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.

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]

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]

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 ]

Regulation and governance

The exchange operated under bylaws approved by its membership and was overseen by a governing committee composed of prominent Washington financiers and brokers. Regulatory oversight increased during the 1930s following federal reforms such as the Securities Act of 1933 and the Securities Exchange Act of 1934, which required regional exchanges to implement standardized reporting and listing requirements. The Washington exchange adopted new compliance rules as part of its registration with the Securities and Exchange Commission in 1935. [6]

Executives

Lewis Johnson Davis, who died September 6, 1906, was earlier a president of the Washington Stock Exchange. [7] In late November 1901, W. A. Mearns was elected president of the Washington Stock Exchange. [8] As of March 1910, William B. Hibbs, "one of the wealthiest men in Washington," was president of the Washington Stock Exchange. [9] 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. [10] By July 21, 1953, Fenton Cramer was president. [2]

See also

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 (24 April 2014). 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. ↑ "Capital Exchange Registers Under Securities Act". Evening Star. Washington, D.C.: Library of Congress. August 27, 1935. p. 18.
  7. ↑ "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.
  8. ↑ "Wall Street Topics". The New York Times . New York City, New York. November 21, 1901. p. 12. Retrieved March 29, 2017.
  9. ↑ "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.
  10. ↑ George M. Ferris, 99, Ex-Investment Banker, The New York Times , November 01, 1992


This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.