Intermountain Stock Exchange

Last updated
Intermountain Stock Exchange
Salt Lake Stock Exchange
Type Regional stock exchange
Location Salt Lake City, Utah, United States
Founded1888
Closed1972

Intermountain Stock Exchange ("ISE") (formerly the Salt Lake Stock Exchange) is a defunct stock exchange that formerly operated in Salt Lake City, Utah. Named the Salt Lake Stock and Mining Exchange from its 1888 founding until 1972, the company was acquired by Commodity Exchange, Inc. (COMEX) in 1986, ceased operating and became dormant.

Stock exchange organization that provides services for stock brokers and traders to trade securities

A stock exchange, securities exchange or bourse, is a facility where stock brokers and traders can buy and sell securities, such as shares of stock and bonds and other financial instruments. Stock exchanges may also provide for facilities the issue and redemption of such securities and instruments and capital events including the payment of income and dividends. Securities traded on a stock exchange include stock issued by listed companies, unit trusts, derivatives, pooled investment products and bonds. Stock exchanges often function as "continuous auction" markets with buyers and sellers consummating transactions via open outcry at a central location such as the floor of the exchange or by using an electronic trading platform.

New York Mercantile Exchange Commodity and futures exchange located in New York City, New York, United States

The New York Mercantile Exchange (NYMEX) is a commodity futures exchange owned and operated by CME Group of Chicago. NYMEX is located at One North End Avenue in Brookfield Place in the Battery Park City section of Manhattan, New York City. Additional offices are located in Boston, Washington, Atlanta, San Francisco, Dubai, London, and Tokyo.

Contents

History

The company was organized in 1888, and incorporated in 1899 as the Salt Lake Stock and Mining Exchange to provide capital for the area's mines. The property for the Exchange building at 39 Exchange Place in Salt Lake City was donated in 1908 by Utah mining magnate Samuel Newhouse. [1] [2] In 1900, future Salt Lake City mayor John S. Bransford was elected the president of the Salt Lake Stock and Mining Exchange. [3] The Exchange had its largest trading volumes during the 1920s, and particularly during the uranium boom of the 1950s. [4] [5] The companies listed on the Exchange tended to be speculative oil and mining penny stocks. [6]

Utah A state of the United States of America

Utah is a state in the western United States. It became the 45th state admitted to the U.S. on January 4, 1896. Utah is the 13th-largest by area, 30th-most-populous, and 11th-least-densely populated of the 50 United States. Utah has a population of more than 3 million according to the Census estimate for July 1, 2016. Urban development is mostly concentrated in two areas: the Wasatch Front in the north-central part of the state, which contains approximately 2.5 million people; and Washington County in Southern Utah, with over 160,000 residents. Utah is bordered by Colorado to the east, Wyoming to the northeast, Idaho to the north, Arizona to the south, and Nevada to the west. It also touches a corner of New Mexico in the southeast.

Samuel Newhouse American businessman

Samuel Newhouse was a Utah entrepreneur and mining magnate.

John Samuel Bransford was the 15th mayor of Salt Lake City, Utah from 1907 to 1911.

The Exchange changed its name to Intermountain Stock Exchange in May 1972 to reflect a larger geographic area. At that time it was the second smallest exchange in the United States, next to the Spokane Stock Exchange. Despite renewed optimism by management, [7] [8] trading volumes continued to dwindle until the Exchange was acquired in 1986 and all ISE-listed securities were delisted. [9] [10] The company was acquired by Commodity Exchange, Inc. (COMEX) in 1986, ceased operating and became dormant.

Spokane Stock Exchange

The Spokane Stock Exchange was a regional stock exchange in the northwest United States, located in Spokane, Washington. Founded mainly to trade stock of mining companies, it began operations in 1897 and closed 94 years later on May 24, 1991.

See also

A regional stock exchange is a term used in the United States to describe stock exchanges that operates 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.

Salt Lake Stock and Mining Exchange Building

The Salt Lake Stock and Mining Exchange Building in Salt Lake City, Utah, is a 2-story Classical Revival building designed by John C. Craig and constructed in 1909. The sandstone, brick, and cement building includes four large Ionic columns supporting a pediment above a denticulated cornice, and the pedimental imagery is reflected in lintels above the six central door and window fenestrations. The building was added to the National Register of Historic Places in 1976. It is also a contributing resource in the Exchange Place Historic District.

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Toronto Stock Exchange stock exchange in Canada

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Penny stocks, also known as micro-cap stocks, nano-cap stocks, small cap stocks and OTC stocks, are common shares of small public companies that trade at low prices per share.

Kennecott Utah Copper

Kennecott Utah Copper LLC (KUC), a division of Rio Tinto Group, is a mining, smelting, and refining company. Its corporate headquarters are located in South Jordan, Utah, USA. Kennecott operates the Bingham Canyon Mine, one of the largest open-pit copper mines in the world in Bingham Canyon, Salt Lake County, Utah. The company was first formed in 1898 as the Boston Consolidated Mining Company. The current corporation was formed in 1989. The mine and associated smelter produce 1% of the world's copper.

Smith's Food and Drug was founded in 1911 in Brigham City, Utah, United States by Lorenzo J. Smith. Now a subsidiary of Kroger, it is a prominent regional supermarket chain operating in the Southwest and Northwest. After completing a merger with Portland-based Fred Meyer in 1997, Fred Meyer was in turn acquired by Cincinnati-based Kroger in 1998, making Kroger the largest supermarket chain in the United States. Smith's headquarters are in Salt Lake City.

Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of securities laws.

Intermountain Healthcare healthcare provider in Utah and Idaho in the United States

Intermountain Healthcare is a not-for-profit healthcare system and is the largest healthcare provider in the Intermountain West. Intermountain Healthcare provides hospital and other medical services in Utah and Idaho and also offers integrated managed care under the insurance brand SelectHealth. Intermountain Healthcare is headquartered in Salt Lake City, Utah, and has some 37,000 employees.

PacifiCorp is an electric power company in the western United States.

Primary Childrens Hospital Hospital in Utah, United States

IntermountainPrimary Children's Hospital, is a 289-bed children's hospital in Salt Lake City, Utah, United States. It is owned by Intermountain Healthcare and operates in affiliation with the University of Utah School of Medicine. The hospital serves the states of Utah, Nevada, Idaho, Montana, and Wyoming, yielding an enormous geographic catchment area of approximately 400,000 square miles.

Uranium mining in Utah

Uranium mining in Utah, a state of the United States, has a history going back more than 100 years. Uranium mining started as a byproduct of vanadium mining about 1900, became a byproduct of radium mining about 1910, then back to a byproduct of vanadium when the radium price fell in the 1920s. Utah saw a uranium boom in the late 1940s and early 1950s, but uranium mining declined in the 1980s. Since 2001 there has been a revival of interest in uranium mining, as a result of higher uranium prices.

Uranium One Inc. is a Canadian uranium mining company with headquarters in Toronto, Ontario. Since 2013 it is a wholly owned subsidiary of the Russian state-owned nuclear corporation Rosatom. The sale to Rosatom triggered a series of accusations; however, no evidence of wrongdoing has been found.

Utah has a largely mixed economy covering industries like tourism, mining, agriculture, manufacturing, information technology, finance, and petroleum production. The majority of Utah's gross state product is produced along the Wasatch Front, containing the state capital Salt Lake City.

Uranium bubble of 2007

The uranium bubble of 2007 was a period of nearly exponential growth in the price of natural uranium, starting in 2005 and peaking at roughly $300/kg in mid-2007. This coincided with significant rises of stock price of uranium mining and exploration companies. After mid-2007, the price began to fall again and at the end of 2010, was relatively stable at around $100/kg.

San Francisco Mining Exchange

The San Francisco Mining Exchange was a regional stock exchange in San Francisco. Formed in 1862 to facilitate the trading of mining stocks as the San Francisco Stock Exchange, the Chicago Tribune described the exchange as "once the West's most flamboyant financial institution." It sold the name San Francisco Stock Exchange to the San Francisco Stock and Bond Exchange in December 1927 and was renamed the San Francisco Mining Exchange. The exchange agreed to deal solely in mining securities as part of the same deal, and also sold its building at 350 Bush Street to the San Francisco Curb Exchange. After years of ups and downs in the mining market, the exchange had "a second life" during the uranium boom of the 1950s. By August 1967, it was located in second-floor offices on Montgomery Street, at which point it was the smallest securities market in the United States and had suffered "years of lingering legal and money ailments." The exchange closed at the age of 105 in August 1967.

John Charles Craig, known as John C. Craig was an architect in Chicago and in Utah.

References

  1. Salt Lake Stock and Mining Exchange Building - National Park Service - National Register of Historic Places
  2. Chris Dunsmore. "Mapping Salt Lake City | Stories, Memories & History - Salt Lake Stock and Mining Exchange". Mappingslc.org. Retrieved 2017-06-16.
  3. Fohlin, Ernest Victor. Salt Lake City, Past and Present: A Narrative of Its History and Romance, Its People and Culture, Its Industry and Commerce Library of Congress. 1908.
  4. "ATOM STOCK BOOM NOW 'STABILIZED'; Demand for Uranium Issues Is Still Large, but Hysteria of a Year Ago is Absent". The New York Times . 1955-06-21. Retrieved 2017-06-16.
  5. Uranium Makes A Wilder West LIFE. Books.google.com. 1954-07-19. p. 12. Retrieved 2017-06-16.
  6. Penny Stocks Boom Again New York Times May 9, 1971
  7. Intermountain Exchange Widening Sights New York Times November 7, 1972
  8. Intermountain Stock Exchange Alive, Well "Desert Sun 13 July 1973 — California Digital Newspaper Collection". Cdnc.ucr.edu. 1973-07-13. Retrieved 2017-06-16.
  9. "How To Take Stock Of The Market Keeping Tabs On Ups And Down Requires A Sharp Eye - tribunedigital-orlandosentinel". Articles.orlandosentinel.com. 1987-11-18. Retrieved 2017-06-16.
  10. "Federal Register: 52 Fed. Reg. 17283 (May 7, 1987)" (PDF). Cdn.loc.gov. Retrieved 2017-06-16.