San Francisco Curb Exchange

San Francisco Curb Exchange
TypeRegional stock exchange, curb exchange
LocationSan Francisco, California, United States
Founded1928 at 350 Bush Street
Closed1938 (absorbed by the San Francisco Stock Exchange)
CurrencyUnited States dollar

The San Francisco Curb Exchange was a curb exchange opened in 1928, formed out of a re-organization of the San Francisco Stock and Bond Exchange and the San Francisco Mining Exchange. The San Francisco Curb Exchange replaced the Mining Exchange at the 350 Bush Street building. The Curb Exchange later left the building in 1938,[1] when the Curb Exchange was absorbed by the San Francisco Stock Exchange.[2]

History

Formation

By April 23, 1927, the San Francisco Stock and Bond Exchange and the San Francisco Stock Exchange, mining, were negotiating over the establishment of the former as purely listed market, and the latter as a curb exchange. To prevent naming confusion, there were talks to have the SF Stock Exchange be named the San Francisco Curb Exchange or Association, with the name 'San Francisco Stock Exchange' to become the property of the Stock and Bond Exchange. Upon the ratification of the agreement, there would be ninety days for corporations with stocks "on the unlisted board [of the San Francisco Stock and Bond Exchange] to meet listing requirements or to be transferred to the Curb board, where "another probationary period will ensue in which Curb requirements may be met." It was said these curb requirements would be "substantially" those of the New York Curb Market.[3]

In December 1927, the Stock and Bond Exchange voted for reorganization and division of business in the exchange, resulting in the creation of a new curb market in San Francisco.[4][5] On December 9, 1927, it was reported that the new San Francisco Curb Exchange was expected to begin operation soon after the start of 1928, and would be the third security markets in the city.[6]

Opening on Bush Street

The new Curb Exchange was created to take over the "splendid plant on Bush Street of the old Mining Exchange." The Curb Exchange started activities on January 2, 1928, using the unlisted securities formerly on the SF Stock and Bond Exchange.[7] Per the agreement behind the formation of the curb market, all members of the SF Stock and Bond Exchange held memberships in both the new Stock Exchange and the new curb exchange. The Curb had an authorized 100 charter members, 67 from the Stock and Bond Exchange, and the remaining made available for sale.[6]

The Curb Exchange left the Bush Street building in 1938,[1] when it was absorbed by the San Francisco Stock Exchange.[2]

See also

References

  1. ^ a b 350 Bush Street, The Swig Company, retrieved June 2, 2017
  2. ^ a b San Francisco in the 1930s: The WPA Guide to the City by the Bay, 5 April 2011, ISBN 9780520268807, retrieved June 2, 2017
  3. ^ "Curb Market Planned for San Francisco; Stock and Bond Exchange and Stock Exchange Consider New Arrangement". New York Times. April 23, 1927. Retrieved June 1, 2017.
  4. ^ "New Curb Market in San Francisco; Stock and Bond Exchange Votes for Reorganization and Division of Business". The New York Times. New York City, New York. December 9, 1927.
  5. ^ "San Francisco Exchange Expands". The New York Times. New York City, New York. December 4, 1927. Retrieved April 5, 2017.
  6. ^ a b "New Curb Market for San Francisco; Stock and Bond Exchange Votes for Reorganization and Division of Business". New York Times. New York City, United States. December 9, 1927. Retrieved June 1, 2017.
  7. ^ "Stock Sales Jump in San Francisco; President of Exchange Shows Increase of 160 Per Cent in Turnover in Year". New York Times. November 4, 1928. Retrieved June 1, 2017.
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