Business: Trade Exchanges

¶President Sidney L. Schwartz of the San Francisco Stock & Bond Exchange, second largest in the country, last week reviewed the 45 years' history of the exchange. It was founded in 1882 and in the first year handled $9,490,621 worth of securities. Its monthly transaction now approach half a billion dollars ($429,298,882 last September, the end of its fiscal year). The industrial development of the entire Pacific coast has helped the 66 exchange members. California's manufacturers rank eighth in value for the U. S.; its agricultural products third. Oil stocks have heretofore constituted...

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