Wall Street is still retrenching. The New York Curb Exchange last week announced that it had bought back 50 seats, thus cut its membership to 500. The 50 seats, at $1,000 each (1929 high: $254,000), were bought from estates of deceased members and fellow brokers who had quit the game.
To pay the pruning bill the Curb anted $25,000, member brokers the other $25,000. To make up for lost seat revenue, annual dues were upped $50 to $550, other fees and payments were likewise raised by 10%. But the fewer seats, the more business per member for those who stick it...
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