Minneapolis-St. Paul Stock Exchange

Last updated
Minneapolis-St. Paul Stock Exchange
Type Regional stock exchange
Location Minnesota, United States
Founded1929 in Minnesota
Closed1949
Currency United States dollar

The Minneapolis-St. Paul Stock Exchange was a regional stock exchange based in Minnesota, United States. It opened for business in 1929, [1] [2] [3] and merged with the Chicago Stock Exchange in 1949. [4]

Contents

History

The new Minneapolis-St. Paul Stock Exchange opened for business in January 1929 for securities. [1]

A new president was elected to head the Minneapolis Exchange in January 1939. Donald H. Brown, then secretary of the Wells-Dickey Company, took the position. [2]

In one day in the middle of April 1942, the Minneapolis-St. Paul Stock Exchange, then exempted from registration with the SEC, did $121,935 of stock business, "bigger than six of the registered Exchanges." [3]

The Midwest Stock Exchange was formed in 1949, with the merger of the Minneapolis/St. Paul exchange and the Chicago Stock Exchange, the Cleveland Stock Exchange, and the St. Louis Stock Exchange. [4]

See also

Related Research Articles

<span class="mw-page-title-main">NYSE American</span> Stock exchange in New York City

NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange.

<span class="mw-page-title-main">New York Stock Exchange</span> American stock exchange

The New York Stock Exchange is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is the largest stock exchange in the world by market capitalization.

<span class="mw-page-title-main">London Stock Exchange</span> Stock exchange in the City of London

The London Stock Exchange (LSE) is a stock exchange in the City of London,Great Britain. As of August 2023, the total market value of all companies trading on the LSE stood at $3.18 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cathedral. Since 2007, it has been part of the London Stock Exchange Group. Despite a post-Brexit exodus of stock listings from the London Stock Exchange, the LSE was the most valued stock exchange in Europe as of 2023. According to the 2020 Office for National Statistics report, approximately 12% of UK-resident individuals reported having investments in stocks and shares. According to a 2020 Financial Conduct Authority report, approximately 15% of British adults reported having investments in stocks and shares.

<span class="mw-page-title-main">NYSE Chicago</span> American stock exchange

NYSE Chicago, formerly known as the Chicago Stock Exchange (CHX), is a stock exchange in Chicago, Illinois, US. The exchange is a national securities exchange and self-regulatory organization, which operates under the oversight of the U.S. Securities and Exchange Commission (SEC). Intercontinental Exchange (ICE) acquired CHX in July 2018 and the exchange rebranded as NYSE Chicago in February 2019.

<i>Minnesota Star Tribune</i> Daily newspaper in Minneapolis, Minnesota, US

The Minnesota Star Tribune, formerly the Minneapolis Star Tribune, is an American daily newspaper based in Minneapolis, Minnesota. It is Minnesota's largest newspaper and the eighth-largest in the United States by circulation, and is distributed throughout the Minneapolis–Saint Paul metropolitan area, the state, and the Upper Midwest.

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. As of 2019, it had 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. In 2023 it ranked 149th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

<span class="mw-page-title-main">Manufacturers Hanover Corporation</span> Former bank holding company

Manufacturers Hanover Corporation was an American bank holding company that was formed as parent of Manufacturers Hanover Trust Company, a large New York City bank formed through a merger in 1961. After 1969, Manufacturers Hanover Trust became a subsidiary of Manufacturers Hanover Corporation. Charles J. Stewart was the company's first president and chairman.

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.

Firstar Corporation was a Milwaukee, Wisconsin-based regional bank holding company that existed from 1853 to 2001. In 2001, Firstar acquired U.S. Bancorp and assumed its name, moving its headquarters to Minneapolis.

<span class="mw-page-title-main">Dain Rauscher Wessels</span> American brokerage and investment banking firm

Dain Rauscher Wessels was a brokerage and investment banking firm based in Minneapolis, Minnesota. The firm traced its origins to a number of smaller regional securities firms founded in the 1920s and 1930s.

<span class="mw-page-title-main">First Bank System</span> American regional bank holding company

First Bank System was a Minneapolis, Minnesota-based regional bank holding company that operated from 1864 to 1997. What was once First Bank forms the core of today's U.S. Bancorp; First Bank merged with the old U.S. Bancorp in 1997 and took the U.S. Bancorp name.

<span class="mw-page-title-main">Pittsburgh Stock Exchange</span> Regional stock market located in Pittsburgh, Pennsylvania

The Pittsburgh Stock Exchange was a large regional stock market located in Pittsburgh, Pennsylvania from November 11, 1864 until closing on August 23, 1974. It was alternatively named the Pittsburgh Coal Exchange starting on May 27, 1870, and the Pittsburgh Oil Exchange on July 21, 1878 with 180 members. On July 25, 1896 the Exchange formally took the name Pittsburgh Stock Exchange though it had been referred to by that name since the spring of 1894. The Exchange, like many modern day exchanges, was forced to close during sharp economic crashes or crises. On December 24, 1969 The Philadelphia-Baltimore-Washington Stock Exchange bought the Pittsburgh Stock Exchange. At its height the exchange traded over 1,200 companies, but by the last trading day in 1974 only Pittsburgh Brewing Company, Williams & Company and Westinghouse remained listed.

<span class="mw-page-title-main">Baltimore Stock Exchange</span> Regional stock exchange based in Baltimore, Maryland, US

The Baltimore Stock Exchange was a regional stock exchange based in Baltimore, Maryland. Opened prior to 1881, The exchange's building was destroyed by the Great Baltimore Fire of 1904, and was then located at 210 East Redwood Street in Baltimore's old financial district. In 1918, the exchange had 87 members, with six or seven members at the time serving the United States in World War I. The Baltimore Stock Exchange was acquired by the Philadelphia Stock Exchange in 1949, becoming the Philadelphia-Baltimore Stock Exchange. The Baltimore Stock Exchange Building was sold and renamed the Totman Building.

The Washington Stock Exchange was a regional stock exchange based in Washington, D.C. Active as early as the 1880s, on July 21, 1953, members of the Washington Stock Exchange board unanimously voted to merge with the Philadelphia-Baltimore Stock Exchange. The merge occurred in 1954, creating the Philadelphia-Baltimore-Washington Stock Exchange.

<span class="mw-page-title-main">San Francisco Mining Exchange</span> Mining stock exchange in San Francisco

The San Francisco Mining Exchange was a regional stock exchange in San Francisco that operated from 1862 until its closure in 1967.

The St. Louis Stock Exchange was a regional stock exchange located in St. Louis, Missouri. Opened in 1899, in September 1949, the St. Louis Stock Exchange was acquired by the Chicago Stock Exchange, and renamed the Midwest Stock Exchange.

<span class="mw-page-title-main">Continental Bank and Trust Company</span> US financial institution

The Continental Bank and Trust Company of New York was a financial institution based in New York City, New York, United States. It was established in 1870 as the German-American Bank, which became the Continental Bank of New York. Originally in the Equitable Building at 120 Broadway, the bank was later headquartered at 50 Wall Street, 25 Broad Street, and starting in 1932 the Continental Bank Building It became known as the "brokers bank" for its collaboration with Wall Street brokers and investment banking interests. The institution was renamed the Continental Bank and Trust Company of New York around 1929, at which point it was involved in extending its business with acquisitions of commercial banking and fiduciary operations. Acquired banks included the Fidelity Trust Company in 1929, International Trust Company and Straus National Bank and Trust Company in 1931, and Industrial National Bank later that year. In 1947, the bank earned $804,000 in net profits. As of December 31, 1947, Continental had total resources of $202,000,000, and deposits of $188,000,000. It merged with the Chemical Bank and Trust Company in 1948.

The New Orleans Stock Exchange, or the New-Orleans Stock Exchange, was a regional stock exchange based in New Orleans, Louisiana. As early as 1880, the exchange's sales of stock reached a reported total of $7,891,300. The exchange moved into a new building in 1906, described as the most expensive and artistic structure of its size in the city. At the time, membership was limited to seventy members, with 61 "visiting members." In 1959, the exchange board voted to merge with the Midwest Stock Exchange in Chicago.

References

  1. 1 2 "Stock Trading Active on St. Paul Exchange; First Day of Operations Called 'Satisfactory' as 1,288 Shares Change Hands in an Hour". The New York Times . New York City, New York. January 30, 1929. p. 37. Retrieved April 4, 2017.
  2. 1 2 "Heads Minneapolis Exchange". The New York Times . New York City, New York. January 21, 1939. Retrieved April 4, 2017.
  3. 1 2 "Topics of Interest in Wall Street Yesterday". The New York Times . New York City, New York. April 15, 1942. Retrieved April 4, 2017.
  4. 1 2 Markham, Jerry W. (2002). A Financial History of the United States: From Christopher Columbus to the Robber Barons (1492-1900). M.E. Sharpe. p. 284. ISBN   9780765607300.