San Francisco Stock and Bond Exchange
A San Francisco regional securities exchange founded in 1882 and ultimately merged into the Pacific Coast Stock Exchange in 1957.
Last updated August 25, 2026
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Overview
The San Francisco Stock and Bond Exchange was a regional securities market based in San Francisco, California. It originated on September 18, 1882, when 25 brokers met in the basement of Wohl & Rollitz at 403 California Street in the old Fireman's Fund Insurance Building. Nineteen of the participants signed the exchange charter and contributed $50 each toward membership. The organization initially operated under the name San Francisco Stock Exchange and was also described by its early members as the Local Security Board. John Perry Jr. served as its first president. The exchange provided an organized venue for trading securities associated with the regional economy and the wider American capital market. Its first year of transactions totaled $9,490,621, indicating that it quickly became an established local institution despite its modest founding arrangements. Like other exchanges of the period, it operated through changing market structures that distinguished listed securities from unlisted or curb-traded securities. These distinctions became especially important during the exchange's restructuring in the late 1920s. The institution was affected by the temporary closure of American stock markets during the financial disruption associated with the outbreak of World War I. It reopened on December 1, 1914, initially permitting bond trading under restrictions. This occurred three days after the New York Stock Exchange resumed operations, placing the San Francisco market among the American exchanges that gradually restored trading after the wartime shutdown. During 1927 and 1928, the exchange negotiated a major reorganization with another San Francisco institution then using the San Francisco Stock Exchange name. The arrangement divided the city's securities business between a listed market and a new curb market. In August 1927, the exchange adopted new rules for listed securities. Its weekly trading reached $16,936,019 in September, and monthly business exceeded $100 million for the first time in December. The reorganization agreement authorized the San Francisco Stock and Bond Exchange to acquire the San Francisco Stock Exchange name, while the older exchange was renamed the San Francisco Mining Exchange and focused on mining securities. The reorganization created the San Francisco Curb Exchange, which began operations on January 2, 1928, using unlisted securities formerly traded through the San Francisco Stock and Bond Exchange. Members of the Stock and Bond Exchange received memberships in both the reorganized stock exchange and the curb exchange. By late 1928, the renamed San Francisco Stock Exchange was led by president Sidney L. Schwartz. The San Francisco Curb Exchange was later absorbed by the San Francisco Stock Exchange in 1938. The exchange's independent existence ended in 1957. The San Francisco Stock and Bond Exchange, by then operating under the San Francisco Stock Exchange name, merged with the Los Angeles Oil Exchange to establish the Pacific Coast Stock Exchange. Trading floors were retained in both San Francisco and Los Angeles, and from September 15, 1957, the former San Francisco operation functioned as the San Francisco division of the new exchange. Its legacy therefore continued through the Pacific Coast Stock Exchange rather than through a separate surviving institution.
History
The exchange was established in San Francisco on September 18, 1882. Twenty-five brokers gathered in the basement of Wohl & Rollitz at 403 California Street, located in the old Fireman's Fund Insurance Building. Nineteen participants signed the charter and paid $50 for memberships. The new organization was founded as the San Francisco Stock Exchange, although its early members referred to it as the Local Security Board. John Perry Jr. was its first president. The market became an important regional institution. During its first year, transactions totaled $9,490,621. Its business reflected the development of San Francisco and the surrounding Pacific Coast economy, while also connecting local investors and issuers with the broader American securities system. The exchange handled listed and unlisted securities through changing market arrangements and also supported bond trading when circumstances required. The exchange closed during the nationwide stock-market shutdown that began in July 1914 after the outbreak of World War I. It reopened on December 1, 1914, for bond trading under restrictions, three days after the New York Stock Exchange resumed operations. The restricted reopening illustrates the exchange's role in restoring regional liquidity while national financial markets were still operating under exceptional conditions. A more fundamental institutional change occurred in 1927 and 1928. The San Francisco Stock and Bond Exchange negotiated with another exchange then known as the San Francisco Stock Exchange over how to divide listed and curb-market business. The proposed arrangement sought to make the Stock and Bond Exchange the city's principal listed market while assigning unlisted securities to a new curb exchange. In August 1927, the Stock and Bond Exchange adopted new listed-securities rules. Trading activity subsequently reached a weekly record of $16,936,019 in September, and monthly business surpassed $100 million in December. In December 1927, members approved the reorganization. The old San Francisco Stock Exchange changed its name to the San Francisco Mining Exchange and agreed to concentrate on mining securities. The San Francisco Stock and Bond Exchange acquired the San Francisco Stock Exchange name. A new San Francisco Curb Exchange was established to handle unlisted securities formerly traded through the Stock and Bond Exchange. It began operating on January 2, 1928, with members of the Stock and Bond Exchange receiving memberships in both institutions. The new curb exchange used the former Mining Exchange premises on Bush Street. By late 1928, the reorganized San Francisco Stock Exchange was led by Sidney L. Schwartz. The revised structure created three distinct markets in the city for a time: the renamed stock exchange, the mining exchange, and the curb exchange. The curb market was later absorbed by the San Francisco Stock Exchange in 1938, reducing the number of separate local trading institutions. The final phase came in 1957. The San Francisco Stock and Bond Exchange, operating under the San Francisco Stock Exchange name after the 1928 reorganization, merged with the Los Angeles Oil Exchange. Their combination formed the Pacific Coast Stock Exchange, an exchange with trading floors in both San Francisco and Los Angeles. On September 15, 1957, the former San Francisco operation began functioning as the San Francisco division of the Pacific Coast Stock Exchange. The original exchange therefore ceased to exist as an independent organization, but its trading operations and institutional lineage continued within the Pacific Coast market.
- 1957
Merged into Pacific Coast Stock Exchange
[1]The San Francisco exchange merged with the Los Angeles Oil Exchange, creating the Pacific Coast Stock Exchange and preserving a San Francisco trading division.
- 1938
Curb exchange absorbed
[1]The San Francisco Curb Exchange was absorbed by the San Francisco Stock Exchange.
- 1928
San Francisco Curb Exchange begins operations
[1]The new curb exchange began trading on January 2, handling unlisted securities previously traded through the Stock and Bond Exchange.
- 1927
Listed-market rules revised
[1]The exchange adopted new regulations for listed securities as negotiations began over a major reorganization of San Francisco's securities markets.
- 1927
Reorganization authorized
[1]Members authorized an agreement dividing listed and curb-market business among reorganized San Francisco exchanges.
- 1914
Restricted bond trading resumes
[1]After the wartime shutdown of American stock markets, the exchange reopened on December 1 for bond trading under restrictions.
- 1882
Exchange founded in San Francisco
[1]Twenty-five brokers met on September 18, nineteen signed the charter, and the San Francisco Stock Exchange was established in a basement at 403 California Street.
Products and positioning
A regional securities exchange serving San Francisco and the broader Pacific Coast market.
Exchange trading · 1882
Listed securities market
The exchange organized trading in securities that met its listing requirements. Its listed-market role became more clearly defined during the 1927–1928 reorganization, when the institution acquired the San Francisco Stock Exchange name and assumed the principal listed-market function in the new local structure.
Fixed-income securities · 1914
Bond trading
Bond trading formed part of the exchange's securities-market function. After the nationwide market closure that began in July 1914, the exchange reopened on December 1 under restrictions specifically to permit bond trading, making fixed-income transactions an important part of its return to operation.
Curb-market securities · 1882
Unlisted securities market
Before the late-1920s restructuring, unlisted securities were traded through the exchange's arrangements. The reorganization transferred this activity to the newly created San Francisco Curb Exchange, which began operations in January 1928 and was later absorbed by the San Francisco Stock Exchange in 1938.
Brand decisions
1957
Merge with the Los Angeles Oil ExchangeM&ABackground
Regional securities markets on the Pacific Coast were being consolidated into larger institutions.
Action taken
The San Francisco exchange merged with the Los Angeles Oil Exchange to form the Pacific Coast Stock Exchange.
Aftermath
From September 15, 1957, the former San Francisco operation continued as the San Francisco division of the Pacific Coast Stock Exchange, with trading floors maintained in both cities.
1938
Absorb the San Francisco Curb ExchangeM&ABackground
The curb market had been created in 1928 to handle unlisted securities separately from the listed exchange.
Action taken
The San Francisco Curb Exchange was absorbed by the San Francisco Stock Exchange.
Aftermath
The consolidation reduced the number of separate securities exchanges operating in San Francisco.
1927
Adopt new listed-securities regulationsStrategyBackground
The exchange was negotiating a division of business between listed and curb-market securities in San Francisco.
Action taken
It adopted revised rules governing securities admitted to its listed market.
Aftermath
The rule changes formed part of the wider reorganization completed in 1927–1928.
1927
Authorize exchange reorganizationStrategyBackground
Two San Francisco exchanges were negotiating how to avoid name confusion and divide listed, mining, and unlisted securities business.
Action taken
Members approved an agreement under which the Stock and Bond Exchange acquired the San Francisco Stock Exchange name, while the former exchange became the San Francisco Mining Exchange and a new curb exchange was established.
Aftermath
The new structure began operating in early 1928 and created separate venues for listed and curb-market activity.
Recent events
- 1957
Pacific Coast Stock Exchange created through merger[1]
M&A
The San Francisco Stock and Bond Exchange merged with the Los Angeles Oil Exchange to form the Pacific Coast Stock Exchange, with trading facilities retained in both cities.
- 1938
San Francisco Curb Exchange absorbed[1]
M&A
The San Francisco Curb Exchange was absorbed by the San Francisco Stock Exchange, consolidating the city's exchange structure.
- 1928
San Francisco securities markets reorganize[1]
Product generation
The exchange adopted the San Francisco Stock Exchange name, while the former San Francisco Stock Exchange became the San Francisco Mining Exchange and a separate curb market began operations.
- 1927
San Francisco Stock Exchange adopts new listed-securities rules[1]
Regulation
The exchange introduced revised regulations for securities admitted to its listed market during a broader period of institutional restructuring.
- 1927
San Francisco exchange reports record trading activity[1]
Other
Weekly trading reached $16,936,019 in September, and monthly business exceeded $100 million in December, according to contemporary reporting summarized in the reference history.
Sources1 sources
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