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Pittsburgh Stock Exchange

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I have always heard stories about the old Pittsburgh Stock Exchange, always thought it went under with the great depression but turns out that it lasted well into the 1970s before being scooped up by the Philadelphia exchange.

Here are some links I found interesting on the apparently rich stock exchange history at Pittsburgh's 333 Fourth Avenue:


2)The Pittsburgh Stock Exchange today

Pittsburgh Stock ExchangeFounded in 1894, although it traced its roots to the boom that followed the striking of oilin Pennsylvania in 1859. In 1955, direct telephone linkage was made to the Philadelphia exchange, and members were allowed to become associate members of PBW (Walter, 1957).Merged with Philadelphia-Baltimore-Washington in 1969 but maintained a separate trading floor until 1974.
And even Wheeling:

Wheeling Stock ExchangeWheeling was one of the exchanges that had a low volume exemption from SECregistration requirements. When it ceased doing business on April 30, 1965, it traded 11 stocks,8 of which were also listed on the NYSE. (SEC Release 7590)




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It's very interesing that a smaller city like Pittsburgh had it's own stock exchange. I'd bet that the steel, mining, and manufacturing companies were the most traded stocks in that exchange.

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Actually the Pittsburgh exchange got started because there was a need to trade--get this--OIL! Standard Oil (Chevron, ExxonMobil, AmocoBP, etc.) was founded in Pittsburgh as well as Gulf Oil (in 1980 the 8th largest private concern in the world) and Pennzoil, Quaker State, and Marathon Oil all got started and were headquarted in or near Pittsburgh until just recently (last generation or so).

Besides the Carnegies, Fricks, Mellons, and Rockefellers being instrumental in the exchange, it was the chief market for glass, steel, iron, coal, oil, chemicals, electronics (Westinghouse, Tesla and the father of commercial radio Armstrong), and in some ways financials.

Pittsburgh was not alone on this, if you click the underlined source link I provided many regions had an exchange for their local products and companies throughout the late 19th and early-mid 20th century. With communications and the internet today a local exchange is no longer needed as much as they used to be.

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