§ 2.1.4.1

• Jurisdiction: Arizona

§ 2.1.4.1 Publicly Traded Securities

By 1720 securities markets had developed in England.¹²⁶ But the first sustained securities trading in America did not occur until bonds were issued by the states and the Continental Congress to finance the Revolutionary War.¹²⁷ After the war, securities markets developed steadily.

In 1817, the New York Stock and Exchange Board was formed.¹²⁸ By 1827, more than 100 securities were regularly traded in New York.¹²⁹ Significant securities markets also developed in Philadelphia and Boston.¹³⁰ Trading in commodities through exchanges like the Chicago Board of Exchange also developed.¹³¹

Between 1860 and 1900, about 180 new stock and commodities exchanges opened.¹³² Many of these were mining stock exchanges,¹³³ including three in Arizona: the Globe Mining Exchange (1881), the Prescott Mining Stock Exchange (1896), and the Tombstone Mining Exchange (1881).¹³⁴

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Notes:

^[126] Werner & Smith, supra note 1, at 11; see also Bernard J. Kilbride, The...