Pittsburgh Stock Exchange

The Pittsburgh Stock Exchange was a large regional stock market located in Pittsburgh, Pennsylvania from November 11, 1864 (originally as "Thurston's Oil Exchange") until being closed on August 23, 1974 due to an extended national bear market and increased computerization that would eventually centralize much regional stock market trading to New York City.[1] It was alternatively named the Pittsburgh Coal Exchange starting on May 27, 1870 [2] after many oil exchanges were being consolidated by Standard Oil and then as the Pittsburgh Oil Exchange on July 21, 1878 with 180 members. On July 25, 1896 with increased interest from all industries the Exchange formally took the name Pittsburgh Stock Exchange though it had been referred to by that name since the spring of 1894.[3]

At its height the exchange traded over 1,200 companies but by the last trading day in 1974 only Pittsburgh Brewing Company, Williams & Company and Westinghouse remained listed. A total of 11 companies traded the last day with 3,100 shares.[4]

Locations

From April 1, 1903 until October 1962 the stock exchange was located at 229 Fourth Avenue.[5] From October 1962 until it closed in August 1974 it was located at the 2 story 8,500 square foot structure 333 Fourth Avenue. Prior to 1903 it was located in rented quarters of the Pittsburgh Bank for Savings on the corner of Fourth Avenue and Smithfield Street.

Events and Closings

The Exchange, like many modern day exchanges, was forced to close during sharp economic crashes or crises. October 23, 1907 it closed for three months due to the 1907 recession. During World War I the market closed for four months starting on July 31, 1914. On March 5, 1933 President Roosevelt announced a bank holiday as both Mellon Financial and PNC Bank with the Pittsburgh Stock Exchange all left nervous account holders waiting outside locked doors.[6]

On June 7, 1936 Pittsburgh Stock Exchange head Paul Leitch died suddenly at 36 from a heart attack.[7]

Final Years

On April 5, 1966 the New York Stock Exchange responded to the Regional Industrial Development Corporation's invitation to relocate to Pittsburgh, the NYSE promised that the city is under consideration.[8]

On December 24, 1969 The Philadelphia-Baltimore-Washington exchanges bought the Pittsburgh Stock Exchange with the commitment to keep the trading floor operational in the city, yet a national economic downturn and increased computerization and centralization led to the Exchange closing after trading ended at 3 PM on August 23, 1974.[9]

The 1962-1974 structure was purchased by Point Park University on November 1, 2006 for $645,000.[10]

External Images

References

Wikimedia Commons has media related to Pittsburgh Stock Exchange.
  1. ↑ https://news.google.com/newspapers?id=lhAcAAAAIBAJ&sjid=yFUEAAAAIBAJ&dq=pittsburgh%20stock%20exchange&pg=7161%2C3759157
  2. ↑ http://www.phmc.state.pa.us/bah/dam/rg/ys/r26ys18.htm
  3. ↑ http://digital.library.pitt.edu/cgi-bin/chronology/chronology_driver.pl?q=exchange&op1=AND&q2=&op2=AND&q3=&searchtype=single&year=&month=&day=&year1=1717&month1=1&day1=1&year2=2011&month2=12&day2=31&start_line=0&page=adv
  4. ↑ https://news.google.com/newspapers?id=_AIOAAAAIBAJ&sjid=Vm0DAAAAIBAJ&dq=pittsburgh%20stock%20exchange&pg=4753%2C2995935
  5. ↑ https://news.google.com/newspapers?id=dptRAAAAIBAJ&sjid=HWwDAAAAIBAJ&pg=4793%2C2144888
  6. ↑ http://digital.library.pitt.edu/cgi-bin/chronology/chronology_driver.pl?q=exchange&op1=AND&q2=&op2=AND&q3=&searchtype=single&year=&month=&day=&year1=1717&month1=1&day1=1&year2=2011&month2=12&day2=31&start_line=0&page=adv
  7. ↑ https://news.google.com/newspapers?id=BXxIAAAAIBAJ&sjid=rmkDAAAAIBAJ&pg=1870%2C842920
  8. ↑ https://news.google.com/newspapers?id=ItlaAAAAIBAJ&sjid=lGwDAAAAIBAJ&dq=pittsburgh%20stock%20exchange&pg=6246%2C1110656
  9. ↑ https://docs.google.com/viewer?a=v&q=cache:pQ8kGuHo_R0J:www.sec.gov/news/digest/1973/dig020673.pdf+pittsburgh+stock+exchange+1870&hl=en&gl=us&pid=bl&srcid=ADGEEShsZISb6sVx7jVuen7YQDduw2PrFt-qy1p9JDnzxW2jYE4aCoumW5IvjwcBrpjhwjThtoFjI61RaI7ZsNYfRb1M3NILZVcHs9nYMo0M4Rl5oo5HRjAsTvPGcKY8kCA0CZWfsdj6&sig=AHIEtbQT-OZFTRns94q_tjQ69alGIFPpnQ
  10. ↑ http://www2.county.allegheny.pa.us/RealEstate/Sales.aspx?ParcelID=0001H00312000000%20%20%20%20&SearchType=2&CurrRow=96&SearchName=&SearchStreet=4th&SearchNum=&SearchMuni=1&SearchParcel=&pin=0001H00312000000
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