The second most widely-known exchange also began in New York as the Curbstone Brokers. Because the NYSE had minimum limits set on the number of shares companies had to sell in order to qualify for auction,
the Curbstone Brokers sold shares for companies that were too small to meet the 100-share minimum required by the larger organization. The Curbstone Brokers met and auctioned shares for a century before taking their outdoor auction indoors. In 1953, this hardy organization became the American Stock Exchange, which still operates today.
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