Washington Stock Exchange

Last updated
Washington Stock Exchange
Type Regional stock exchange
Location Washington, D.C., United States
FoundedAs early as the 1880s [1]
Closed1954 (acquired by the Philadelphia-Baltimore Stock Exchange)
Currency United States dollar

The Washington Stock Exchange was a regional stock exchange based in Washington, D.C.. Active as early as the 1880s, [1] on July 21, 1953, members of the Washington Stock Exchange board unanimously voted to merge with the Philadelphia-Baltimore Stock Exchange. [2] The merge occurred in 1954, creating the Philadelphia-Baltimore-Washington Stock Exchange.

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.

Washington, D.C. Capital of the United States

Washington, D.C., formally the District of Columbia and commonly referred to as Washington or D.C., is the capital of the United States. Founded after the American Revolution as the seat of government of the newly independent country, Washington was named after George Washington, the first president of the United States and a Founding Father. As the seat of the United States federal government and several international organizations, Washington is an important world political capital. The city, located on the Potomac River bordering Maryland and Virginia, is one of the most visited cities in the world, with more than 20 million tourists annually.

Contents

History

The exchange was active in Washington, D.C. as of October 24, 1884. [1] It was a tenant of the Washington Building at 15th and New York NW. [3]

New York Avenue (Washington, D.C.) street in Washington, D.C.

New York Avenue is diagonal avenue radiating northeast from the White House in Washington, D.C., to the border with Maryland. It is a major east–west route in the city's Northwest and Northeast quadrants and connects downtown with points east and north of the city via Cheverly, Maryland, the John Hanson Highway, the Baltimore–Washington Parkway, and eventually Interstate 95.

On July 31, 1914, after the closing of the NYSE, the Washington Stock Exchange, "which deals mainly in local securities, followed the example of similar bodies in other cities and suspended business for the day." [4] During a financial crisis, on August 5, 1914, the New York Times reported that the New York Stock Exchange and all regional exchanges had voted to close, including Washington, D.C., the Baltimore Stock Exchange, the Boston Stock Exchange, the Philadelphia Stock Exchange, the Pittsburgh Stock Exchange, and others for Detroit, St. Louis, Chicago, Cincinnati, Columbus, and San Francisco. [5]

New York Stock Exchange American stock exchange

The New York Stock Exchange is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is by far the world's largest stock exchange by market capitalization of its listed companies at US$30.1 trillion as of February 2018. The average daily trading value was approximately US$169 billion in 2013. The NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building and the 11 Wall Street building were designated National Historic Landmarks in 1978.

Baltimore Stock Exchange

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 Boston Stock Exchange is a regional stock exchange located in Boston, Massachusetts. The third-oldest stock exchange in the United States, it was founded in 1834. On October 2, 2007, NASDAQ agreed to acquire BSE for $61 million.

On July 21, 1953, members of the Washington Stock Exchange board unanimously voted to merge with the Philadelphia-Baltimore Stock Exchange. The merger plan had been in negotiations at that point for 22 months under Washington exchange president Fenton Cramer. Cramer asserted that under the agreement, the Washington exchange would become a branch of the other exchange, with little change in actual trading activities expected. He described a major advantage of the merger as the establishment of a modern clearing house for security. [2] The Philadelphia-Baltimore Stock Exchange merged with the Washington Stock Exchange in 1954, creating the Philadelphia-Baltimore-Washington Stock Exchange.[ citation needed ]

Executives

Lewis Johnson Davis, who died September 6, 1906, was earlier a president of the Washington Stock Exchange. [6] In late November 1901, W. A. Mearns was elected president of the Washington Stock Exchange. [7] As of March 1910, William B. Hibbs, "one of the wealthiest men in Washington," was president of the Washington Stock Exchange. [8] Charles C. Glover (1846-1936) was for a time president of the exchange.[ citation needed ] George M. Ferris (died 1992) was a former president and chairman of the Washington Stock Exchange. [9] By July 21, 1953, Fenton Cramer was president. [2]

Charles C. Glover

Charles Carroll Glover was a banker and philanthropist who made major contributions to the modern landscape of Washington, D.C. in the late 19th and early 20th centuries. He was President of Riggs Bank, an effective advocate of urban beautification in Washington under the influence of the City Beautiful movement, and a generous donor of land and money for Washington's parks and monuments.

George M. Ferris (1893–1992) was an American investment banker and philanthropist. Among other roles, he was a founder, president, and chairman of the Washington Stock Exchange.

See also

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References

  1. 1 2 3 "National Capital Topics". The New York Times . New York City, New York. October 24, 1884. Retrieved March 29, 2017.
  2. 1 2 3 "Exchange in Capital Votes Merger Plan". The New York Times . New York City, New York. July 22, 1953. p. 40. Retrieved March 29, 2017.
  3. ↑ Kelly, John (October 29, 2011). "What was the Washington Building?". The Washington Post . Retrieved April 1, 2017.
  4. ↑ "Washington Alert to Aid Situation; Congress Extending Currency Privileges of Banks". The New York Times . New York City, New York. August 1, 1914. p. 5. Retrieved March 29, 2017.
  5. ↑ L. Silber, William. When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy. Princeton University Press. p. 106. ISBN   9781400851669.
  6. ↑ "Death List of a Day; Lewis Johnson Davis". The New York Times . New York City, New York. September 7, 1906. p. 9. Retrieved March 29, 2017.
  7. ↑ "Wall Street Topics". The New York Times . New York City, New York. November 21, 1901. p. 12. Retrieved March 29, 2017.
  8. ↑ "elen Hibbs Weds E.K. Legg.; Daughter of Wealthy Washington Broker Marries Without His Consent". The New York Times . New York City, New York. March 11, 1910. p. 7. Retrieved March 29, 2017.
  9. ↑ George M. Ferris, 99, Ex-Investment Banker, The New York Times , November 01, 1992


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