The Los Angeles Oil 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 ...

Los Angeles, California Los Angeles, often referred to by its initials L.A., is the List of municipalities in California, most populous city in the U.S. state of California, and the commercial, Financial District, Los Angeles, financial, and Culture of Los Angeles, ...

. 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 The Pacific Exchange was an American 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 Francisc ...

History

The Los Angeles Oil Exchange was organized in 1899 by a group of oil company owners, including

Wallace Hardison Wallace Libby Hardison (August 26, 1850 – April 10, 1909) was a co-founder of the Union Oil Company of California, later known as Unocal. He later founded the Inca Mining Company and its subsidiary, Inca Rubber Company. Hardison was born i ...

. The Exchange's first trading session was on February 1, 1900. In December 1900 the name was changed to the Los Angeles Stock Exchange. The Exchange absorbed the California Oil Exchange in September 1900 and the Los Angeles Nevada Mining Exchange in September 1909. During the early development of the

Los Angeles City Oil Field The Los Angeles City Oil Field is a large oil field north of Downtown Los Angeles. Long and narrow, it extends from immediately south of Dodger Stadium west to Vermont Avenue, encompassing an area of about four miles (6 km) long by a quarter- ...

, no single firm had a dominant share. Drillers started their own companies, flooding the local stock exchange with shares of start-up oil firms. There were so many of these that the Los Angeles Stock Exchange had to open a separate facility just to deal with oil stocks.Crowder, R.E. ''Los Angeles City Oil Field: California Division of Oil and Gas, Summary of Operations''. 1961. Vol. 47 No. 1, p. 69 The Exchange changed locations frequently in its early years, until finally locating to 618 South Spring Street in downtown Los Angeles in 1931 in the

Los Angeles Stock Exchange Building The historic Los Angeles Stock Exchange Building, also called the Pacific Stock Exchange Building, is located in the Spring Street Financial District within the Historic Core in Los Angeles. It was the headquarters of the Los Angeles Stock Exch ...

, remaining there until February 1986. Needing more space, the trading floor was moved to the

Pacific Stock Exchange The Pacific Exchange was an American 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 Francisc ...

building at 233 South Beaudry Avenue, but it was closed in May 2001.Big Orange Landmarks - Los Angeles Stock Exchange Building
/ref>The Los Angeles Stock Exchange - A Brief Historical Review ''Mining and Oil Bulletin'' November 1919
/ref> In 1956, the San Francisco Stock and Bond Exchange and the Los Angeles Oil Exchange merged to create the

, with

trading floor Open outcry is a method of communication between professionals on a stock exchange or futures exchange, typically on a trading floor. It involves shouting and the use of hand signals to transfer information primarily about buy and sell orde ...

s in both cities.

References

{{reflist Former stock exchanges in the United States Economy of Los Angeles Stock exchange buildings

History

See also

References