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Author: Admin | 2025-04-28
For mining companies than industrial companies and regularized lot sizes and commission rates were also favorable to mining issuances, all relics of the 1934 merger with the Standard Stock and Mining Exchange. In any case, mining and oil company securities made up 40% of trading by 1961. So dominant was Toronto in this area that a mining stock listed only on another exchange was almost certainly likely to remain only a local issue, with a regional rather than national investor-base. The Toronto Stock Exchange had decisively overtaken that of Montreal and the regional exchanges in Calgary, Vancouver, and Winnipeg were tiny by comparison. Remarkably, much of the growth in the market was driven by penny stocks. Between the Toronto and Montreal exchanges, which together accounted for 97% of all trading at the time, one-third of shares listed on at least one of the two exchanges were trading at a share price of $1 or less in 1958. This compared to just 0.1% on the New York Stock Exchange; even in the case of the more speculative American Stock Exchange, only 3.4% of listed shares were penny stocks. Mining and oil company shares also traded more frequently. This meant that Toronto had a rather high share-turnover ratio; put differently, shares listed on the Toronto Stock Exchange tended to change hands more frequently. This ratio was 30% in Toronto as compared to 12% for the New York Stock Exchange and 16% for the American Stock Exchange. Despite the exchange’s reliance of questionable
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