San Francisco Curb Exchange
{{Short description|San Francisco Curb Exchange Organisation}}{{Infobox exchange
|name = San Francisco Curb Exchange
|alt_name =
|logo =
|image = California State Chamber of Commerce 02.JPG
|type = Regional stock exchange, curb exchange
|city = San Francisco, California
|country = United States
|coor =
|foundation = 1928 at 350 Bush Street
|closed = 1938 (absorbed by the San Francisco Stock Exchange)
|owner =
|key_people =
|currency = United States dollar
|commodity =
|listings =
|mcap =
|volume =
|indexes =
|homepage =
|footnotes =
}}
The San Francisco Curb Exchange was a curb exchange opened in 1928, formed out of a re-organization of the San Francisco Stock and Bond Exchange and the San Francisco Mining Exchange. The San Francisco Curb Exchange replaced the Mining Exchange at the 350 Bush Street building. The Curb Exchange later left the building in 1938,{{Citation |title= 350 Bush Street|publisher=The Swig Company |url=http://www.swigco.com/property-pages/sf-350-bush.html |access-date= June 2, 2017}} when the Curb Exchange was absorbed by the San Francisco Stock Exchange.
History
=Formation=
By April 23, 1927, the San Francisco Stock and Bond Exchange and the San Francisco Stock Exchange, mining, were negotiating over the establishment of the former as purely listed market, and the latter as a curb exchange. To prevent naming confusion, there were talks to have the SF Stock Exchange be named the San Francisco Curb Exchange or Association, with the name 'San Francisco Stock Exchange' to become the property of the Stock and Bond Exchange. Upon the ratification of the agreement, there would be ninety days for corporations with stocks "on the unlisted board [of the San Francisco Stock and Bond Exchange] to meet listing requirements or to be transferred to the Curb board, where "another probationary period will ensue in which Curb requirements may be met." It was said these curb requirements would be "substantially" those of the New York Curb Market.{{cite news |date=April 23, 1927 |title=Curb Market Planned for San Francisco; Stock and Bond Exchange and Stock Exchange Consider New Arrangement.|url=https://query.nytimes.com/gst/abstract.html?res=9C01E6DD153BE13ABC4B51DFB266838C639EDE&legacy=true | work=New York Times |access-date=June 1, 2017 }}
In December 1927, the Stock and Bond Exchange voted for reorganization and division of business in the exchange, resulting in the creation of a new curb market in San Francisco.{{cite news |author= |title=New Curb Market in San Francisco; Stock and Bond Exchange Votes for Reorganization and Division of Business. | work=The New York Times |location=New York City, New York |date=December 9, 1927 }}{{cite news |author= |title=San Francisco Exchange Expands. |url=https://www.nytimes.com/1927/12/04/archives/san-francisco-exchange-expands.html | work=The New York Times |location=New York City, New York |date=December 4, 1927 |access-date=April 5, 2017}} On December 9, 1927, it was reported that the new San Francisco Curb Exchange was expected to begin operation soon after the start of 1928, and would be the third security markets in the city.
=Opening on Bush Street=
The new Curb Exchange was created to take over the "splendid plant on Bush Street of the old Mining Exchange." The Curb Exchange started activities on January 2, 1928, using the unlisted securities formerly on the SF Stock and Bond Exchange.{{cite news |date=November 4, 1928 |title=Stock Sales Jump in San Francisco; President of Exchange Shows Increase of 160 Per Cent in Turnover in Year |url=https://query.nytimes.com/gst/abstract.html?res=990DE5D91231E33ABC4C53DFB7678383639EDE&legacy=true | work=New York Times |access-date=June 1, 2017 }} Per the agreement behind the formation of the curb market, all members of the SF Stock and Bond Exchange held memberships in both the new Stock Exchange and the new curb exchange. The Curb had an authorized 100 charter members, 67 from the Stock and Bond Exchange, and the remaining made available for sale.{{cite news |date=December 9, 1927 |title=New Curb Market for San Francisco; Stock and Bond Exchange Votes for Reorganization and Division of Business. |url=https://query.nytimes.com/gst/abstract.html?res=9401E1DC1E3FE03ABC4153DFB467838C639EDE&legacy=true | work=New York Times |location=New York City, United States |access-date=June 1, 2017 }}
The Curb Exchange left the Bush Street building in 1938, when it was absorbed by the San Francisco Stock Exchange.{{Citation |title=San Francisco in the 1930s: The WPA Guide to the City by the Bay |date = 5 April 2011|isbn = 9780520268807|url=https://books.google.com/books?id=gejyWi3CI74C&dq=%22San+Francisco+Curb+Exchange%22&pg=PA196 |access-date=June 2, 2017 }}
Reuse of front facade
The Curb Exchange's old Bush Street building sat empty after 1979.{{cite news |last1=King |first1=John |title=Thanks to new tower, a San Francisco landmark comes back to life |url=https://www.sfchronicle.com/bayarea/article/Thanks-to-new-tower-a-San-Francisco-landmark-13179100.php |work=San Francisco Chronicle |date=August 27, 2018}} In August 2018, a brand new 19-story high-rise office building opened behind the old building's facade. To comply with historic preservation requirements, the developer kept the front facade of the Curb Exchange, but tore down everything behind the facade, and built a reconstruction of the old trading hall through which visitors must walk to reach the office tower behind it.
See also
References
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External links
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- [https://www.flickr.com/photos/mateox/33178837116 Picture of the Curb Exchange Building at 350 Bush St.]
- [http://sflib1.sfpl.org:82/record=b1019607 Curb Exchange Building at 350 Bush St.], by the San Francisco Public Library