6. Chicago Stock exchanges of Chicago and Philadelphia probably rank next to Bos ton in importance, altho since the great European war began, both the Baltimore and Pittsburgh exchanges have come into greater prominence.
The Chicago Stock Exchange has about 250 mem bers, and carries on a very active business. Several corporations which formerly permitted dealings in their securities in New York alone, now allow them to be traded in, on the Chicago Exchange. Many important local stocks are dealt in there, such as Booth Fisheries, Chicago Railway, Chicago Telephone, Com monwealth Edison, Chicago Pneumatic Tool, Chicago Edison, IllinOis Brick, Quaker Oats, National Car bon, People's Gas, Pullman, Sears-Roebuck, Swift and Company and Union Carbide. Considerable sales in bonds of local companies also take place on the Chicago Exchange, but it is noteworthy that even of these local Chicago companies many enjoy a much more active market on the New York Stock Ex change. The American Can, National Biscuit and Diamond Match, which were originally promoted by Chicago operators, find their chief market in New York.
7. Philadelphia Stock oldest stock exchange in the United States is the Philadelphia Exchange. Brokers and merchants who later formed the nucleus of the exchange at first met in the "Lon don Coffee House," established in 1754. It was a
"licensed place to which will come and be centered the news from all parts of the world. An exchange upon which our merchants may walk, and a place of resort where our chief citizens in every department of life can meet each other and converse upon sub jects which concern the City and the State." In its first roster are recorded the names of only ten members. This number was increased by eight in 1818. Since then expansion has been fairly rapid, and now the maximum membership permitted by the constitution-230 members—has been reached. The price of a seat is about $10,000 and listing require ments are very strict. With the exception of mod erate quantities of railroad stocks, most of the busi ness is done in bonds and public utility shares.
8. Pittsburgh Stock Exchange.—On the Pitts burgh Exchange many local steel, oil, iron, natural gas and miscellaneous manufacturing stocks, together with a few local railroad and brewery shares, are traded in. As on the Philadelphia, Boston and Chi cago Exchanges, small quantities of United States Steel are bought and sold, but the big market for this stock is New York. Like the other exchanges, Pittsburgh has lost many stocks to New York, such as the 'Westinghouse issues, Crucible Steel, Pittsburgh Steel, Pressed Steel Car, Harbison-Walker Refrac tories and Pittsburgh Coal.