i coe a " o » ey 1 An edition of 100 ot which this is No. L "7 Py: sented to This volume is a combination of a series of booklets published by the First National Bank at Pittsburgh, in exposition of our city’s progress in business and culture. It is fitting that this record be dedicated to the nemory of the late beloved president of the First National Bank, Mr. Lawrence E. Sands, whose vision and work has made a very deep impression upon the ceneral welfare of this community. May we hope that this volume will be worthy of a solace in your library, not only for your own pleasure and nformation, but also for any inspiration it may furnish ‘or a future generation to maintain and enhance the fine rraditions of the City of Pittsburgh, Pennsylvania. Tue FIrsT NaTioNAL BANK AT PITTSBURGH, PirrseurgH, Pa. QUIBIEY spp Ta wana OU ERMA DIED IIIs ivssme « sossmass iismaas osname enone que rag yas gg ERP] Senger rR The Story of PITTSBURGH Volume One Number Seventeen Banking and Finance First National Bank at Pittsburgh September, 1930 MI In Grateful Appreciation ow This booklet is the concluding one of a series issued by the First National Bank at Pittsburgh, pointing out the various phases »f our community’s industrial, business and wultural importance. If the series has quickened civic pride on the part of those who have read these books, che object of their issuance will have been fulfilled. Deep and sincere appreciation is hereby .xtended by the officers and directors of the First National Bank to the many individuals, ~orporations and civic organizations which Lave made the series possible through fur- nishing the necessary data, without which it would have been impossible to attempt this work. The First National Bank at Pittsburgh selieves that the scope of its activities is be- yond the routine mechanics of banking. It “eels that it can discharge its full duty to the community which enables it to thrive only by active participation in and co-operation with all worthy projects designed to promote the économie progress of the Pittsburgh com- munity, LAWRENCE E. SANDS [Lawrence E. Sands HE late Lawrence E. Sands, former President of the First National Bank at Pittsburgh, conceived the idea. of publishing the booklets entitled “The Story of Pittsburgh” and the Directors of the First National Bank believe it most appropriate to publish the following resolution concerning their esteem of his qualities as a man and a leader: RESOLUTION At a regular meeting of the Board of Directors of the First National Bank at Pittsburgh, held Tuesday, October 30, 1928, the following Resolution was unanimously adopted: Whereas, The Board of Directors of the First National Bank at Pittsburgh receive with profound sorrow the sad news of the death on October 19, 1928 of MR. LAWRENCE E. SANDS President and a Director of this Institution Therefore be it Resolved, That this Board record its enduring gratitude for ‘he many achievements by him. Endowed with extraordinary gifts touching life at many points, his accomplishments in every field were marked by ree of mind, tenacity of purpose and loftiness of “i... As President of the First National Bank at Pittsburgh, he lived to see it invested with international renown, taking its place among the great Banks of the world. A work so exten- sive and so monumental, could only have been wrought by one who was able to inspire others. His democratic spirit made itself felt far and wide throughout the entire organiza- tion and his personality and comradeship inspired his army of employees to give the Bank its best. The breadth of this conception reveals the nature of a mind which enriched itself through contact with all that is best in human endeavor. His kindliness and affections were deep and permanent. WE, his colleagues of the Board of Directors of the First National Bank at Pittsburgh, knew, as few others could, his sincerity of purpose and we revere his memory. The foregoing Resolution having been adopted, it was further resolved that a copy be transmitted to the family of Mr. Lawrence E. Sands with the deep sympathy of all the members of this Board. F. F. Brooks P. W. Morgan Gro. E. PAINTER Committee Foreword ND HE Officers and Directors of the First National Bank at Pittsburgh, after issuing for some years the series of booklets under the general title of “The Story of Pitts- burgh,” desire to express their gratification at the reception of these publications. They have been received with pleasure and read with deep interest by persons familiar and by per- sons heretofore unfamiliar with Pittsburgh’s importance. Those familiar with certain manufactures and products of the city have been pleased to learn of other important interests in which this city excels; and those familiar with many details of known businesses, but quite unfamiliar with other important efforts of the City’s progressive residents, have been made aware of the amazing reaches made by its business and professional men in these lines not generally known. The result has been to vastly increase the general knowl- edge, both at home and in distant localities, of the important position which Pittsburgh occupies. This city is recognized as “The Workshop of the World,” but its efforts are not solely directed to the production of manufactured goods which go to all portions of the earth. It was long ago called “The Iron City,” but such a designation now would be far too narrow to apply appropriately to its activities. The booklets of the First National Bank have detailed not only Pittsburgh’s importance in the ordinary metals, but have shown its commanding position in many other activities. Petroleum and natural gas, aluminum, cement, cork, electrical machinery, radio devices, fire brick and other clay products. glass of every variety, railway materials and safety devices of the very best kinds, steel cars, tin plate, vanadium, white lead and paints, tobacco and the products of tobacco, and good products of every variety, include some of the more important of the City’s manufactures. The closing booklet of the series relates to the high position Pittsburgh holds in Finance, and brings the series to an end, marking the city’s splendid celebration of the completion of the nine-foot channel in the Ohio River, establishing Pitts- burgh’s supremacy as a port. This channel is a $100,000,000 project, linking this city by water with such distant points as New Orleans, St. Louis, Kansas City and Minneapolis, and providing navigation through the whole twelve months of the year. The Story of Pittsburgh Banking and Finance SOME FACTS TO SUPPORT THE SLOGAN “PITTSBURGH PROMOTES PROGRESS” HE national and international economic importance of Pittsburgh is supported by many interesting facts concerning various phases of its business activities. The fifty-four State Banks and Trust Companies located within the city limits show, at the December 31, 1929 state- ment, total resources of $683,180,943, surplus and profits of $118,302,895, deposits $516,406,463. The seventeen National Banks within the city proper, at December 31, 1929 statement call, show resources of $588,882,004, surplus and profits $51,932,536. deposits 3462,287.764. The summary of these figures for both state and national institutions shows: Total Resources. ..... ......... Total Surplus and Profits... . .. Total Deposits. . . .. $1,272,062,947 170,235,431 078.694.2977 The above statistics do not include the many prosperous banks in the outlying districts and adjacent towns, which constitute Pittsburgh as it should be considered in any eco- nomic analysis of its importance. Obviously, the banking strength of any city is a major factor in its development, as the entire business structure depends upon banking resources for the necessary operating capital. The tendency of business enterprises to consolidate for economies in production, overhead and marketing has created a demand for larger units of credit. As the lending power of banks is limited to a defined percentage of assets, the con- siderable number of bank mergers effected in the Pittsburgh district during the past few years testifies to the alertness of local financiers to keep apace with requirements of their customers, and to anticipate the further growth of the district. A recent business survey of the Pittsburgh metropolitan district furnishes figure proof that ‘Pittsburgh Promotes Progress” is not a mere slogan. Pittsburgh’s population is growing faster than Phila- delphia, Buffalo, St. Louis, New York and Boston. In the past eight years population has increased at the rate of 15%, according to estimates of the census bureau. Pittsburgh’s industrial production is appraised at more than one billion, five hundred million annually. The annual wage and salary roll of the Pittsburgh area is $£328,000,000. $1,125,000,000 is the estimated capital investment in the mills, factories, mines and quarries of the metropolitan area—showing an increase of about 25%, during the past decade. Mills and factories of Metropolitan Pittsburgh manufac- ture approximately $393,000 worth of goods per plant, leading the industrial establishments of almost every other similar community in the United States. Workers in Pittsburgh plants earn on an average of $1,444 a year per man, leading Philadelphia, Boston, St. Louis and Baltimore. Approximately $8505 is now on deposit in Savings Accounts of the Banks of Metropolitan Pittsburgh for each resident of the community, and it is estimated by the Pennsylvania Department of Internal Affairs that savings have increased in the district by 113%, since 1919. Pittsburgh retail stores sell each year an average of ap- proximately $431 for each resident of Allegheny County. New building construction in the Pittsburgh District is larger in volume than in the metropolitan area of almost any other city in the United States. $50,000,000 was spent for new buildings and repairs in Pittsburgh for 1928—representing approximately 6,000 jobs. Pittsburgh Bank Clearings show a gain of 399%, in the last seven years. Bank clearings figures are a true barometer of business activity. Pittsburgh income tax payers number 78 to each 1,000 residents, as against 72 for Detroit, 39 for Cleveland, 48 for Philadelphia, 62 for St. Louis, and 64 for Boston. This leadership indicates that prosperity is widely distributed among the families of the district. Pittsburgh is one of the country’s leading life insurance centers, indicating a fine sense of moral responsibility on the part of citizens, in addition to widespread individual pros- perity. It is undeniable that there is new civic consciousness throughout the district. Leaders in all lines of activity are displaying faith in team work to make secure Pittsburgh’s right to be considered as one of the world’s great cities. STATEMENT OF CONDITION OF NATIONAL BANKS AS OF DECEMBER 31, 1929. Bank of Pittsburgh, National Association . Diamond National Bank. . . . . .. Duquesne National Bank... .. Exchange National Bank. ........ Farmers Deposit National Bank. . . First National Bank at Pittsburgh. . First National Bank of Birmingham Forbes National Bank....... . Highland National Bank. ..... Keystone National Bank. . . Mellon National Bank. . . . .. Monongahela National Bank National Bank of America. . Pennsylvania National Bank Second National Bank Third National Bank ITnion National Bank Deposits $8 51,215,857 23,408,042 8,697,441 8,481,904 59,504,013 72,169,017 2,387,108 3,452,789 4,339,784 8,629,124 57,079,257 13,982,936 6,457,837 1,762,592 7,296,752 5,910 R47 27.53 $46%.o>.. 64 SurrLUS & ProriTs $ 5,097,979 2,397,873 1,177,186 1,082,971 7,144,850 7,602,475 370,125 310,751 295,025 1,405,521 18,742,791 2,260,000 742,042 390,597 1,414,072 430,000 6.168 ¢.7R 851.932.536 TorAL RESOURCES $ 63,514,139 27,746,256 12,095,418 12,296,029 77,082,002 93,848,197 2,961,233 4,363,540 5,105,339 11,213,995 192,501,392 20,913,051 7,642,168 2,519,297 9,385,178 7,750,624 qr 041 146 3588..582.004 STATEMENT OF CONDITION OF TRUST COMPANIES AS OF DECEMBER 31, 1929 Allegheny Trust Company. . .. American State Bank & Trust Company. . Bank of America Trust Company. Bloomfield Trust Company. . City Deposit Bank & Trust Company. Colonial Trust Company. ...... Commonwealth Trust Company. . . Dollar Savings & Trust Company. .. East End Savings & Trust Company. Farmers Deposit Trust Company. . .. Fidelity Title & Trust Company. Franklin Savings & Trust Company. .. Hazelwood Savings & Trust Company Hill Top Savings & Trust Company. . MecGillick Savings & Trust Company Deposits 6,825,144 2,049,568 237,716 2,056,609 16,999,214 25,262,713 18,569,883 13,092,072 11,220,556 192,813 17,847,056 3,085,013 3,396,987 2,987,903 365.638 Hh SurrLUs Toran & Prorirs REsources 1,045,562 $ 9,211,514 116,440 2,379,498 41,859 501,916 76,251 2,564,260 1,803,444 20,388,799 4,390,662 33,486,820 1,954,380 18,721,835 2,345,032 16,693,466 698,732 12,325,530 904,545 2,417,358 8,131,176 30,010,925 362,864 3,940,444 594,420 4,189,756 377,820 3,801,331 80,831 637.646 Manchester Savings Bank & Trust Company .. Merchants Savings & Trust Company. . . Metropolitan Savings Bank & Trust Co. Oakland Savings & Trust Company. . . Pennsylvania Trust Company.......... Peoples-Pittsburgh Trust Company. . . Peoples Trust Company of Pittsburgh Potter Title & Trust Company. . Provident Trust Company. ..... Real Estate Savings & Trust Company. South Hills Trust Company.......... . St. Clair Savings & Trust Company. Terminal Trust Company....... Union Trust Company. ..... . Washington Trust Company. ........... West End Savings Bank & Trust Company William Penn Trust Company........... . Workingman’s Savings Bank & Trust Co. 3,553,514 1,195,204 3,014,242 6,041,965 5,041,607 56,159,196 3,967,239 8,801,082 1,451,053 5,104,914 1,925,421 2,693,748 564,207 50,719,117 10,083,931 4,939,219 1,831,476 12,347,383 $398,523.463 163,440 98,119 182,259 653,275 757,955 14,735,547 447,655 975,616 327,782 210,000 306,167 327,780 75,795 58,902,597 1,300,000 760,847 223,802 2,567,007 % $£106.240.326 4,267,115 1,443,323 3,405,460 7,018,776 6,707,443 77,923,570 4,837,965 11,049,482 1,928,852 6,067,248 2,427,307 3,326,776 770,857 217,786,246 12,587,172 6,021,837 2,323,084 15,515,268 $546.,628,879 STATEMENT OF CONDITION OF STATE BANKS AS OF DECEMBER 3° SurpLUS & ProriTs 89,898 350,000 319,934 258,420 152,244 3,708,668 246,326 465,844 [,104,585 16,181 5,686 222,085 636,637 2,185 198,957 297,479 32,632 51,808 65,011 139,534 2094 1 All Nations Deposit Bank. . . Allegheny Valley Bank. . Arsenal Bank.......... .. Bank of Secured Savings. . Carrick Bank... ........ Dollar Savings Bank. ....... Fifth Avenue Bank. ..... .. Fourteenth Street Bank Freehold Bank. . .. Garfield Bank. ......... ..... Hamilton State Bank. ... . Homewood Peoples Bank... ...... [ron & Glass Dollar Savings Bank Napoleon State Bank... ... Dhio Valley Bank.... .... . Pennsylvania Savings Bank. Perry State Bank. ..... Pittsburgh State Bank. Polithania State Bank Sheraden Bank. ...... Union Savings Bank. ....... ... Western Savings & Deposit Bank. Deposits 1,846,467 14,101,592 1,723,401 2,543,388 1,819,550 12,668,660 2,461,629 1,955,657 766,099 510.185 427,686 £387,601 4,569,642 212,743 2,320,511 2,494,429 633,797 1,414,602 904,595 1,117,762 32,184,164 . 8,868.54y $117.883.000 Q $12.06%.739 1929 Toran RESOURCES 3 2,233,065 4,563,111 2,288,335 2,980,375 2,095,210 16,394,967 2,918,212 5,996,548 2,295,736 628,760 432,372 4,745,956 5,805,272 278,994 2,745,530 2,911,294 784,981 1,752,312 1,180,713 1,317,385 37,062,958 2.049.078 818° 139.984 TOTAL DEPOSITS, SURPLUS AND PROFITS, AND RESOURCES OF NATIONAL BANKS, TRUST COMPANIES, AND STATE BANKS AS OF DECEMBER 351. 1929 National Banks... .. ... .. Trust Companies State Banks Deposits $462,287,764 398,523,463 117,883,000 2078.604.227 SurpPLUS & Prorrrs $ 51,932,536 106,240,326 12,062,569 8170.235.431 ToraL ResourcEs $ 588,882,004 546,628,879 136,552,064 81.,272.062.947 THE FOURTH FEDERAL RESERVE DISTRICT The Fourth Federal Reserve District comprises Ohio, Western Pennsylvania, parts of West Virginia and Kentucky, and three large cities—DPittsburgh, Cleveland and Cincinnati. When Cleveland was selected as the seat of the Fourth Federal Reserve District, Pittsburgh was keenly disappointed and appealed to the Federal Reserve Board, as provided for in the Federal Reserve Act. After hearing the claims of both Cleveland and Pittsburgh, the Board decided not to change the selection. Though Pittsburgh outranked Cleveland in gross business, in bank clearings and in other particulars, these considerations did not avail. The following table, furnished by the Statistical Depart- ment of the Federal Reserve Bank of Cleveland, shows the relative importance of the resources of the Pittsburgh member banks as compared with the total resources of all member hanks in the Fourth District. MEMBER BANKS — TOTAL RESOURCES Fourra District Prr1sBurGH No. of No. of Resources Banks Resources Banks December 381, 1921 $2,774,786,000 883 $626,175,000 26 December 29, 1922 8,197,957,000 880 702,956,000 26 December 31, 1923 3,382,284,000 877 717,767,000 26 December 31, 1924 8,629,945,000 871 803,988,000 24 December 31, 1925 3,778,228,000 863 799,300,000 20 December 31, 1926 3,894,009,000 856 837,067,000 20 December 31, 1927 4,061,785,000 835 862,237,000 18 December 31, 1928 4,223,070,000 816 878,966,000 18 December 81, 1929 4,255,209,000 795 988,709.00C 26 The following table clearly emphasizes the importance of Pittsburgh as a financial center. It shows the bank clearings of Pittsburgh compared to the bank clearings of the Fourth District, comprising fifteen cities, for the vears 1921 to 1929. BANK CLEARINGS Year 1921 1922 1923 1924 1925 1926 1927 1928 1929 Pittsburgh $ 6,808,000,000 6,758,000,000 8,213,000,000 8,037,000,000 8,857,000,000 9,198,000,000 9,289,000,000 9,453,000,000 10.162.000.000 Fourth District 15 Cities $16,339,000,000 16,429,000,000 19,459,000,000 19,023,000,000 20,823,000,000 21,583,000,000 22,013,000,000 22.741,000,000 PITTSBURGH'S CAPITAL INVESTMENT Approximately $1,125,000,000 is invested in the mills, factories, mines and quarries of the Metropolitan Area of Pittsburgh, it is shown by the newest study to be completed by the Department of Internal Affairs of the Pennsylvania State Government. Capital investment is growing rapidly in the area. Four years ago, the total was approximately $1,104,000,000 com- pared with $902,000,000 eight years ago and with $888,000,000 twelve years ago. Thus it is shown that in slightly more than one decade the investment has grown approximately twenty- five per cent. In few industrial communities is it found worth while to invest money as rapidly. It is reasonable to assume that this capital investment will show a consistent growth. This observation is based upon a natural assumption that so long as America grows the demand for Pittsburgh products will increase apace with natural con- sumption. Pittsburgh is strategically located for the economic acquirement of the iron ore and coal used in its major produc- tions, and has adequate transportation facilities, both by rail and by water. The natural advantages of the city are decided factors in its favor for the attraction of new industries, and the alertness of its leaders in recognizing the necessity for a diversification of its industrial output promises a healthy growth for the future. PITTSBURGH'S INCREASE IN SAVINGS Approximately $505 is now on deposit in savings accounts of the banks of Metropolitan Pittsburgh for each resident of the community, it is estimated on the basis of thrift gains of the past few years. The area’s gain in per capita savings is shown in records collected by the Department of Internal Affairs of the Penn- sylvania State Government. This gain is shown year by year in the following table in which the averages for 1928 and 1929 are unofficial estimates: 191% 1920 1921 152 192: 1924, Per Increase Canita Above EST 0009 15 Ded Boh 1925 1926 1927 1923 1929 Par BU 505 Increase bove J ay 33 07 1139, PITTSBURGH'S INCOME TAXPAYERS Seventy-eight of each 1,000 residents of Pittsburgh receive sufficiently large incomes to require them to file tax returns with the Federal Government at Washington. Pittsburgh leads the principal industrial cities of the nation in the number of income taxpayers in proportion to population, it is shown by the newest analysis to be made by :he U. 8. Treasury department. Detroit has 72 income taxpayers to each 1,000 residents. Boston 54, St. Louis 62, Philadelphia 48 and Cleveland 39. Pittsburgh’s leadership in this respect indicates that prosperity is more widely distributed among the families of that city than among those of the other industrial communities listed above. THE PITTSBURGH STOCK EXCHANGE Eight years after the first oil well was drilled in Pennsyl- vania, at Titusville, by Col. E. L. Drake, the oil traders organized under the name of the Pittsburgh Brokers Associ- ation. The Pittsburgh Oil Exchange was really the first organized market which had a home, being formally organized with a membership of one hundred and eighty on July 25, 1878, with Capt. George W. Cochran as president, Jonathan Gallager as vice president, W. N. Riddle as treasurer and S. M. Willock as secretary. The Pittsburgh Petroleum Exchange succeeded the Pitts- burgh Oil Exchange and was incorporated January 23, 1882, and organized July 7, 1883, with C. W. Batchelor as president, B. W. Vandergrift as treasurer and J. I. Buchanan as secre- tary. It formally opened its new building April 21, 1884. It was incorporated with an authorized capital of fifteen hundred shares and every applicant for membership was required to own not less than five shares. A clearing house was put in operation to facilitate handling the increasing volume of business and the first annual statement, issued in 1885, re- ported clearances in eight months of eight hundred and forty- three million, four hundred and sixteen thousand barrels of petroleum, averaging about four million barrels daily. The purpose of the organization, as stated in the charter, was “the establishing and maintaining an exchange for the protection and encouragement of the petroleum business in the city of Pittsburgh.” This was later amended on January 11, 1886, when the name of the institution was changed to “The Pittsburgh Petroleum, Stock & Metal Exchange,” to read: “The purpose for which this corporation is formed is the establishing and maintaining an exchange for the protection and encouragement of trade and commerce in the city of Pittsburgh.” With the advent of gas stocks in 1886 and 1887, and the development of rapid transit facilities in Pittsburgh, necessi- tating the issuance of securities and a market for them, and with the passing of oil interests into the control of the Stand- ard Oil Company, trading in oil gradually diminished and the brokers gave more attention to stocks. In 1893 trading 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- 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 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 First National Bank at Pittsburgh Third National Bank Farmers Deposit National Bank Union National Bank Second National Bank of Allegheny Diamond National Bank Duquesne National Bank Monongahela National Bank Mellon National Bank Keystone National Bank Federal Reserve Bank—Pittsburgh Branch Union Trust Company Commonwealth Trust Company Colonial Trust Company Fidelity Title & Trust Company Peoples-Pittsburgh Trust Company Nothing reflects more dramatically the consistent growth of Pittsburgh business than a comparison of the annual totals of the Pittsburgh Clearing House. The following table shows the definite upward trend of dollar transactions going through the Clearing House. 1866... 1867. . 1868. . 1869 1870 1871 1872 1873 1874 1875. 1876. . 1877... 1878. . 1879... 1880... .. 1881... .. 1882. ... 1883 ¢ 83,000,000 97,000,000 115,000,000 156,000,000 178,000,000 215,000,000 284,000,000 295,000,000 25'7,000,000 238,000,000 224,000,000 223,000,000 189,000,000 217,000,000 297,000,000 389,000,000 483,000,000 497.000,000 1884 . 1885. . 1886. . L887. 1888 L889 1890. . 1891. . 1892 . 1893... 1894... 1895... 1896. . .. 1897. . 1898. . 1899. . 1900. . 1901. . 1902 1903. 1904 1905. 1906. 1907. 1908. . 1909 .. 1910. . 1911.. 1912... 1913... 1914. . 1915. .. 1916. . 1917. . 1918... 1919. ... 1920... .. 1921... .. 1922........ 1923 169,000,000 356,000,000 109,000,000 511,000,000 581,000,000 654,000,000 786,000,000 679,000,000 759,000,000 665,000,000 652,000,000 746,000,000 745,000,000 819,000,000 975,000,000 1,528,000,000 1,615,000,000 2,0417,000,000 2,1477,000,000 2,356,000,000 2,063,000,000 2,506,000,000 2,64:0,000,000 2,743,000,000 2,064,000,000 2,361,000,000 2,587,000,000 2,520,000,000 2,'798,000,000 2,932,000,000 2,625,000,000 2,666,000,000 3,402,000,000 +,021,000,000 5,761,000,000 7,276,000,000 8,982,000,000 6,808,000,000 6,864,000,000 3.212.000.000 1924. . 1925... 1926... .. 1927... .... ce 1928. . ce 1090 8,036,000,000 8,856,000,000 9,197,000,000 9,289,000,000 9,452,000,000 10,162,939.970 Through the courtesy of the Clearing House, we are enabled to append the largest daily exchanges during the last ten years. June 18, 1918 .. $62,500,000 June 18, 1919 43,900,000 Nov. 6, 1920 42,000,000 Jan. 3, 1921 45,172,000 Nov. 13, 1922 39,606,000 Feb. 2, 1923 42,800,000 Jan. 2, 1924 42,245,000 Jan. 2, 1925 42,450,000 May 10, 1926 48,400,000 Feb. 1,1927 ....... 57,200,000 July 8,1928.......... 61,400,000 Feb 2, 1929 CL 52.662.000 No sketch of Pittsburgh’s financial position is complete without tribute to the name Mellon. It symbolizes vision, courage and constructive work of the first magnitude in be- half of Pittsburgh’s rise and growth. Pittsburgh is proud that Andrew W. Mellon, the most illustrious of American finan- ciers, developed his brilliant capacities in a Pittsburgh atmos- phere. His father before him, with fine vision and high cour- age, sponsored many of the then infant industries which have grown to world dominion. His sons have carried his banner to new heights. After sound judgment has been justified by colossal achievement, it is easy to minimize the courage and faith of early years, but when the final word is written, it wil} be recorded that the pioneering spirit of the Mellon family seeded the field of Pittsburgh’s greatness. They have justly earned the prestige and affluence which their high genius has earned. Well may it be said that their work has been and is constructive in the highest sense of the word. Through their brilliantly conceived financial operations they have given to the Pittsburgh community more in economic opportunity and advancement than they will ever receive for themselves in a material way. THE ASSOCIATED BANKS During the past ten years an important factor in the Pittsburgh financial situation has been developed through the group known as The Associated Banks. To July, 1930, the following units comprise this group: First National Bank at Pittsburgh Peoples-Pittsburgh Trust Company Peoples-Pittsburgh Trust Company- First National Bank of Wilkinsburg Oakland Savings & Trust Company Peoples Trust Company of Pittsburgh Metropolitan Savings Bank & Trust Company Dormont Savings & Trust Company Terminal Trust Company Peoples-Pittsburgh Trust Company—Squirrel Hill Branch The combined resources of the group, at the time of this writing, are more than $220,000,000. The First National Bank at Pittsburgh and the Peoples- Pittsburgh Trust Company are the parent institutions. The development is in keeping with the trend of consoli- dation in the interests of greater service and economy. The Associated Banks, with the exception of the branches, operate as independent units, their affairs being directed by local boards, conversant with the necessities of their localities. Tt has been the policy of the Associated Banks to employ resources, whenever possible, for the economic development of local business interests and the welfare of the local citizenry. That this policy is well understood and appreciated is evidenced by the consistent record of growth and earnings. The expansion of the consolidated group has been marked with conservatism, and it will be observed that the location of the various units are in strategic position to serve the various important sections of the Pittsburgh District. To Mr. J. H. Hillman, Jr., must go the credit for the vision and sagacity responsible for the conception and development +f the Associated Bank Group. Wis ye W's iL uP The City of Pittsburgh is most favorably situated as a distributing center. The distribution of population around the city is (according to 1920 census): Within 80 miles— 1,800,000 people ( 84 cities and towns) ’ 50 0 — 2,750,000 ..¢ (119 cities and towns) 100“ — 5,400,000 “(211 cities and towns) 200 “ —13,600,000 “(382 cities and towns) 500 °° —64,000,000 “(1563 cities and towns) Within 500 miles of Pittsburgh is 57.19, of the population of continental S. and 47.7% of the population of the Dominion of Canada. Within 80 miles of Pittsburgh the population (1,800,000) equals the combined population of Arizona, Delaware, Nevada, New Mexico and Wyoming. The fact that our city is within easy reach of so great a percentage of population, in addition to the fact that it is adequately served by many major railroads, supports the right of Pittsburgh to expect consistent growth of its manufacturing and mercantile establishments. PITTSBURGH A LEADER IN CONSUMER BUYING POWER No survey of Pittsburgh’s financial standing would be complete without emphasizing our city’s importance as a retail trade center. Space prohibits the listing of the many retail establish- ments which cater to the needs of the Pittsburgh population, so only the twelve leading department stores are listed here- with in alphabetical order: Some OF PrrTsBURGHE’S LEADING DEPARTMENT STORES Boggs & Buhl Campbell’s Dept. Store Frank & Seder Gimbel Brothers. Inc. Harris Dept. Stores Co. Joseph Horne Co. Kaufmann Dept. Stores, Inc. Lewin-Neiman Co. Meyer Jonasson & Co. MecCreery & Co. Oppenheim Collins & Co. The Rosenbaum Co. Pittsburgh is generally recognized as one of the important retail centers of the country. It has been frequently said and is undoubtedly true that the volume of Pittsburgh depart- ment stores’ sales per capita is the largest in the country. This is explained in part by the great trading area adjacent to Pittsburgh, which gives it a sales volume considerably in excess of other cities of similar rank. It is estimated that the gross volume of Pittsburgh’s larger department stores, twelve in number, is in excess of %150.000,000 a year. It is estimated that the retail sales volume of Pittsburgh’s department stores has increased approximately 35%, since 1920—a sure indicator that Pittsburgh’s economic strength is in the ascendency. Pittsburgh’s retail stores sell each year an average of approximately $481 worth of goods for each resident of Alle- gheny County, which county represents the steel city’s trad- ing area. In Philadelphia County, the corresponding per capita sales amount to $419 or $12 less than in Pittsburgh. On the same basis, sales in the trading areas centering at other industrial communities of the state are as follows: Reading $376, Altoona $344, Erie $292, Wilkes-Barre $247 and Scran- ton $229. The Harrisburg area equals Pittsburgh in sales with a per capita of $431, but this is the only community in the state which even approaches Pittsburgh. Consumer buying power measures the well being finan- cially of the great mass of residents of any community. Pittsburgh’s leadership indicates that the average family of this city is able to afford more comforts and luxuries than its counterpart in other large cities. A BRIEF 11° THE FIRST NATIONAL © TTTSBURGH The First National Bank began business in 1852 as The Pittsburgh Trust & Savings Company. When the National Banking Act of February, 1863, was pending in Congress, application was made for a national charter, which was granted August 5, 1863, and three days later The First National Bank of Pittsburgh began business with a capital of $500,000. It was the first bank-in Pittsburgh to avail itself of the new national bank law, and one of the first in the nation, its charter being No. 48. In 1854 the bank moved to Wood Street near Fifth Avenue, and in 1858 purchased its present site. In 1871 the old First National building, still well remembered by many Pittsburghers, was erected, being torn down in 1909 to make way for its present structure, originally five stories but ex- tended to twenty-six stories in 1911. In 1902 it purchased and absorbed the Mechanics Na- tional Bank and increased its capital to $1,000,000. In 1906 the Industrial National Bank was absorbed and in 1913 the institution was consolidated with the Second National Bank of Pittsburgh. The corporate title was changed in 1918 to The First National Bank at Pittsburgh. In 1921 the Peoples National Bank was purchased and the capital increased to $5,000,000, later increased to $6,000,000 in 1926 by the declaration of a 20% stock dividend. The institution is one of the largest of its kind in the [nited States, and its scope extends beyond the local confines. It operates a Commercial, Foreign Exchange, Steamship, Savings, Safe Deposit, Trust and Bond Department, and aqumbers among its clients some of the outstanding corpora- tions in the Western Pennsylvania District. Its Directorate is composed of representative business men, leaders in the foremost manufacturing and mercantile lines in the Pittsburgh District, under whose guidance the institution has become one of Pittsburgh’s major financial units. At present the authorized and outstanding capital stock of the institution is $6,000,000, par value $100. It has been paying dividends at the rate of 109, annually, with extra dividends of 29, per annum, payable quarterly. Its statement of June 80, 1930, showed: Capital... . . .. Surplus... ee Undivided Profits and Reserves. ... Deposits. ...... Total Resources INDEX 3 Allegheny County Home and Hospitals. ............ Allegheny General Hospital. . . . . Allegheny Observatory. ..................... . Allegheny Steel Company, steel castings, boiler tubes. . Allegheny Valley Hospital.............. . Alpha Portland Cement, cement. ................... Aluminum Company of America, aluminum. ......... American Bridge Company, steel bridges, structural steel American Fruit Growers Inc., distribute fresh fruit, vegetables................ American Natural Gas Co., natural gas, ............. American Refractories Co., brick.................... American Steel Co., ingots, wire, nails. . ............. American Steel and Wire Co., galvanized wire, nails, SPINES. Lottie American Vitrified Products Co., drain pipe, paving American Window Glass Machine Co., window glass. . . Arkansas Natural Gas Co., gas, oil, gasoline. ....... Armour and Co., meat packing..................... Armstrong Cork Co., cork and corkboard, linoleum. . . Arnold School, prep school for boys. ..... 23 Associated Banks of Pittsburgh. . . . Sh Ben nnn Banking & Finance. ............................... Barnsdall Corp., oil, gas, gasoline, mining. .......... Belvedere General Hospital. .................... ... Braddock General Hospital. ........................ Braeburn Steel Corp., crucible steel and alloys. ....... Brashear, Dr. J. A., leader in lens manufacture. ....... Byers Co., The A. M., wrought iron pipe............. al Canonsburg General Hospital. .......... ... ....... Carbon Steel Co., alloy and special analysis steel. Carnegie, Andrew, philanthropist. . Carnegie Dept. of the Museum. . . Carnegie Dept. of Fine Arts. ........ Carnegie Institute. .................. Carnegie Institute of Technology. ... ~. .. Carnegie Music Hall. . ...................... Carnegie Steel Co., iron and steel... .......... Castalia Portland Cement Co., cement. . . . Children’s Hospital of Pittsburgh. .................. Citizen’s General Hospital, New Kensington, Pa... ... Vol. 16 16 14 3 16 8 13 9 Date Dec. 1928 Dec. 1928 Apr. 1928 Jan. 1920 Dec. 1928 Dee. 1921 Apr. 1927 Jan. 1920 12 Dec. 1925 10 Dec. 1923 9 Dec. 1922 3 Jan. 1920 8 Jan. 1920 9 Dec. 1922 5 Dec. 1920 11 Dec. 1924 12 Dec. 1925 13 Apr. 1927 15 Apr. 1928 17 Sept. 1930 17 11 16 16 3 5 18 Sept. 1930 Dec. 1924 Dec. 1928 Dec. 1928 Jan, 1920 Dec. 1920 Apr. 1927 16 9 Dec. 1928 Jan. 1920 Sept. 1919 Apr. 1928 Apr. 1928 Apr. 1928 Apr. 1928 Apr. 1928 Sept. 1919 Dec. 1921 Dec. 1928 Dec. 1928 16 16 Clark Co., The D. L., candy... ... “yy Clinton Iron and Steel Co., pigiron.............. Colonial Steel Co., steel for tools. . .... Columbia Hospital, Wilkinsburg, Pa... .............. Columbia Steel and Shafting Co., cold drawn and cold rolledsteel . ............ coi Crucible Steel Co., crucible and open hearth steel. . . .. Cruikshank Bros. Co., fruit preserving. .............. Cunningham Glass Co., The D. O., soda bottles... .... Vol 5 Date Dec. 1925 Jan. 1920 Jan. 1920 Dec. 1928 Jan. 1920 Jan. 1920 Dec. 1925 Dec. 1920 N Damascus Bronze Co., bronze and babbit metals. ..... Darlington Brick and Mining Co.. face brick. ....... Department Stores. ....................... Dixmont Hospital, Dixmont, Pa... ......0........... Duffs-Iron City College, commercial college. .......... Dunlevy-Tranklin Co., hams and bacon. .... ........ Duquesne University. . 13 id 3 a “4 Edgewater Steel Co., steel tires, forgings, ingots. ...... 3 Elizabeth Steele Magee Hospital. .......... ....... 6 Ellis School, girls’ preparatory school... ........... Entress Brick Co., brick. ....... .. Eve and Ear Hospital. . . . Pe J 3 Pirth-Sterling Steel Co., tool and die steel. . .......... C. L. Flaccus Glass Co., bottles and jars... ......... Flannery, Joseph M., radium manufacturer... ........ Flannery Bolt Co., flexible stay-bolts. . .............. Fort Pitt Bedding Co., bedding materials. . .......... Fort Pitt Malleable Iron Co., malleable railroad car ECT ER Fort Pitt Steel Casting Co., steel castings. . . Fourth Federal Reserve District. .... .. Freedom Oil Works Co., oil, gasoline. . . Frick. Henry C., coke manufacturer. . . . Q < Fr 3 Glass. .......... . Golden-Anderson Valve Specialty Co., automatic control NAIVE, wos pos a vans gan Greater Pittsburgh Churches .. Gulf Oil Corp., oil, gasoline. . Apr. 1927 Dec. 1922 Sept. 1930 Dec. 1928 Apr. 1928 Apr. 1925 Apr. 1928 Jan. 1920 Dec. 1928 Apr. 1928 Dec. 1922 Dec. 1928 Jan. 1920 Dec. 1920 Aug. 1921 Jan. 1920 Apr. 1927 Jan. 1920 Jan. 1920 Sept. 1930 Dec. 1924 June 1920 Dec. 1920 Apr. 1927 Apr. 1928 Dec. 1924 Harbison-Walker Refractories Co., fire brick......... Hardie Bros. Co, candy. ..........ccooiivuinnn.. Harmony Creamery Co., dairy products. ........... Heinz Co., The H. J., food products. ................ Heppenstall Forge and Knife Co., forged products and KNIVES, tvuve initia ee Hermes-Groves Dairy Co., dairy products. ........... Hillman Coal and Coke Co, coal and coke ........... Homestead Hospital, Homestead, Pa................. 0. Hommel Co., The, bronze powder. ............... Hubbard & Co. and Subsidiaries, spades, shovels and tools. . Industrial Home for Crippled Children...... ........ Italian Sausage and Provision Co., meat packing. ..... Jones & Laughlin Steel Co., iron and steel. . Vol. Date Dec. 1922 Dec. 1925 Dec. 1925 Dec. 19925 3 "9 12 12 13 12 1 Apr. 1927 Dec. 1925 June 1920 16 Dec. 1928 13 Apr. 1927 3 Jan. 1920 16 Dec. 1928 12 Dec. 1925 3 Jan. 1920 KK Keystone Driller Co., contractors supplies. ........... 13 Apr. 1927 Kier Fire Brick Co., fire and silica brick.............. 9 Dec. 1922 Kittanning Brick and Fire Clay Co., face building brick. 9 Dec. 1922 LaBelle Iron Works, iron and steel... ............... Ladd Water Tube Boiler Co., steam boilers........... Lanz Brick and Tile Co., The M., common and face brick Lockhart Iron and Steel Co., steel bars... .. RP Lutz and Schramm Co., pickles and preserves......... Mchcenan Bros Co-lhoilers and boiler plate... McCullough-Dalzell Crucible Co., crucible steel manu- facturing, ...converiessnnate. rEsEEEAE McFeely Brick Co, brick. ......................... McKeesport Hospital, McKeesport, Pa........... McKeesport Tin Plate Co., tin plate. ................ McKinney Manufacturing Co., wrought iron hardware. Macbeth-Evans Glass Co., illuminating and industrial B08, pone sp ETE EER ES TARE TIE EERE BD TR Manufacturers Light and Heat Co., oil and gasoline. . . Mellon Institute of Industrial Research. . . 3 i3 9 3 12 Jan. 1920 Apr. 1927 Dec. 1922 Jan. 1920 Dec. 1025 3 Apr. 1927 Jan. 1920 Dec. 1922 Dec. 1928 Jan. 1920 Apr. 1927 3 183 5 Dec. 1920 10 Dec. 1923 14 Apr. 1928 Mercy Hospital. ........., ; Mesta Machine Co., heavy machinery. ........ Miller Saw-Trimmer Co., printers’ machinery. . .. Miller Sons Co., The A. D., oil, gasoline, grease.... Monongahela Iron and Steel Co.. melting bar......... Montefiore Hospital..........cooviini nn Morris and Bailey Steel Co.. cold rolled strip. . ....... » National Biscuit Co., baking........ it National Casket Co., burial supplies. ................ National Fire Proofing Co., glazed and unglazed tile. .. National Lead and Oil Co., painter’s white lead and oil. National Tube Co., pig iron. . Ol. 16 3 13 10 3 6 Q 12 9 13 Q Dale Dec. 1928 Jan. 1920 Apr. 1927 Dec. 1923 Jan. 1920 Dec. 1928 Jan. 1920 Dec. 1925 Apr. 1927 Dec. 1922 Apr. 1927 Jan. 1920 0 Ohio Fuel Corp., gas............ Ohio Fuel Oil Co.,0il............. Ohio Fuel Supply Co., gas..................... Ohio Valley General Hospital, McKees Rocks, Pa... .. Oil Well Supply Co., driller’s and oil field supplies. . . .. Oklahoma Natural Gas Co., natural gas.............. Oliver Iron and Steel Co., bolts, nuts, rivets. ......... Our Ladv of Merev Academy, school for girls a xr Parish Schools of Diocese of Pittsburgh. . Park Institute, business school. ...... Passavant Hospital.......... Pasteur Institute........... to Pennsylvania College for Women........... es #3 Pennsylvania Lubricating Co., oil and grease. . . Penna. Salt Mfg. Co., salt.......... Petroleum and Natural Gas. ......... ............ Philadelphia Co., public utilities, gas & electricity . . . Phoenix Glass Co., illuminating glassware Pittsburgh, introductory bulletin. .................. Pittsburgh Academy, preparatory & business college . . . Pittsburgh’s Capital Investment. .......... Pittsburgh City Homes and Hospitals............... Pittsburgh Clay Pot Co., glass melting pots... ....... Pittsburgh Clearing House. ............. 53% 5% Pittsburgh Coal Co., gas, coking, steam coal......... Pittsburgh Cold Rolled Steel Co., cold rolled strip steel. Pittsburgh Gear and Machine Co., gears and chain drives Pittsburgh Homoeopathic Hospital. ... ... Pittsburgh Hospital. ............... o.oo 0 Pittsburgh Iron and Steel Foundries Co., alloy steel... . Dec. 1924 Dec. 1924 Dec. 1924 Dec. 1928 Apr. 1927 Dec. 1923 Jan. 1920 Apr. 1928 16 13 0 3 15 Apr. 1928 15 Apr. 1928 16 Dec. 1928 16 Dec. 1928 14 Apr. 1928 11 Dec. 1924 13 Apr. 1927 {1 Dec. 1923-24 10 Dec. 1923 5 Dec. 1920 Aug. 1919 Apr. 1928 Sept. 1930 Dec. 1928 Dec. 1922 Sept. 1930 June 1920 Jan. 1920 Apr. 1927 Dec. 1928 Dec. 1928 Jan. 1920 2 3 16 a Pittsburgh Lamp, Brass and Glass Co., lamps, signal lamps and glassware. ........... Pittsburgh Malleable Iron Co., malleable castings. . . Pittsburgh Municipal Hospital. .................. Pittsburgh Musical Institute, Inc... ................. Pittsburgh Oil and Gas Co., oil, gas and gasoline... ... Pittsburgh Plate Glass Co., plate glass. ........... Pittsburgh Provision and Packing Co., meats. . .... Pittsburgh Rolls Corp., rolled steel. ........ Pittsburgh Skin and Cancer Foundation. . .. Pittsburgh Stock Exchange. ....................... Pittsburgh Steel Co., wire, nails and fencing. ......... Pittsburgh Testing Laboratory, testing and analysis. . . Pittsburgh Theological Seminary. United Presbyterian Seminary.......... Pittsburgh Transformer Co., electric transformers. . . . Pittsburgh Tuberculosis Hospital. . . . . Presbyterian Hospital.......... Presbyterian Seminary............. Pressed Steel Car Co., freight cars. . . Protestant Home for Incurables. . . Public Schools of Pittshurgh. . . .. Pure Oil Co.. oil and easoline Republic Iron and Steel Co., iron, steel and bolts. . . . Reymer and Brothers, Inc., candy................ Rieck-MecJunkin Dairy Co., dairy products........... Roselia Foundling Asvlum and Maternity Hospital. . Fo . 3 3 n 3 ‘gq 14 13 3 3 3 1 1% 16 Date Dec. 1920 Jan, 1920 Dec. 1928 Apr. 1928 Dec. 1923 Dec. 1920 Dec. 1925 Jan. 1920 Dec. 1928 Sept. 1930 Jan. 1920 Apr. 1927 Apr. 1928 Apr. 1927 Dec. 1928 Dec. 1928 Apr. 1928 Jan. 1920 Dec. 1928 Apr. 1928 Dec. 1924 Aug. 1921 Jan. 1920 Dec. 1925 Dec. 1925 Dec. 1928 ~y Saint Francis Hospital. .......... Saint John’s General Hospital. ... ... Saint Joseph’s Hospital. ........................ Saint Margaret Memorial Hospital. .............. Salt Creek Consolidated Oil Co., oil. . . Cee Lawrence E. Sands, banker............. Sewickley Valley Hospital, Sewickley, Pa... ....... Shady Side Academy, preparatory school for bovs. . Shriner’s Hospital for Crippled Children... ...... Smith and Son Co., The Lee S., dental supplies. . . . South Penn Oil Co., oil and gas. . .. South Side Hospital. ........................... Standard Sanitary Mfg. Co., bathroom supplies. .... Standard Steel Car Co., steel and composite cars. . . . . . Standard Underground Cable Co.. wire and cable. . .. 16 '6 Q 6 3} 12 Dec. 1928 Dec. 1928 Dec. 1928 Dec. 1928 Dec. 1923 Sept. 1930 Dec. 1928 Apr. 1928 Dec. 1928 Apr. 1927 Dec. 1924 Dec. 1928 Apr. 1927 Jan. 1920 Apr. 1927 Suburban General Hospital, Bellevue, Pa.......... Superior Steel Corp., hot and cold rolled strip steel. . .. Swift and Co., meat packing... T Thurston Preparatory School, preparatory school for IE, sins mare tre tn ea Transcontinental Oil Co.,01l........................ Tuberculosis League of Pittsburgh................... Union Drawn Steel Co., steel. ........... Cee Union Natural Gas Corp., gas. ..................... Union Steel Casting Co., special steel casting. ........ Union Switch and Signal Co., switches, signals, lamps. . United Engineering and Foundry Co., iron and steel manufacturing equipment. ........... ‘ United Presbyterian Seminary. ................. .... United States Bureau of Mines, experimental station... United States Glass Co., pressed blown glassware {United States Marine Hospital... ........... ..... Jnited States Steel Subsidiaries, steel, coal and coke. . . United States Veterans Hospital, Aspinwall, Pa...... .. Universal Portland Cement Co., cement. . . . .. [University of Pittsburgh. . Vitro Manufacturing Co., enamels. . w Ward Baking Corp., baked goods... .... Washington Tin Plate Co., tin plate. . .. Waverly Oil Works Co., oil and gasoline. . Weaver, Costello and Co., Inc., candy... .. . .. Weirton Steel Co., iron and steel. . .......... West Penn Steel Co., open hearth sheet bars. Western Pennsylvania Hospital... ................. Western Theological Seminary, Presbyterian seminary. Western Pennsylvania School for the Blind. . .. Westinghouse, George, inventor. ................... Westinghouse Air Brake Co., air brakes, compressors... Westinghouse Union Battery Co., batteries.......... Winchester School, girl’s school... ............ . Witherow Steel Co., concrete bars. ............ Wolfe Brush Co., paint and industrial brushes. . . ..... Woodings Forge and Tool Co., railway tools. ......... oar Home snd Maternity Hospital Vol. nh Date Dec. 1928 Jan. 1920 Dec. 1925 1% 15 Apr. 1928 11 Dec. 1924 16 Dec. 1928 J Jan. 1920 Dec. 1924 Jan. 1920 Mar. 1921 5 6 2 Apr. 1927 Apr. 1928 Apr. 1928 Dec. 1920 Dec. 1928 June 1920 Dec. 1928 Dec. 1921 Apr. 1928 a 0 " 8 4, 13 Apr. 1927 12 3 0 Dec. 1925 Jan. 1920 Dec. 1923 Dec. 1925 Jan. 1920 Jan. 1920 Dec. 1928 Apr. 1928 Apr. 1928 Mar. 1921 Mar. 1921 Mar. 1921 Apr. 1928 Jan. 1920 Apr. 1927 Apr. 1927 12 12 b Dee 1008 DIRECTORS Roserr Warbror, Chairman of the Board P. W. MorgaN, Vice Chairman of the Board Frank F. Brooks. ......... E. M. Byers. ......... .. Chairman of Board, A. M. Byers Co. W. L. Cause. .........Chairman of Board, Pittsburgh Plate Glass Co. W. D. GEORGE. . . .. ... -+....Real Estate J. H. Hitumaw, Jr... .. . Chairman of Board, Hillman Coal & Coke Co. A. L. HUMPHREY... ............. President Westinghouse Airbrake Co. D. T. Layman, Jr.. «+ +.....Henry Phipps Estate F.H. Liovp....... .... Retired Merchant A. M. MORELAND. ....... ceo-vi-vvoo...... Retired Manufacturer P. W. Moran... .... President, First National Bank, Wilmerding, Pa. GrorGE E. PAINTER... ........... Vice President, Union Storage Co. E. W. ParGNY. ........... President, American Sheet & Tin Plate Co. A. C. RoBINSON .. .. ..... President, Peoples- Pittsburgh Trust Company Isaac M. Scorr. . Ce President, Wheeling Steel Corporation Crype C. TAYLOR. , «ooo. «....Vice President and Cashier Vernon F. Tavron. . . -......Banker & Oil Operator, Indiana, Pa. BEnsamin Taw... ........ rosa sense. Drmlee Thaw Estate RoBERT WARDROP. .. ...... Director, Federal Rescrve Bank of Cleveland E. T. Waiter. . . ........ Vice President, Pittsburgh, Penna. R. R. Co. Jorn M. WiLsox.. .... President, National Supply Co., Pittsburgh, Pa. WriLriam P. Wrtnerow. . . .. Vice President, Republic Steel Corporation LemuerL W. Youne, J&.. .. ....President, South Penn 0il Co. . President OFFICERS FRANK F. BROOKS. . . . Crype C. TAYLOR Jj. HOwARD ARTHUR. .. Henry K. HoLMES. WirriaM W. FawceTrT Tromas B. HubpsoN Grier C. Orr fjorN DEM. WERrTs Oscar WILSON Wa. J. FRANK. ) P, VW. DAHINDEN f. PauL Forp..... ... President Vice President and Cashier Vice President Assistant to the President Assistant Cashier Assistant Cashier Assistant Cashier dsaistant Cashier 4 earetant Cashier Munager Foreign and Savings Department Asst. Manager Foreign and Savings Dept Manager Steamship Department. Asst. Manager Foreign and Savings Dept. uH FIRST NATIONAL BANK AT PITTSBURGH, PENNSYLVANIA FIFTH AVENUE AND WOOD STREET CONVENIENT FOR YOII sig 1° il g 3 3s +2 £ Q §EN wo nN ® 0 Nn 2 1g = on" 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. NY ~ THE PITTSBURGH CLEARING HOUSE te 00 - -] - ¥ ¥ C's - oS (= “0 2 A) Q o - 2] J 2 —t > ~~ 2} ot) = > D n Yo» C00 wo © i N 1 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 0 © J. r