Business & Finance: Seat Prize

The first New York Stock Exchange seat to be sold since the adoption of the 25% membership increase brought, last week, $625,000, the same figure as for the last seat sold prior to the increase. But last week's purchase included the seat with its extra one-fourth right; in other words, five-fourths of a seat was purchased. Thus a precedent was established for valuing each quarter-seat at $125,000 and a seat at $500,000. The seat was bought by Ferdinand A. Straus from Robert L. Leeds, Mr. Leeds purchased his seat early in January, paid for it $600,000.

Inasmuch as the Straus purchase...

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