New Orleans Stock Exchange
A historic regional stock exchange that served New Orleans and Louisiana before merging with Chicago's Midwest Stock Exchange in 1959.
Last updated August 25, 2026
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Overview
The New Orleans Stock Exchange was a regional securities exchange based in New Orleans, Louisiana. It provided a local marketplace for trading stocks and bonds, particularly securities connected with Louisiana and the broader Gulf South economy. The exchange is also referred to in historical sources as the New-Orleans Stock Exchange. Although the available record does not establish a precise founding year, the institution was operating by at least the late nineteenth century and had become an established part of New Orleans's financial infrastructure by 1880. The exchange's activity expanded during the late nineteenth century. In 1880, reported stock sales totaled $7,891,300, representing 52,609 shares traded. Increasing activity led the exchange to extend its trading hours to 4 p.m. in 1887. Its business included securities issued by governments, banks, utilities, industrial companies, transportation-related enterprises, and other regional businesses. The exchange's role was not limited to speculative activity: during periods of market disruption it continued to provide a local mechanism for trading and transferring securities, including bonds when stock trading was suspended. The institution occupied a prominent new building in 1906. The structure, described in contemporary accounts as exceptionally expensive and artistic for its size in New Orleans, used marble and mahogany. Membership was restricted to seventy members, while visiting-member arrangements allowed additional market participants to access the exchange. Contemporary reporting stated that a membership share, originally valued at $100, had risen to more than $6,000 by 1906, reflecting the perceived value of access to the exchange's trading privileges. These figures describe historical membership interests rather than the value of a publicly traded company. The exchange was affected by major political and financial events. In 1889, a controversy involving Louisiana state bonds reportedly brought transactions in Louisiana state and city government securities to a standstill. In 1907, during a broader period of financial stress, the exchange suspended general business temporarily and voted to resume normal operations on January 15, 1908; bond trading continued during the interim. Stock trading was again suspended in August 1914 following the outbreak of the First World War. Later, the exchange adjusted its market scope, including a 1931 decision to discontinue trading in bank stocks. During the 1930s and 1940s, the exchange operated within an increasingly regulated American securities system. Its status was publicly defended in 1933 after Louisiana Senator Huey Long characterized it as a gambling house. Exchange representative John Dane argued that it functioned as an investment exchange. The Securities and Exchange Commission also held proceedings concerning the listing of New Orleans Stock Yards, Inc. securities in 1938 and 1939, and exchange representatives participated in regional discussions about possible amendments to federal securities laws in 1941. After the Second World War, regional exchanges faced pressure to coordinate, consolidate, and compete with larger national markets. The New Orleans exchange took part in discussions about a proposed consolidated regional exchange in 1948. In 1958, Walter D. Kingston Sr. became its president. In 1959, the exchange's board voted to merge with the Midwest Stock Exchange in Chicago. Eligible New Orleans-listed stocks were transferred to the Midwest exchange, while local transfer-agent and registrar functions remained in New Orleans and commissions earned by New Orleans members were intended to stay in the city through a clearing-by-mail arrangement. The merger ended the New Orleans Stock Exchange as an independent exchange, although it preserved some local financial-services activity.
History
The New Orleans Stock Exchange was a regional securities market serving New Orleans and Louisiana. Its exact founding date is not established in the available reference material, but the exchange was active by the late nineteenth century and had developed a measurable trading business by 1880. That year, reported stock sales totaled $7,891,300 and covered 52,609 shares. The figures indicate the exchange's importance as a local venue for capital formation and secondary-market trading, although they should be understood as historical transaction totals rather than modern financial results. The exchange expanded its operating schedule as activity increased. In 1887, it extended its hours to 4 p.m. By 1894, Captain William Huger of New Orleans was identified as its president. The exchange traded securities associated with the region, including government obligations and shares of local or regional enterprises. Its market was vulnerable to political and credit events: in September 1889, developments in a Louisiana state-bond swindle reportedly paralyzed the exchange, with transactions in Louisiana state and city government securities coming to a standstill. A major institutional milestone came in 1906, when the exchange moved into a new building. Contemporary descriptions emphasized the building's marble and mahogany construction and its unusually elaborate design. Membership was limited to seventy members, supplemented by a system of visiting members; sixty-one visiting members were reported at the time. The value of an exchange membership share had reportedly increased from an original $100 to more than $6,000. These arrangements illustrate the restricted-access structure of early American securities exchanges. The exchange experienced further interruptions during national financial and geopolitical crises. In December 1907, a special meeting voted unanimously to reopen for general business on January 15, 1908. The exchange continued bond trading during the interim but did not trade stocks. In August 1914, stock trading was suspended after the outbreak of World War I. A former president, Eugene Chassanoil, died by suicide at the exchange on August 14, 1914, according to contemporary reporting; the available account attributed his action to longstanding ill health. During the interwar period, the exchange continued to adjust its operations and market coverage. Cartwright Eustis was president in 1927. In 1931, members voted to discontinue trading in bank stocks. In 1933, Senator Huey Long criticized the institution as a gambling house. John Dane, representing the exchange, rejected that characterization and argued that it was a genuine investment exchange. The dispute reflected broader public debates about the economic and social role of securities markets during the Depression era. Federal securities regulation became increasingly important to the exchange's operations. In 1938, the SEC scheduled a New Orleans hearing concerning the listing of New Orleans Stock Yards, Inc. common stock. The related SEC action became effective on January 16, 1939. In April 1941, representatives Fred N. Ogden and Robert R. Wolfe attended an SEC meeting involving regional exchanges and proposed amendments to securities legislation. These events placed the exchange within the developing national framework created by federal securities regulation. After 1945, the competitive position of smaller regional exchanges was shaped by cooperation and consolidation. In 1948, the New Orleans exchange was invited to discussions about a consolidated regional exchange involving exchanges in Cleveland, Cincinnati, St. Louis, Minneapolis–St. Paul, and Chicago. Walter D. Kingston Sr. became president in 1958. In 1959, the exchange board approved a merger with Chicago's Midwest Stock Exchange. Eligible New Orleans stocks were transferred to the Midwest exchange. Kingston stated that transfer agents and registrars for New Orleans issues would remain in the city and that local members would retain commissions through the Midwest exchange's clearing-by-mail system. The merger ended the New Orleans Stock Exchange as an independent institution, while preserving some local administrative and financial-market functions.
- 1959
Merger with Midwest Stock Exchange
[1]The board voted to merge with the Midwest Stock Exchange in Chicago, ending the New Orleans exchange's independent existence.
- 1958
Walter D. Kingston Sr. elected president
[1]Kingston became president during the exchange's final period of independent operation.
- 1948
Participates in regional-exchange consolidation discussions
[1]The exchange was invited to meetings concerning a proposed consolidated regional exchange.
- 1941
Exchange representatives join SEC regulatory discussions
[1]Fred N. Ogden and Robert R. Wolfe represented the exchange at discussions concerning proposed securities-law amendments.
- 1939
SEC action concerning New Orleans Stock Yards listing takes effect
[1]An SEC action concerning the company's common-stock listing became effective on January 16.
- 1931
Bank-stock trading discontinued
[1]The exchange voted to stop trading bank stocks.
- 1914
Stock trading suspended during World War I outbreak
[1]The exchange closed for stock trading in August 1914 after the war began.
- 1907
Members approve reopening after business suspension
[1]A special meeting voted to resume general business on January 15, 1908, while bond trading continued during the interim.
- 1906
New exchange building opens
[1]The exchange moved into a prominent new marble-and-mahogany building in New Orleans.
- 1889
Louisiana bond controversy disrupts the market
[1]A state-bond swindle reportedly halted transactions in Louisiana state and city government securities.
Products and positioning
A local and regional investment exchange serving New Orleans, Louisiana, and issuers and investors connected with the Gulf South.
Equity securities
Listed stocks
The exchange provided a local market for shares of regional companies. Securities associated with companies such as D. H. Holmes, Standard Fruit, New Orleans Public Service, and Gulf States Utilities were among those reported on the exchange near the time of its merger. Stock trading was periodically affected by wars, financial disturbances, and changes in listing policy.
Debt securities
Bonds
Bond trading formed an important part of the exchange's historical activity, including trading in Louisiana and New Orleans government securities. During the temporary suspension of general business in 1907–1908, the exchange continued to trade bonds even though stock trading was paused.
Market access
Exchange membership
Membership provided access to the exchange's restricted trading environment. Membership was limited to seventy members in 1906, with visiting-member arrangements allowing additional participants to transact. Contemporary reports said a membership share had risen from an original $100 to more than $6,000 by that year.
Controversies
1933
Public dispute over the exchange's role
Louisiana Senator Huey Long called the exchange a gambling house. Exchange representative John Dane publicly disputed that description and defended it as an investment exchange.
1889
Louisiana state-bond swindle
A controversy involving a Louisiana state-bond swindle reportedly paralyzed the exchange and stopped transactions in Louisiana state and city government securities.
Brand decisions
1959
Merge with the Midwest Stock ExchangeM&ABackground
Regional exchanges faced pressure to coordinate and consolidate, and the New Orleans exchange had participated in earlier discussions about a consolidated regional market.
Action taken
The board voted to merge with the Midwest Stock Exchange in Chicago, transferring eligible New Orleans-listed stocks to the Midwest exchange.
Aftermath
The New Orleans Stock Exchange ceased to operate as an independent exchange. Transfer agents and registrars for New Orleans issues were expected to remain in the city, and a clearing-by-mail arrangement was intended to retain local members' commissions in New Orleans.
1931
Discontinue trading in bank stocksStrategyBackground
The exchange reviewed the securities included in its market during the economic conditions of the early Depression.
Action taken
Members voted to discontinue trading bank stocks.
Aftermath
Bank stocks were removed from the exchange's trading activity.
1907
Resume general business after temporary suspensionStrategyBackground
The exchange had suspended general business during a period of financial disruption but continued trading bonds.
Action taken
Members unanimously voted to reopen for general business on January 15, 1908.
Aftermath
The decision restored the exchange's broader operating program after the temporary interruption.
Sources1 sources
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