The Detroit Stock Exchange was first organized as the Detroit Brokers' Association, July 10, 1907. The.following brokers were elected officers and Board of Trustees: Officers - Louis H. Case, of Cameron Currie & Co., President; Lewis G. Gorton, Vice-President, William A. Hamlin, of W. A. Hamlin & Co., Secretary, and E. B. Cadwell, of E. B. Cadwell & Co., Treasurer. Trustees - Louis H. Case, Herbert W. Noble, Lewis G. Gorton, William A. Hamlin, and E.B. Cadwell.
The orginal members were: L. G. Gorton, Cameron Currie & Co., H. W. Noble & Co., E. B. Cadwell & Co., W. E. Moss & Co., A. - Brown & Co., Bumpus-Stevens Co., Edward M. Deane & Co., W. E. Reilly & Co., T. Sprague, W. A. Hamlin & Co., H. S. Warren & Co., George Moody and Theo. Luce.
The mission of the Association, as set forth in its constitution and by-laws, "will be to promote the general welfare of its members and their clients by establishing suitable rules and regulations and a uniform brokerage for the purchase and sale of stocks and other securities; to procure for members and their clients reliable information and quotations upon the securities dealt in, and to provide a board room and other facilities for the transaction of business." Changing conditions over the years necessitated the adoption of new Constitutions and Rules; this was done in January, 1914, and another in February, 1938.
The Detroit Stock Exchange ceased operations in June, 1976, primarily because of "May Day" 1975. Securities regulations replaced fixed rate comminssions with negotiated commissions. This made the spliting of commissions between DSE members and out-of-town dealers redundant. A comprehensive article on the Detroit Stock Exchange appears in the March/April 2005 issue of Michigan History, "When Bulls and Bears Roamed in Detroit", by Steven Renaldi.
Copyright 1997-2006 Detroit Stock Exchange, Inc. All Rights Reserved.
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