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

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-

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