The story of Pittsburgh: Banking and finance

Banking and finance (Vol. 1, nr. 17)

Bibliographic data

Multivolume work

Identifikator:: 1831622599

Document type:: Multivolume work

Title:: The story of Pittsburgh

Place of publication:: Pittsburgh

Publisher:: First National Bank

Year of publication:: 1919-1930

Collection:: Economics Books

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Volume

Identifikator:: 1831623951

URN:: urn:nbn:de:zbw-retromon-241167

Document type:: Volume

Title:: Banking and finance

Volume count:: Vol. 1, nr. 17

Place of publication:: Pittsburgh

Publisher:: First National Bank

Year of publication:: 1930

Scope:: [ca. 40] Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: The Pittsburgh stock exchange

Collection:: Economics Books

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

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