The 1987 book, Fleecing the Lamb: The Inside Story of the Vancouver Stock Exchange, opens with a cute anecdote by authors David Cruise and Alison Griffiths.
When the VSE opened its doors in 1907, the exchange’s first president received three, small, individually wrapped packages. They contained figurines of a bull, a bear and a lamb. The bull represents a rising market, the bear a plunging one, and the lamb the hapless investor who gets fleeced whatever direction the market goes.
There were a lot of lambs over the course of the VSE’s 92-year history. In 1989, Forbes magazine labelled the exchange the "scam capital of the world."
Shady moments didn’t deter investors. It saw roughly $4 billion in annual trading in 1991. Cruise and Griffiths described the VSE as the largest exchange in the world dealing almost exclusively in speculative stocks.
VSE began its rollercoaster run at 849 West Pender, then moved to 475 Howe just in time for the 1929 crash, and then to 609 Granville in time for the 1981 recession. In 1999 the VSE was merged into the Canadian Venture Exchange (CDNX) (now known as the TSX Venture Exchange), along with the Alberta Stock Exchange (ASE) and the minor-cap stocks from the Bourse de Montréal (MSE).
Province photographer John Denniston captured great images like this one before the exchange moved to its Granville Street (Canaccord Tower) location. His photo essay is available as a print on demand, 11×13-inch, hard cover book from Blurb Book Publishing.