The documents on this page were culled from more than 100 boxes of research available for viewing at the Cincinnati Historical Society Library. They represent a sampling of the primary sources UC Journalism students used to construct narratives about the Cincinnati Stock Exchange. These archival documents offer a unique look into not only the history of the CSE, but also the story-gathering process.

When Cincinnati Stock Exchange members appealed to members of Congress to consider the negative implications of the Martin Report, local lawmakers, including Perkins, responded.
Chalmers P. Wylie 15th District Ohio Response Letter to William J. Graham Jr.

When Cincinnati Stock Exchange members appealed to members of Congress to consider the negative implications of the Martin Report, local lawmakers, including Wylie, responded.

Cincinnati Stock Exchange Statement on Behalf of The Cincinnati Stock Exchange October 11, 1971

Leaders of the Cincinnati Stock Exchange lobbied for support of small, efficient exchanges as the government considered the implications of a National Market System. By doing so, they argued against the recommendations of the Martin Report and pitted themselves against leaders of the New York Stock Exchange.

Donald D. Clancy 20 District of Ohio Response Letter to William J. Graham Jr.

When Cincinnati Stock Exchange members appealed to members of Congress to consider the negative implications of the Martin Report, local lawmakers, including Clancy, responded.

Draft of letter to Senators from William J. Graham Jr.

In the face of proposals influenced by the best interests of the New York Stock Exchange, leaders of the Cincinnati Stock Exchange took their appeal for consideration directly to lawmakers. Here’s an early version of the letter that was sent to House and Senate members.

Final Letter sent to Senator Harrison A. Williams Jr. from William J. Graham Jr. November 29, 1971

This final version of the letter that went to members of Congress makes the position of the Cincinnati Stock Exchange clear.

First Draft of K. Richard B. Niehoff’s Proposed Testimony with edits from Joel J. Einhorn

With Congressional hearings about a National Market System underway, Nick Niehoff prepared testimony that explained the importance of the survival of the CSE.

Frank T. Bow 18th District Ohio Response Letter to William J. Graham Jr.

When Cincinnati Stock Exchange members appealed to members of Congress to consider the negative implications of the Martin Report, local lawmakers, including Bow, responded.

Handwritten Letter for Ken to complete

In 1979, more Congressional hearings addressed the status of the development of a National Market System. This letter illustrates how deeply the Cincinnati Stock Exchange members were involved in the issue and how their input departed from the testimony from bigger markets.

IBA-ASEF Joint Legislation Council Summary SEC hearings October 19, 1971

This report summarizes testimony regarding the development of a National Market System.

IBA-ASEF Joint Legislative Council SEC Hearings November 1, 1971

This report summarizes testimony regarding the development of a National Market System.

IBA-ASEF Joint Legislative Council Summary SEC Hearings October 28, 1971

This report summarizes testimony regarding the development of a National Market System.

Lee H. Hamilton 9th district Indiana Response Letter to William J. Graham Jr.

When Cincinnati Stock Exchange members appealed to members of Congress to consider the negative implications of the Martin Report, local lawmakers, including Hamilton, responded.

Preliminary Statement of the Advisory Committee on the implementation of a Central Market System to the Security and Exchange Commission December 11, 1974

After the 1971 hearings, these recommendations were submitted to the SEC.

Samuel L. Devine 12th District Ohio Response Letter to William J. Graham Jr.

When Cincinnati Stock Exchange members appealed to members of Congress to consider the negative implications of the Martin Report, local lawmakers, including Devine, responded.

Single Stock Trading System Mapped Enquirer 10-18-71
Status Report on CSE System from K. R. B. Niehoff to George A. Fitzsimmons November 30, 1979

This report from Nick Niehoff outlines the CSE’s progress toward implementing “faster, better, cheaper” technologies to streamline the operations of the stock exchange.

The Securities Markets A Report With Recomendations By William McChesney Martin Jr. Submitted to the board of governors of the New York Stock Exchange August 5, 1971

The full text of the Martin Report, which was contested by leaders of the CSE.

Tim Lee Carter 9th District Kentucky Response Letter to William J. Graham Jr.

When Cincinnati Stock Exchange members appealed to members of Congress to consider the negative implications of the Martin Report, local lawmakers, including Carter, responded.

Walter E. Powell 24th District Ohio Response Letter to William J. Graham Jr.

When Cincinnati Stock Exchange members appealed to members of Congress to consider the negative implications of the Martin Report, local lawmakers, including Powell, responded.

William H. Natcher 2 District of Kentucky Response Letter to William J. Graham Jr.

When Cincinnati Stock Exchange members appealed to members of Congress to consider the negative implications of the Martin Report, local lawmakers, including Natcher, responded.


2 Comments Already!

  • Joe Sunderman says:

    This is an amazing depiction and illustration of the Cincinnati Stock Exchange (CSE). As someone who has grown up in Cincinnati and have been part of the financial services industry, I always wondered about CSE. This website does an excellent job in bringing this former exchange back to life!

  • Wallace E. Sarran,Jr says:

    I was chairman of the Cincinnati Stock Exchange in the early 1970′s. Charlie Steffens was President and Rosemary Goodrich was Secretary and managed daily operations. As I recall some other board mebers were Bud Ault, Jack Reiter, Willis Gradison,Sr., Alfred Friedlander, Charles Westheimer, George Eustis, Gerry Oaks, Eddie Aub, Jim Hutton, John Finn and Charlie Connors. I was a partner of Hill & Co., members of the New York Stock Exchange, founded in 1903 with offices in the Provident Tower. We admitted Third- Market-Maker Weedon & Co. to membership. They were denied membrship on the New York Stock Exchange because they traded NYSE listed issues over-the-counter. This allowed our members to deal in NYSE listed issues and avoid the expense of clearing trades through a New York Correspondent firm. As a result our volume expanded greatly. I retired this year (2010) from Morgan Stanley Smith Barney at age 82 after 55 years in the business.

    Wallace E. Sarran, Jr. (Ted)

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