Today in Wheeling History: April 30 - The Wheeling Stock Exchange, one of America's regional stock exchanges, officially closed after more than 50 years of operation (1965).
The Wheeling Stock Exchange was established in 1914 to facilitate transactions of local stocks in Wheeling, West Virginia. As one of America's regional exchanges operating outside the financial center of New York City, it provided a platform for trading local company shares under the SEC's Unlisted Trading Privileges rule. At its peak before the Great Depression, the exchange employed full-time staff and served as a vital financial institution for the local economy.
The exchange traded shares of numerous local businesses including Bloch Bros Tobacco Company, Central Glass Works, Conservative Life Insurance, Fostoria Glass Company, Hazel-Atlas Glass Company, Imperial Glass Company, LaBelle Iron Works, Market Auditorium Company, Neuralgyline Company, U.S. Stamping Company, Ward Baking Company, Warwick China Company, Wheeling Bridge Company, Wheeling Metal & Manufacturing Company, Wheeling Steel & Iron Company, Wheeling Tile Company, and Whitaker-Glessner Company.
For decades, the exchange was housed in the historic City Bank Building (later known as The Professional Building) at 1300 Market Street. Built in 1892, this six-story Victorian structure was originally the tallest business building in West Virginia. However, by the 1930s, the exchange had scaled back to part-time operations. Its importance diminished significantly as local companies like Wheeling Steel began listing on the New York Stock Exchange. The exchange's final members were Hazlett, Burt & Watson, Bache & Co., and A.E. Masten. After more than 50 years of operation, the Wheeling Stock Exchange dissolved on April 30, 1965, citing increasing regulatory paperwork required by the Securities and Exchange Commission as the reason for closure.
To learn more: Wheeling News-Register (https://tinyurl.com/2ve23fp5), Wikipedia (https://tinyurl.com/ykhvyzbb), Wheeling Intelligencer (https://tinyurl.com/3de8c8ps), The Intelligencer/Wheeling News-Register (https://tinyurl.com/2s3m2khu)
Photo credits: Ohio County Public Library Archives, Wheeling WV; Wheeling Intelligencer, Wheeling News-Register
The Wheeling Stock Exchange was established in 1914 to facilitate transactions of local stocks in Wheeling, West Virginia. As one of America's regional exchanges operating outside the financial center of New York City, it provided a platform for trading local company shares under the SEC's Unlisted Trading Privileges rule. At its peak before the Great Depression, the exchange employed full-time staff and served as a vital financial institution for the local economy.
The exchange traded shares of numerous local businesses including Bloch Bros Tobacco Company, Central Glass Works, Conservative Life Insurance, Fostoria Glass Company, Hazel-Atlas Glass Company, Imperial Glass Company, LaBelle Iron Works, Market Auditorium Company, Neuralgyline Company, U.S. Stamping Company, Ward Baking Company, Warwick China Company, Wheeling Bridge Company, Wheeling Metal & Manufacturing Company, Wheeling Steel & Iron Company, Wheeling Tile Company, and Whitaker-Glessner Company.
For decades, the exchange was housed in the historic City Bank Building (later known as The Professional Building) at 1300 Market Street. Built in 1892, this six-story Victorian structure was originally the tallest business building in West Virginia. However, by the 1930s, the exchange had scaled back to part-time operations. Its importance diminished significantly as local companies like Wheeling Steel began listing on the New York Stock Exchange. The exchange's final members were Hazlett, Burt & Watson, Bache & Co., and A.E. Masten. After more than 50 years of operation, the Wheeling Stock Exchange dissolved on April 30, 1965, citing increasing regulatory paperwork required by the Securities and Exchange Commission as the reason for closure.
To learn more: Wheeling News-Register (https://tinyurl.com/2ve23fp5), Wikipedia (https://tinyurl.com/ykhvyzbb), Wheeling Intelligencer (https://tinyurl.com/3de8c8ps), The Intelligencer/Wheeling News-Register (https://tinyurl.com/2s3m2khu)
Photo credits: Ohio County Public Library Archives, Wheeling WV; Wheeling Intelligencer, Wheeling News-Register
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