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. 
THE PITTSBURGH CLEARING HOUSE 
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, 
but at present it is doing business in the Mellon National 
Bank Building in Pittsburgh. 
The first day’s exchanges, on February 5, 1866, amounted 
to $153,567.95, according to information furnished by the 
Pittsburgh Clearing House. In 1866 the exchanges totaled 
$83,7381,242.17; in 1900, $1.615.641,592.19: and in 1927 
$9.289,443,577.19. 
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 
in all. 
In the panic of 1873 and the period of readjustment that 
followed, 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 IN. A 
Exchange Nation: Ray