Consolidated Exchange
| New York Consolidated Stock Exchange | |
| Type | |
|---|---|
| Location | New York City, United States |
| Founded | 1885 |
| Closed | 1926 |
| Currency | USD |
The Consolidated Stock Exchange of New York, also known as the New York Consolidated Stock Exchange or Consolidated, was a in New York City, New York in direct competition to the (NYSE) from 1885-1926. It was formed from the merger of other smaller exchanges, and was referred to in the industry and press as the "Little Board." By its official formation in 1885, its membership of 2403 was considered the second largest membership of any exchange in the United States.
The New York Mining Stock Exchange opened for active business on November 1, 1875 at noon, with John Stanton Jr. as president. Total membership equaled 25. As the exchange expanded, it moved from 24 Pine Street to 32 Pine Street, and then to 18 Broad Street, and finally to the "Bond Room" of the New York Stock Exchange at 16 New Street. The exchange returned to 60 Broadway on July 26, 1877, on which day it also absorbed the members of the , which had been operating for around fifteen months. In 1883 the Mining Stock Exchange and the National Petroleum Exchange were consolidated, becoming the . On March 24, 1883, the New-York Mining and National Petroleum Exchange had a membership of 479. The exchange also absorbed the competing organizations Miscellaneous Security Board and the .
The New-York Mining and National Petroleum Exchange merged with the on February 28, 1885. The new institution was named the Consolidated Stock and Petroleum Exchange, also referred to as the Consolidated Stock and Petroleum Exchange of New York. The institution would later be renamed the Consolidated Stock Exchange of New York. By its official formation in 1885, its memberships of 2403 was considered the largest membership of any exchange in the United States, excluding the New York Produce Exchange. 400 of those members were also members of the (NYSE). From its inception, Consolidated employed then cutting edge clearing house techniques which were efficient at preventing frauds and the reneging on bargains. Consolidated's initial business included mining stocks and petroleum pipe-line certificates, and in 1885 the sales of mining stocks amounted to 2,057,319 shares. In 1885, there was also a demand by the exchange's members for the creation of a department to deal in railroad stocks. After attempts to negotiate trade areas with the NYSE, Consolidated made the decision to "accept any trade that could be obtained." By March 20, 1886, the membership of the Consolidated Stock and Petroleum Exchange of New York was 2,403, where it remained limited. In 1886, 6,509,481 mining stocks were sold in the Consolidated exchange, and the following year, 10,659,711. Also in 1887, trading in pipe-line certificates cam to 1,254,708,000. On September 8, 1887 the corner stone of the building was put in place on the corner of Broadway and Exchange Place in Manhattan.
...
Wikipedia