Emanuel S. Mendels

Emanuel S. Mendels, Jr.
Born 1850
New Orleans, Louisiana
Died October 17, 1911
New York City
Cause of death Stomach cancer or food poisoning
Burial place Woodlawn Cemetery
Residence New York City and Newark
Citizenship American
Occupation Curbstone broker
Years active 1870-1911
Organization E. S. Mendels, Jr., & Co.
Known for Organizing the American Curb Market (American Stock Exchange)
Home town New Jersey
Children William L. Mendels, Walter A. B. Mendels, Eugene E. Mendels, James S. Mendels, Mary J. Mendels Betierris
Family Mary de Groot Mendels Steinbach Zwillman Wismer

Emanuel S. Mendels, Jr. (1850-1911) was an American businessman and broker.[1][2] He was a leading curbstone broker who organized the Curb Market Agency in 1908 that developed appropriate trading rules for curbstone brokers.[3] Later he formed the New York Curb Market Association, which supervised curb trading in an effort to prevent fraud.[1] The New York Times called him the "father of the curb, writing "he, perhaps more than any other man, worked for the elevation of business done on the [New York curb market]."[1]

Early life

Emanuel S. Mendels, Jr. was born in New Orleans, Louisiana in 1850. His father, who had a small business was also active in Whig politics. After his parents moved to New Jersey, Mendels was employed at a brokerage house during the post war boom period.[4]

Career

Work as secretary and broker

Early in life Mendels worked as a business secretary. He spent much of his time on the street doing business, and became known as a "curb" broker, "one through whom all routine business of the market could be transacted."[1] After four years of working in the brokerage firm, he left his position to be a full-time curbstone broker in Manhattan.[4] He first became actively involved in the curb market in 1874.[1] He 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.[1] The curb market moved to Broad Street near Exchange Place in the 1890s.[5] In 1904, Mendels began to actively attempt organize the curb to reduce swindling and valueless stocks.[5] Around 1895, Mendels began promoting the idea of the market moving indoors, an idea which wouldn't be actively picked up for two more decades.[2]

Work as Curb agent

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."[6] He organized the Curb Market Agency in 1908 that developed appropriate trading rules for curbstone brokers.[3]

As of February 1909, he was "Curb agent," meaning 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 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.[7] 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."[6] At the time, the Curb market still had no official organization.[6] In 1910, he again testified before the Wall Street Investigating Committee on behalf of the curb brokers, when an attempt was made to dislodge them from Broad Street.[1]

Curb Association formation

In 1911, Mendels and his advisers drew up a constitution and formed the New York Curb Market Association, which can be considered as the first formal constitution of the American Stock Exchange, today known as the NYSE Amex Equities.[3] 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 and fifteen others.[8] Upon his death on October 17, 1911, The New York Times called him the "father of the curb, writing "he, perhaps more than any other man, worked for the elevation of business done on the Curb."[1]

Death, personal life

Mendel married Bertha Rothschild of Philadelphia. Their engagement was announced in April 1896,[9] and they married on September 20.[10]

Mendels died of illness on October 17, 1911 in New York City. Accounts of the illness vary; some indicate he had stomach cancer,[11] while others that he became seriously ill from ptomine poisoning while on a business trip to California.[1] His sons William L. and Walter A. B. Mendels carried on his business under the name E. S. Mendels, Jr., & Co.[1] Emanuel Mendels was also survived by his wife and three other children, Eugene E. Mendel, James S. Mendel, and Mrs. Mary J. Betierris.[11]

See also

References

  1. 1 2 3 4 5 6 7 8 9 10 "Father of the Curb Dead; Emanuel S. Mendels, Jr., Elevated Trade and Routed Dishonest Brokers". The New York Times. New York City, New York. October 18, 1911. p. 11. Archived from the original on 2017-10-30. Retrieved April 21, 2017.
  2. 1 2 New York Curb Exchange (PDF), New York City Landmarks Preservation Commission, June 26, 2012, retrieved May 22, 2017
  3. 1 2 3 http://abcnewspapers.com/index.php?option=com_content&task=view&id=11281 New York Curb Market Association
  4. 1 2 Sobel, Robert (1970). The Curbstone Brokers. MacMillan. ISBN 1-893122-65-4.
  5. 1 2 American Stock Exchange Historical Timeline (PDF), New York City: NYSE, retrieved May 22, 2017
  6. 1 2 3 ""Curb" Wars on Swindlers; Ready to Investigate Any Stock Brokers of Whom the Public Complains". The New York Times. New York City, New York. November 11, 1909. Retrieved April 21, 2017.
  7. ↑ "Mendels at the White Inquiry; Hughes Investigators Take Up Conditions in the Curb Market". The New York Times. New York City, New York. February 27, 1909. p. 13. Retrieved April 21, 2017.
  8. ↑ "Men to Run the Curb; Board of Representatives for the Outside Market Nominated". The New York Times. New York City, New York. March 17, 1911. p. 11. Retrieved April 21, 2017.
  9. ↑ "Social Announcements". The Times. 1896-04-12. p. 22. Retrieved 2017-10-30.
  10. ↑ "Society Page". The Times. 1896-09-13. p. 22. Retrieved 2017-10-30.
  11. 1 2 "Obituary / Emanuel S. Mendels". New-York Tribune. 1911-10-18. p. 7. Retrieved 2017-10-30.

Further reading

  • "Father of the Curb Dead; Emanuel S. Mendels, Jr., Elevated Trade and Routed Dishonest Brokers". The New York Times. October 18, 1911.
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