The New York Stock Exchange has taken into membership the first black-controlled member firm in its 179 years of history.
CU Daniels & Bell nameplate
SV Company executive at desk
CU Daniel (SOF)
CU Bell (SOF)
TRANSCRIPT: (SEQ. 3): DANIELS: "Yes, definitely it's going to bring more blacks into the community. One of the basic concepts of the firm is to try to bring an awareness that there are opportunities on Wall Street. And speaking from a Wall Street standpoint, we know that there is about 50,000 brokers throughout the United States. Out of this about 50 are black. So there is plenty of room here.
REPORTER: Mr Bell, when can it be ascertained that your business is a success?
(SEQ. 4): BELL: Well, Mr Daniels and I have discussed that at great length, and I think we've decided that we've put a time-table or ten years. And we put another two-fold programme, the first being the traditional corporate method, and that's being able to tell after the ten years whether we've made a profit or a loss, and second we feel that Daniels and Bell can create and be the base of some kind of real black economic movement, then we will feel that we have been successful".
Initials SGM/1737 SGM/1811
Script is copyright Reuters Limited. All rights reserved
Background: The New York Stock Exchange has taken into membership the first black-controlled member firm in its 179 years of history.
The new firm, Daniels and Bell, is being financed by a group of major New York City banks, and a small business-investment company.
There are at present about 50,000 brokers in the United States. Only about 50 of them are controlled by black Americans.
The partners in the new firm spoke about its prospects to a National Broadcasting Company reporter in New York.