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MONTREAL EXCHANGE/LA BOURSE DE MONTREAL, 1867-
The beginnings of the Montreal Exchange/La Bourse de Montréal can be traced to
private stock trading between merchants at the Exchange Coffee House as early
as 1832. In 1842 the Board of Stock and Produce Brokers was established to
promote the sale of stock and produce in a more regular and systematic manner.
By 1862 the Board was split into two parts; the Corn Exchange, which
specialized in produce and the Board of Stock Brokers. In 1872 the Board of
Brokers changed its name to the Montreal Stock Exchange and two years later
received a provincial charter. The Montreal Curb Market, founded in 1926,
became the Canadian Stock Exchange in 1953, and merged with the Montreal Stock
Exchange in 1974. In 1982 the Montreal Stock Exchange changed its name to the
Montreal Exchange.
The Montreal Exchange and the Montreal Curb Market/Canadian Stock Exchange
were organized along similar lines. Each had a chief governing body elected
annually from among its members. For the Montreal Exchange, this body was and
still is called the Governing Committee while its equivalent for the Montreal
Curb Market/Canadian Stock Exchange was named the Board of Management. These
bodies consisted of several governors, a chairman, vice-chairman and secretary
treasurer. Initially they performed most of the executive and management
function of their respective organizations. They appointed sub-committees from
the membership of the exchange which were responsible for the major function
of the exchanges. For example, each exchange had committees responsible for
listings, member relations, regulation of floor transactions and the
administration of their buildings.
In 1883 the first salaried employee, an Assistant Secretary was hired by the
Montreal Stock Exchange to help keep the Exchange's records. In the 1920's the
increased trading activity on the exchange had led to the hiring of managers
and other employees to handle the mounting paper burden. By 1938 the
Governing Committee had appointed a senior paid official, with the title of
General Manager, and given him general executive powers over the affairs of
the exchange. By 1945 the general manager was responsible for the
administration of all the departments of both the Montreal and Canadian Stock
Exchanges. He was aided by a manager responsible for the Canadian Stock
Exchange and other managers or supervisors responsible for the individual
departments of the exchanges. In 1956 in order to bestow greater executive
powers on the chief official of the exchanges the position of President was
created. The President became the chief executive officer of the Exchanges and
responsible for the planning and direction of the exchange's activities. Since
1956 Vice-Presidents and Executive Vice-Presidents have been appointed to
assume responsibility for the internal operations and administration of the
exchange. The pre-1956 managers or supervisors have been replaced by Directors
who like their predecessors are responsible for the departments of the
exchange.
At various times in its history the Montreal Stock Exchange has organized
subsidiary companies. Some like the Exchange Clearing House Company, the
Exchange Printing Company and the Espirit Ltd., (another printing company)
were an outgrowth of the exchange's internal operations. Since transactions on
the exchange involved the buying and selling of shares between member firms, a
clearing house was established to regulate and tabulate the results of these
sales. The printing companies reflect the need to publish the results of
transactions for potential investors. Other subsidiary companies reflect the
stock exchanges' response to investors demand for services which were not
normally provided by the exchange, for example the Canadian Commodity Exchange
Inc.
UNIVERSITY ARCHIVES
Originals, 1867-1978, 80 m (M.G. 1010)
This archive contains administrative and financial records of the Montreal
Stock Exchange/Montreal Exchange and its subsidiary companies, and of the
Montreal Curb Market/Canadian Stock Exchange.
I. Montreal Exchange/La Bourse de Montréal, 1867-1978
The records of the governing bodies comprise correspondence with legal
advisors, 1895-1933, case files on membership applications, 1922-1973, and the
minutes of the subcommittees on Building, 1902-1904, Unlisted Bonds,
1923-1925, and Unlisted Stocks, 1921-1922. The Building subcommittee's
letterbook for 1903-1904 also survives. Administrative records include the
general correspondence of the President, 1956-1959, subject files of the
Executive Vice-President, 1926-1965, and Vice-President of Development,
1975-1976. Files of the General Manager include correspondence with auditors,
1942-1953, and correspondence concerning listed and member firms, ca
1930-1950. Responsibility for these two latter areas later fell on the
Directors of Listings and of Member Relations, whose case files and general
correspondence, including files inherited from the General Manager, cover the
period 1902-1975 and 1920-1975 respectively. A small amount of general
correspondence stems from the Director of Development's office, 1974-1975.
Trading transactions from 1867-1975 are listed according to companies involved
(daily stock ledgers, weekly sheets and trading summaries and monthly review)
and also by volume of activity (daily sales volume and value of transactions,
monthly industrial volume, combined volume and value of transactions).
Accounting records comprise general and special journals, 1919-1968, and
ledgers, ca 1902-1968, as well as trial balance books for 1941-1947.
2. Subsidiary Companies, 1927-1968
Minutes of the 1938 annual meeting of the Montreal Bond Exchange survive, but
most of this series consists of accounting records for office operations of
the following companies: Canadian Commodity Exchange Inc. (journals,
1935-1964, and ledgers, 1937-1964); Espirit Ltd. (journals, 1930-1937);
Exchange Clearing House Co. (journals, 1929-1968, and trial balance book,
1961-1967); and Exchange Printing House Co. (journals; 1927-1968, ledgers
1927-1958, and trial balance books, 1963-1967).
3. Montreal Curb Market/Canadian Stock Exchange, 1926-1973
Minutes of the Board of Management cover 1927-1935. Administrative records
include the President's general correspondence from 1956-1959. Most of the
administrative records of these exchanges were interfiled with Montreal Stock
Exchange/Montreal Exchange material. All records produced after 1956 were from
offices responsible for like activities of both exchanges. The trading
transactions series follows the same pattern as that for the Montreal
Exchange, likewise organized by companies, 1926-1972, and by volume of
activity, 1933-1962. Accounting records comprise journals, 1933-1967, ledgers,
1927-1958, and trial balance books, 1927-1949, 1951-1954.
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