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American Stock Exchange

Known as the Curb Market in the 1800's the members of the American Stock Exchange would literally buy and sell securities on the curb outside the New York Stock Exchange. The curb market or Curb Exchange as it was also known grew out of the California gold rush around 1849 and dealt mainly with shares in mining companies. The Curb Market's name was officially changed to the American Stock Exchange only in 1953.

The American Stock Exchange could not compete with the rival New York Stock Exchange so it did not even try. Instead it found its own market for more unconventional investors and companies. Many of the American Stock Exchange listings were new companies who were just getting started. Many of these companies would vanish because of bankruptcy or be merged with another company or simply fold for various other reasons. Many of the companies listed with the American Stock Exchange would move on to the bigger indexes when they were more established and strong enough. However, some of the really big names in industry preferred the curb exchange because it did not necessitate the filing of reports.

From the Great Depression until the 1950's the American Stock Exchange saw some tough times. It moved to Trinity Place in New York City in 1921 which gave it a leg up in being taken more seriously.

It weathered the Great Depression and managed to come out still kicking on the other side. It also managed to overcome a huge scandal in the 1930's, poor leadership and all the new government sanctions and regulations that eventually helped save the institution.

In the 1950's Edward McCormick took over the reigns of the American Stock Exchange and under his strong and focused leadership was able to turn the fortunes of the exchange around. It was Edward McCormick who had the curb market's name changed to the American Stock Exchange and it was finally recognized as a bona fide trading market and took its place next to the prestigious New York Stock Exchange. McCormick is credited with making the American Stock Exchange a major player in the American financial market.

Today the American Stock Exchange is nearly as powerful as the New York Stock Exchange and lists some of the country's leading enterprises, as well as listing foreign interests. In 2002 it updated its trading space with cutting-edge, voice trading technology.