The San Francisco Stock and Bond Exchange was a

regional stock exchange 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-count ...

based in

San Francisco, California San Francisco (; Spanish for " Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the fourth most populous in California and 17th ...

, United States. Founded in 1882, in 1928 the exchange purchased and began using the name San Francisco Stock Exchange, while the old San Francisco Stock Exchange was renamed the

San Francisco Mining Exchange The San Francisco Mining Exchange was a regional stock exchange in San Francisco that operated from 1862 until its closure in 1967. Formed in 1862 to facilitate the trading of mining stocks as the San Francisco Stock Exchange, the ''Chicago Tri ...

. The

San Francisco Curb Exchange 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 ...

was absorbed by the San Francisco Stock Exchange in 1938. In 1956 the San Francisco Stock Exchange merged with the

Los Angeles Oil Exchange The Los Angeles Oil Exchange was a regional stock exchange in Los Angeles, California. Founded in 1899, in 1900 the name was changed to the Los Angeles Stock Exchange. In 1956, it merged into the Pacific Coast Stock Exchange. History The Los Ang ...

to create the

Pacific Coast Stock Exchange The Pacific Exchange was a regional stock exchange in California, from 1956 to 2006. Its main exchange floor and building were in San Francisco, California, with a branch building in Los Angeles, California. In 1882, the San Francisco Stock an ...

History

Formation

The San Francisco Stock and Bond Exchange was founded in 1882 on September 18, in a basement in San Francisco. The exchange was founded as the San Francisco Stock Exchange. On September 18, twenty-five brokers met in the basement of Wohl & Rollitz, which was at 403 California Street in the old Fireman's Fund Insurance Building. Of that number, 19 signed the charter and deposited $50 to purchase memberships. The first president was John Perry Jr. It had nineteen charter members, who called it "the Local Security Board." The first year of business, transactions totaled $9,490,621. After the

World War I World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...

stock market shutdown that started in July 1914, the San Francisco Stock and Bond Exchange reopened on December 1, 1914, for trading for bonds under restrictions, three days after the

NYSE The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its liste ...

reopened.

Negotiations with SF Stock Exchange

By April 23, 1927, the San Francisco Stock and Bond Exchanges 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 f the San Francisco Stock and Bond Exchangeto 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.

1927–1928: Restructuring

In August 1927, the exchange adopted new regulations for its listed securities. The following month, the San Francisco exchange broke a business record for itself, when it had weekly trading total of $16,936,019. In December 1927, the exchange's monthly business surpassed $100 million for the first time. Also that month, the exchange voted for reorganization and division of business in the exchange, with the exchange expanding. On December 9, 1927, it was reported that the agreement to re-organize with the San Francisco Stock Exchange had been authorized, with changes to take place immediately. Also, the old building occupied by the San Francisco Stock Exchange was put for sale, with the exchange to be renamed the

. In the agreement, the San Francisco Mining Exchange agreed to deal solely in mining securities, with the name San Francisco Stock Exchange sold to the Stock and Bond Exchange. The new

was expected to begin operation soon after the start of 1928, and would be the third securities market in the city. According to the agreement, all members of the SF Stock and Bond Exchange would hold memberships in both the new Stock Exchange and the new curb exchange. The Curb would have an authorized 100 charter members, 67 from the Stock and Bond Exchange, and the remaining available for sale. 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.

As Pacific Coast division

As of late 1928, Sidney L. Schwartz was president of the San Francisco Stock Exchange, which was the renamed San Francisco Stock and Bond Exchange. The

was absorbed by the San Francisco Stock Exchange in 1938. In 1957, the Los Angeles Oil Exchange (formed in 1899) and the San Francisco Stock and Bond Exchange merged to create the

, with trading floors maintained in both cities. As of September 15, 1957, the former San Francisco Stock and Bond Exchange was operational as the San Francisco division of the Pacific Coast Stock Exchange.

References