
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177:Emanuel S. Mendels
138:American Civil War
94:Emanuel S. Mendels
65:financial district
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1977:
1976:
1778:Flight-to-quality
1530:Buffett indicator
1220:Financial markets
1092:. New York City,
1024:. June 28, 1921.
700:. August 18, 1865
53:curb-stone broker
16:(Redirected from
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1894:Share repurchase
1606:Trading theories
1491:Crossing network
1449:Over-the-counter
1286:Restricted stock
1242:Secondary market
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1921:
1919:Stock dilution
1916:
1911:
1906:
1901:
1896:
1891:
1886:
1881:
1876:
1871:
1866:
1861:
1856:
1851:
1846:
1844:Mean reversion
1841:
1836:
1831:
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1821:
1819:Market anomaly
1816:
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1801:
1795:
1790:
1785:
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1755:
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1738:Bid–ask spread
1734:
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1699:
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1565:Earnings yield
1562:
1560:Dividend yield
1557:
1551:
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1476:
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1464:
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1451:(off-exchange)
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1425:Trading venues
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1291:Tracking stock
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376:stock exchange
371:
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346:
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316:
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271:
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213:
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206:New York Times
193:Blair Building
173:Exchange Place
168:
165:
161:Mills Building
106:
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9:
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2007:
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1773:Financial law
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1748:Cross listing
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1731:Related terms
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1702:Swing trading
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1670:Mosaic theory
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1314:Issued shares
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1301:Share capital
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1252:Fourth market
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1183:
1181:1-893122-48-4
1177:
1173:
1168:
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1162:1-893122-65-4
1158:
1154:
1150:
1149:Sobel, Robert
1146:
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1111:
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1094:United States
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674:9781893122666
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331:
328:designed the
327:
322:
319:In 1920, the
312:
310:
305:
300:
298:
294:
290:
281:
276:
267:
264:
260:
256:
252:
251:J. H. Hoadley
247:
243:
239:
234:
231:
230:E. S. Mendels
227:
224:In 1908, the
218:
209:
207:
201:
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187:
183:
178:
174:
164:
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158:
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127:Panic of 1837
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115:New York City
112:
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82:
78:
74:
70:
66:
62:
58:
54:
50:
42:
38:
34:
29:
19:
1949:Tender offer
1869:Public float
1839:Market trend
1829:Market depth
1649:Growth stock
1623:Buy and hold
1532:(Cap-to-GDP)
1372:Floor trader
1362:Market maker
1345:Floor broker
1333:Participants
1276:Golden share
1271:Common stock
1247:Third market
1171:
1152:
1127:. Retrieved
1120:
1110:
1098:. Retrieved
1087:
1078:
1066:. Retrieved
1059:
1050:
1040:February 21,
1038:. Retrieved
1021:
1012:
992:
985:
974:
968:
956:. Retrieved
949:
940:
931:
922:
911:
887:. Retrieved
880:
871:
837:. Retrieved
830:
805:, retrieved
796:
766:
738:
702:. Retrieved
695:
663:
645:
640:
628:. Retrieved
622:
585:. Retrieved
578:
544:
517:
397:
391:Broad Street
373:
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285:
262:
245:
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205:
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190:
185:
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142:
131:
108:
88:curb trading
86:
84:
73:Broad Street
68:
59:refers to a
56:
52:
48:
46:
41:Broad Street
1954:Uptick rule
1934:Stock split
1914:Squeeze-out
1909:Speculation
1854:Open outcry
1743:Block trade
1675:Pairs trade
432:(1928-1938)
426:(1928-1938)
71:existed on
69:curb market
57:curb broker
47:The phrase
33:Wall Street
18:Curb market
1984:Categories
1959:Volatility
1939:Stock swap
1859:Order book
1610:strategies
1536:Book value
1404:Arbitrager
1399:Speculator
494:References
259:T. F. Ryan
149:New Street
132:Curbstone
1575:Fed model
1570:EV/EBITDA
1485:Dark pool
1416:Regulator
1261:Types of
1227:Types of
1030:0362-4331
958:April 21,
889:April 21,
839:April 21,
704:April 21,
630:April 10,
624:Bloomberg
587:April 21,
488:New Board
409:New Board
123:Big Board
111:New Board
1904:Slippage
1864:Position
1849:Momentum
1753:Dividend
1432:Exchange
1389:Investor
1151:(1970).
1034:Archived
860:Archived
437:See also
349:The new
1793:Haircut
1597:T-model
1409:Scalper
1229:markets
1129:June 1,
1100:June 1,
1068:June 1,
932:nps.gov
807:May 22,
198:Sundays
134:brokers
100:History
75:in the
1814:Margin
1682:(PMPT)
1544:(CAPM)
1394:Hedger
1367:Trader
1340:Broker
1263:stocks
1178:
1159:
1028:
1000:
773:, NYSE
671:
552:
81:stocks
61:broker
1969:Yield
1944:Trade
1879:Rally
1800:(IPO)
1688:(RMH)
1661:(MPT)
1640:(EMH)
1593:(SML)
1582:(NAV)
1556:(DDM)
1550:(CML)
1521:(APT)
1514:Alpha
1481:(STP)
1475:(DMA)
1469:(ECN)
1463:(MTF)
1457:(ATS)
801:(PDF)
771:(PDF)
378:in a
263:Times
186:Times
1804:Long
1608:and
1538:(BV)
1525:Beta
1176:ISBN
1157:ISBN
1131:2017
1102:2017
1070:2017
1042:2020
1026:ISSN
998:ISBN
960:2017
891:2017
841:2017
809:2017
706:2017
669:ISBN
632:2017
589:2017
550:ISBN
363:NYSE
257:and
109:The
85:see
336:in
332:on
253:'s
55:or
1986::
1119:.
1086:.
1058:.
1032:.
1020:.
948:.
930:.
910:.
899:^
879:.
849:^
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816:^
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737:.
714:^
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683:^
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621:.
597:^
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564:^
528:^
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1212:e
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1198:v
1184:.
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1133:.
1104:.
1072:.
1044:.
1006:.
962:.
893:.
843:.
708:.
677:.
634:.
591:.
558:.
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.