MARKETS: Improper Indignity

Fortnight ago athletic A. G. Spalding & Bros, (recently recapitalized) listed its new no par first preferred stock on the New York Curb Exchange. Broker Edward Parry Sykes, 43, appointed specialist in the stock two days before, arrived late at work that morning. Maybe that contributed to his hard luck. There were no bids and no offers. So he made some quick calculations about what price to quote. Considering Spalding's balance sheet and the price of the old preferred, he decided to quote 30 bid, 33 offered (ten shares each way).

No sooner had the quotation gone over the ticker than...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!