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greater efforts been sincerely made to modernize methods,
increase the facilities for serving the public, and raise the
standards of membership and business conduct than within
this period. It may be said that The Pittsburgh Stock Ex-
change is in the vanguard of these movements, and that the
constant aim of its directors and officers is to carry out the
legitimate purposes for which it was organized and chartered.
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THE PITTSBURGH CLEARING HOUSE
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The Pittsburgh Clearing House Association was organized
June 19, 1865, by eighteen banks of Pittsburgh, and began
operations February 5, 1866. Its first president was John
Harper, and Robert M. Cust was the first secretary.
The original location was on Fourth Avenue, Pittsburgh,
out at present it is doing business in the Mellon National
Bank Building in Pittsburgh.
The first day’s exchanges, on February 5, 1866, amounted
0 $153,567.95, according to information furnished by the
Pittsburgh Clearing House. In 1866 the exchanges totaled
$83,731,242.17; in 1900, $1.615,641,592.19; and in 1927
59.289,443,577.19.
The original members of the association were: —
The Bank of Pittsburgh, National Association, N. Holmes
& Sons, The Union National Bank, German National Bank,
First National Bank, Third National Bank, Exchange
National Bank, Allegheny National Bank, Tradesmens
National Bank, Mechanics National Bank, Merchants and
Manufacturers National Bank, Iron City National Bank,
Farmers Deposit National Bank, Peoples National Bank and
Citizens National Bank, the First National Bank of Allegheny
and the Pittsburgh National Bank of Commerce—seventeen
n all,
In the panic of 1873 and the period of readjustment that
‘ollowed, not one of the sixteen national banks was forced to
suspend.
At the close of 1929, the Clearing House had nineteen
members—namely,
Bank of Pittsburgh N. A
Exchange National Bank
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