preciation of its functions by corporations, is reflected in the 
steady increase in the number and variety of stocks and bonds 
regularly listed and thereby made eligible for daily recorded 
prices. Today the official list comprises a total of one hundred 
and four issues of stocks and fifty-one issues of bonds; these 
securities having an-approximate par value of $830,000,000. 
The appreciation of the general investing and trading public of 
official listing is also expressed in many ways. Such securities 
command relatively higher values over unlisted. securities, 
and they enjoy greater marketability. The official prices 
established on the exchange are invaluable in the making up of 
income tax returns, values of collateral for bank loans, the 
settling of estates and the establishing of a recognized basis 
in closing accounts involving stocks and bonds. The require- 
ments for listing corporation securities, including the mainte- 
nance of transfer and registrar offices, and the protection 
against irregularities in new issues of additional capital, con- 
stitute a convenience as well as a protection for investors 
holding such securities. 
Throughout its long and progressive career The Pitts- 
burgh Stock Exchange has enjoyed the confidence and sup- 
port of the leading financial institutions of Western Pennsyl- 
vania, and its services have been appreciated not only by the 
investors at home, but by those all over the country who have 
become interested in the securities of local industrial corpo- 
rations. During these thirty years it encountered the financial 
and economic disturbances which occurred in this country and 
abroad, and on only two brief occasions was it deemed ad- 
visable to suspend its active functions. Thus, during a de- 
pression which became acute in the latter part of 1907, and 
extended into 1908, The Pittsburgh Stock Exchange was 
closed from October 23, 1907 to January 26, 1908. Again at 
the outbreak of the World War, an event without parallel in 
modern history, the local exchange, following like action by 
similar bodies all over the United States and in Europe. 
temporarily suspended daily sessions, closing on July 31, 1914, 
but resuming regular business on December 2 of the same 
year. At no time in the history of stock exchanges and other 
financial organizations have they been under closer public 
scrutiny than during the past ten vears. At no time also have