had fallen off to an extent that depreciated the value of the 
stock of the exchange and ultimately there was held a sale of 
the property at public auction August 17, 1893. 
At a meeting of former active members of the old ex- 
change on March 26, 1894, and at subsequent meetings, The 
Pittsburgh Stock & Oil Exchange was formed with Henry M. 
Long as president, S. S. Pinkerton as vice president and John 
B. Barbour as secretary and treasurer. On July 25, 1896, the 
official title was changed to The Pittsburgh Stock Exchange. 
Nine months after its organization its recorded transactions 
showed seventy-five thousand, one hundred and one shares 
of stock and $304,000 of bonds. The exchange first leased 
quarters in the Union Trust Building, formerly the Pittsburgh 
Petroleum Exchange; afterward removed to the Citizens In- 
surance Building, and in June, 1895, returned to the Union 
Trust Building. A fire October 29, 1897, caused them to 
obtain rooms in the Commercial National Bank and in April, 
1901, a removal was made to the Pittsburgh Bank for Savings 
Building. In the fall of 1902 the Mechanics National Bank 
Building was offered for sale. An option was secured by the 
exchange so that if the property could be purchased for 
$300,000, and thirty additional memberships sold to finance 
the purchase, the exchange would buy the building for a 
permanent home. This was done. The membership of this 
new organization, originally limited to fifty, was increased to 
seventy-five and in December, 1895, to one hundred, and there 
is now a membership of one hundred and fifteen. 
In the early stages of its development The Pittsburgh 
Stock Exchange restricted its sessions to brief periods in the 
morning and afternoon, but with the increase in business the 
time devoted to each official call was extended from fifteen to 
thirty minutes and the number of sessions was increased to 
three per day. Later an urgent demand arose for more 
frequent quotations and on February 10, 1902, the exchange 
inaugurated daily continuous sessions. Since May 1, 1923, 
transactions have been recorded only in the listed securities of 
The Pittsburgh Stock Exchange. 
The value of the exchange in the matter of establishing 
official quotations, which are recognized by the courts, as 
well as by the banks and individual investors, and the ap-