A regional stock exchange is a term used in the United States to describe stock exchanges that operate outside of the country's main financial center in New York City . A regional stock exchange operates in the trading of listed and over-the-counter (OTC) equities under the SEC 's Unlisted Trading Privileges (UTP) rule.
15-518: California Oil Exchange Type Regional stock exchange Location San Francisco , California , United States Founded October 18, 1899 Closed September 1900 Currency USD The California Oil Exchange was a regional stock exchange in California . It opened in San Francisco on October 18, 1899, with
30-657: A "large attendance" and 22 listed stocks. The stocks were from the oil districts of Los Angeles , Santa Barbara , and Fresno . Shares sold on the first day included St. Lawrence, San Joaquin, Northfield, Quitable, Big Panoche, Kings County, 100 Eagle, and 200 Stella. It was absorbed by the Los Angeles Stock Exchange in September 1900, when 51 members relinquished their membership in the California Oil Exchange in favor of membership in
45-476: A concise and reliable history of the oil industry of the state , p. 53 , retrieved June 5, 2017 Retrieved from " https://en.wikipedia.org/w/index.php?title=California_Oil_Exchange&oldid=1144655901 " Categories : Former stock exchanges in the United States Economy of San Francisco Regional stock exchange The SEC was formed in 1934, and that year,
60-661: A constitution and by-laws adopted, although when trading in unlisted securities would begin and choice of quarters was undecided. Frank L. Schreiner of the Chicago Board of Trade was named president. John G. McCarthy was named treasurer, and James A. Cavanaugh was named secretary. The officers, along with E. D. Norton and E. J. Kuh Jr., formed the board of directors. It began doing business in July 1928 as "a trading place for securities of new companies and small concerns." August C. Babize served as its first president. Among others,
75-813: A total of 24 securities exchanges registered with the SEC, while 19 received temporary exemptions from registration. Exchanges actively trading that year included the New Orleans Stock Exchange , the Richmond Stock Exchange , the San Francisco Curb Exchange , the San Francisco Mining Exchange , and the St. Louis Stock Exchange . Ten stock exchanges closed after the SEC was created, including
90-1239: The Boston Curb Market , the Buffalo Stock Exchange , the Chicago Curb Exchange , the Denver Stock Market , the Hartford Stock Market , the Milwaukee Grain and Stock Exchange , the New York Mining Exchange , the New York Real Estate Securities Exchange , the Seattle Stock Exchange , and the Wheeling Stock Exchange . The New York Produce Exchange decided to stop trading in securities as well. In April 1941, eighteen regional stock exchanges received invitations to "parley" with
105-549: The Postal Telegraph Building. On February 4, 1938, members of the curb exchange voted to liquidate the exchange, and also voted to apply to the SEC to cancel their license as a national security exchange. 65 members voted to dissolve the organization, with no dissenting votes. The application cited its reasons as decline in membership, a four-year deficit, and a volume of listings and transactions insufficient to warrant continuing operation. The application
120-721: The SEC on possible amendments to the Securities Act to be presented to Congress that May. The exchange representatives attended the conference on April 28, 1941 to discuss the issue. Regional exchanges currently registered with the SEC include: The Cincinnati Stock Exchange moved to Chicago and changed its name to the National Stock Exchange. It moved again to its current location in Jersey City , New Jersey. There used to be many more such exchanges in
135-683: The 200 members of the curb signed a petition asking for the resignation of the curb's three governors for being "active in the development of the securities market of the Chicago Board of Trade ." It resulted from a controversy over the dual listing of the Walgreen Company and the Standard Oil Company of Indiana . On October 14, 1931, the AP reported that the curb had "moved to protect investors" by adopting measures to facilitate company financing, while also protecting investors. At
150-485: The SEC investigation into the Chicago Curb Exchange would be expanded. It would include a hearing on "the application of the exchange for exemption from the provisions of the SEC." Its deficit was $ 17,931 in 1934, $ 17,271 in 1935, and $ 6,329 in 1936. In 1936, profits for the curb were $ 23,358 and expenses were $ 29,597. On December 31, 1936, net assets were $ 74,652, in cash and government bonds. That year,
165-606: The United States. Among those that have become defunct or have merged into the survivors listed above are Chicago Curb Exchange The Chicago Curb Exchange was an organized securities market and curb exchange located in Chicago, Illinois . It was alternately known as the Chicago Market. The Chicago Curb Exchange was incorporated in 1927. It was organized on February 6, 1928. Officers were elected and
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#1732780530534180-507: The board of governors at the curb approved 14 new listings and four additional listings, with two memberships transferred, one for $ 1000 and one for $ 1,250. The exchange also received exemption in four new states: Texas, Kentucky, Oklahoma, and Kansas. By January 1937, there were 82 members. In 1937, the curb sold only 560,584 shares with $ 26,000 par value of bonds. As of February 1938, the exchange had 77 members, many of whom were also involved in other exchanges. It leased its trading quarters in
195-506: The broker Adolph Kempner was a "moving spirit" in the curb's founding and later a president, from 1928 until 1929. The curb was created in competition with the Chicago Stock Exchange . In 1928 and 1929 it was quite successful, and one session in 1929 saw a turnover of 175,800 shares. In 1929, peak volume was 6,645,635. On May 21, 1930, it was reported that the curb exchange was fighting the dual listing of stocks. 30 of
210-868: The other. See also [ edit ] [REDACTED] Business and economics portal List of former stock exchanges in the Americas List of stock exchange mergers in the Americas Pacific Exchange References [ edit ] ^ "California Oil Exchange" . The New York Times . New York City, New York, United States. October 19, 1899 . Retrieved June 1, 2017 . ^ The Los Angeles Stock Exchange - A Brief Historical Review Mining and Oil Bulletin November 1919 ^ Redpath, Lionel V. (1900), Petroleum in California:
225-566: The time, Clarence G. Troup was president of the curb. When the SEC formed, the curb applied for an exemption to new guidelines. Also, the curb requested the SEC investigate "alleged rigging of the market in stock of the Paducah Cooperage Company." In light of "startling information" developing in their investigation, on February 22, 1935, agents of the newly formed SEC in Chicago, on orders from Washington, announced that
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