by Alex Keller
As early as 1858, there were the beginnings of a stock exchange in downtown Cincinnati where members met every Wednesday and Saturday. However, the Cincinnati Stock Exchange (CSE) was not officially organized until March 7, 1885, when 12 brokers agreed to meet at the office of E.N. Laralde on 29 W. Third St. each day to buy and sell securities.
The invention of the ticker in 1867 enabled brokers to share transaction information. Progress in electric communications enabled the use of telephones on the exchange floor in 1878. The first private telegraph wire from New York to Cincinnati was installed in 1888 in the branch office of P.J. Goodhart & Co. on Third Street.
Originally there were two calls a day, one in the morning and one in the afternoon, making it possible for brokers to spend more time in their own offices. The “First Call” of Friday, March 13, 1885, listed 10 city (Cincinnati) bonds, 20 railroad bonds, 12 railroad stocks, 15 bank stocks, 20 insurance stocks and seven miscellaneous stocks. Beginning in January 1902, a third session was held at noon, but was suspended in the summer, and finally terminated in February 1903.
During the 1920s, the morning session was continued until all trading was completed, and in 1930 the CSE reverted to two sessions a day.
Then, in 1946, when unlisted trading of New York Stock Exchange listed securities began, CSE hours were changed to coincide with their bigger city peer. Before 1952, trading had always been carried out by members in person, but in 1952 members allowed certain employees to act as alternatives, to act in place of their employer.
In 1948 the sequential “call” system of trading was replaced by a “posting” system. The large chalk-marked board had long recorded bids and offers in precedence as to price, but that listing did not automatically create a transaction. A broker would have to state that he was buying or selling and there would be an exchange of notes. In 1948 these postings became effectively official and could trigger a trade.
(Westheimer, 1991)
For the RECORD: A Partial Chronicle of Companies Listed on The Cincinnati Stock Exchange, Inc. December 1929:
The Cincinnati Stock Exchange, Inc.
A Chronicle of Selected Securities
Listed on the Exchange
December 31, 1929
K.R.B. Niehoff, Chronicler
Corporation & Year Listed including a Business Excerpt:
Ahrens-Fox Fire Engine Co.
1905
Business excerpt; The Company assembles fire engine trucks equipped with water tanks, water pumping equipment and water hoses. The Company is one of the largest fire fighting truck assembly companies in the United States.
American Laundry Machinery Co., The
1906
Business excerpt: The Company is the largest manufacturer of machinery and appliances for commercial laundries in the world.
American Rolling Mill Co., The
1917
Business excerpt: the Company manufactures basic open-hearth steel, steel sheet bars, Armco ingot iron and other specialized steel products.
Baldwin Company, The
1898
Business excerpt: Manufacturers of grand and upright pianos, reproducing and player pianos and supplies.
Black-Clawson Company, The
1903
Business excerpt: Manufacturers of paper and pulp mill machinery.
Carey (Philip) Manufacturing Co., The
1888
Business excerpt: Manufacturers of asphalt roofing, asbestos and magnesia materials, steam pipe and boiler coverings.
Champion Coated Paper Co., The
1892
Business excerpt: The Company manufacturers coated and glazed paper, book paper and are one of the largest coated paper manufacturers in the world.
Churngold Corporation
1920
Business excerpt: The Company manufactures margarine, creamery butter, cottage cheese and other allied products.
Cincinnati Gas Transportation Co., The
1908
Business excerpt: The Company builds and operates pipe lines connecting natural gas fields in Kentucky and West Virginia.
Cincinnati Gas & Electric Co., The
1901
Business excerpt: The Company owns and operates electronic generating properties, overhead and underground distribution lines and gas transmission and distribution mains.
Cincinnati Milling Machine Co., The
1884
Business excerpt: The Company manufacturers milling and grinding machines.
Cincinnati & Suburban Bell Telephone Co., The
1903
Business excerpt: The Company operates telephone installations in Cincinnati.
Cincinnati Tobacco Warehouse Co.
1900
Business excerpt: The Company owns and operates tobacco and general storage warehouses.
Cincinnati Union Stock Yard Co., The
1871
Business excerpt: The Company owns and operates the Stock Yards at Cincinnati, O.
Cities Service Company
1910
Business excerpt: The Company is one of the largest Public Utility holding companies in the United States. Through the Cities Service Company Petroleum Subsidiary the Company markets various refined oil products through Company owned distributing stations in over 3,800 towns located in 20 states in addition to stations in Canada, South America, Europe and Australia. The Company Principal Office is located at 60 Wall Street, New York, N.Y.
Coca Cola Bottling Corporation
1923
Business excerpt: The business consists of the bottling and distribution of Coca Cola in Ohio, Kentucky and Indiana under a perpetual and exclusive franchise issued by the parent Coca Cola Company of Atlanta, Georgia.
Columbia Gas & Electric Corporation
1926
Business excerpt: The Company is a holding company and an operating company of five operating groups: Charleston Group, West Virginia: Cincinnati Group, Ohio and Kentucky: Columbus Group, Central Ohio and Indiana: Dayton Group, owns and operates Dayton Power and Light Company: Pittsburgh Group, operates in Pennsylvania, Ohio and West Virginia.
Also listed on the Pittsburgh and New York Stock Exchanges.
Cooper Corporation, The
1920
Business excerpt: Manufacturers and distributors of automobile tires, batteries, automobile accessories and radio equipment. Company products are distributed through Company owned stores and by more than 5,000 dealers throughout the United States.
Crosely Radio Corporation, The
1928
Business excerpt: the Company assembles radios from parts manufactured by Crosley and from over 125 manufactures throughout the country. The Company employs over 3,300 people and produces more than 3,000 radio sets per day and sells these sets through something over 20,000 licensed dealers in the United States. In addition the Company owns patents and controls licenses from the Radio Corporation of America and Hazeltine Corporation. In addition to radio manufacturing operations the Company has perfected an automatic refrigerator that is the lowest priced unit of refrigeration in the market. The Company owns the broadcasting station known as WLW one of the most powerful and efficient broadcasting stations in the United States. The Company owns the copy writes of a corps of artists that provides entertainment on WLW radio in addition to the license arrangement that Crosley has with the National Broadcasting Company that broadcasts national concerts, recitals, prize fights, etc. over WLW.
Dow Drug Company
1916
Business excerpt: Owns and operates wholesale drug stores.
Eagle-Picher Lead Company, The
1924
Business excerpt: The Company are miners and smelters of lead and zinc and of crude oil, gas and gasoline. The Company controls about 15% of the total lead produced in the United States each year and about 40% of this lead is utilized in the making of paint pigments.
Excelsior Shoe Company, The
1922
Business excerpt: The Company manufactures shoes in medium grades for retailers at popular prices. The Company export business is especially prosperous in Cuba and the Orient. The Company is the manufacturer of the official Boy Scouts of America shoe.
Fay (J.A.) & Egan Company
1902
Business excerpt: The Company manufactures and sells wood working machinery included is machinery for saw and planning mills, agricultural work, automobile plants, pattern shops and furniture factories.
Fleischmann Company, The
1905
Business excerpt: The Company is engaged in the manufacturer of dried yeast, vinegar, dried grains and dry malt. The Company through the Flieschman Transportation Co. subsidiary is in the trucking and railroad tank car manufacturing and transportation business. The subsidiary also manufacturers and distributes Balsa wood insulated shipping boxes. Levadura Fleischmann, S.A. chartered in the Republic of Cuba operates a yeast plant that supplies to all points in Cuba, Mexico and Panama. The Company is the largest manufacturer and distributor of yeast in the world. It also manufacturers and distributes mineral salts used extensively in the manufacturer of bread. The Corporation has acquired the American distribution rights to products of The Distillers Company, Ltd., London, England, and G.B.
Also listed on the New York Stock Exchange.
Formica Insulation Company, The
1913
Business excerpt: Its product, “Formica,” made of sheets of special fibrous materials impregnated with Bakelite resins and fused under heat will not warp, rot, corrode, tarnish or crystallize, and is practically inert chemically. Formica panels, tubes and parts are used on radio sets; used in telephones, and is used in the automobile field both electronically and in making of gears.
Fyr-Fyter Company
1916
Business excerpt: The Company is a producer and distributor of fire fighting appliances in Ohio, Indiana and Michigan. It is one of the largest exclusive manufacturers of hand portable fire extinguishers distributed throughout the United States and foreign countries.
Gibson Art Co., The
1917
Business excerpt: The Company manufacturers greeting cards, booklets for numerous established holidays and seasons throughout the year as well as birthday, anniversary, congratulation, sympathy, everyday cards.
Globe-Wernicke Co., The
1882
Business excerpt: The Company operates out of and occupies modern fire-proof buildings of brick, concrete and steel construction covering twenty acres of ground employing twenty-five hundred skilled workers. The Company is one of the largest in the United States that manufactures office furniture, filing cabinets, stationers’ supplies, sectional bookcases, etc.
Goodyear Tire & Rubber Company, The
1898
Business excerpt: The Company manufacturers automobile tires and tubes, pneumatic truck tires, pneumatic carriage tires, motorcycle tires and tubes, airplant tires. The company controls and or owns Goodyear Tire and Rubber Company of Canada, Goodyear Tire and Rubber Company of California, Goodyear Tyre and Rubber Co., Australia, Goodyear Tire and Rubber Co., England (Great Brittan) among many additional operating subsidiaries in Sumatra, Indonesia, Quebec, Canada and throughout the United States and foreign countries. The general business office of the Company is in Akron, Ohio.
Also listed on the Cleveland and New York Stock Exchanges
Gruen Watch Co., The
1907
Business excerpt: manufacturers and wholesalers of the Gruen watch known as “Verithin,” “Precision,” wristlet and pocket watches. The Company consolidated The Gruen National Watch Case Company and The Gruen Watch Mfg. Co. of Switzerland into its business incorporation.
Hatfield-Campbell Creek Coal Co., The
1927
Business excerpt: The Company owns and operates coal mines in Kanawha County, West Virginia, producing high-grade bituminous coals marketed under the trade name “Campbell’s Creek’ and “Dana”. The Company owns Campbell Creek Railroad that transports the product to the Kanawha River to Company owned tipples, elevators, steamboats, barges and it connects with the New York Central for Eastern markets and the C. & O. Railroad for the North and Northwestern markets. The Campbell Company consolidated with The Hatfield Coal Company bituminous coals marketed as “Blue Jacket,” “Lincoln” and “Battleship” and the Fleischmann-Hatfield coal and transportation interests. The Company is a factor in river transportation on the Ohio River and owns and operates a fleet of steamboats, barges, elevators, docks, harbors, landings, etc. The main office of the Company is the Union Trust Bldg., Cincinnati, O.
Hobart Manufacturing Co., The
1913
Business excerpt: The Company manufactures products and equipment that is used in grocery stores, markets, commercial kitchens, bakeries and other basic food industries. The Company owns the Crescent Washing machine Company manufacturers of dish washing and metal washing machines for commercial kitchens and industrial companies.
International Printing Ink Corp., The
1928
Business excerpt: The Company ranks as one of the largest manufacturers of printing ink and related products in the United States. The Company operates nine plants, three in Cincinnati and one each in Chicago, Brooklyn, N.Y., Newark, N.J., Philadelphia, and Battle Creek, Mich. There are additional capital stock plants in Los Angeles, Calif., and London, England. The Company has sales offices in cities throughout the United States, England, China and Argentine. The largest sales are to industrial plants for varnish, enamel and lacquer use, newspapers, typewriter ribbons, carbon paper and to a variety of suppliers for the printing and allied trades.
Also listed on the New York Stock Exchange
Jaeger Machine Company, The.
1906
Business excerpt: Manufacturers of concrete mixers and concrete handling machinery used in road construction and for general construction work.
Also listed on the Cleveland and Chicago Stock Exchanges
Julian & Kokenge Co., The
1892
Business excerpt: the Company ranks as one of the largest manufacturers of women’s high grade shoes in the U.S. Among its products is the well known “Foot Saver,” “Foot Friend” and “Airy Welts” shoes.
Kahn’s (E) Sons Co., The
1926
Business excerpt: The Company engages in the business of slaughtering cattle, hogs, calves and sheep and are pork and beef packers. “Kahn’s Meats” are associated with hams, bacon, and lard under the brand name of “American Beauty Products.” The Company offices are located at the Union Stock Yards, Cincinnati, O.
Kroger Grocery & Baking Co., The
1902
Business excerpt: The principal business of the Company is operator of retail grocery stores. The Company has 5,260 stores, 11 bread baking plants, 5 cracker bakeries, 10 cake bakeries, 2 abattoirs. The Company owns warehouses, factory buildings, and meat slaughtering and packing plants in a number of the principal cities throughout the Country. The grocery chain has stores in the principal cities in Ohio, Michigan, Kentucky, Indiana, Pennsylvania, West Virginia, Tennessee, Arkansas, Oklahoma, Kansas and Wisconsin.
Also listed on the New York Stock Exchange
LeBlond-Schacht Truck Co.
1913
Business excerpt: The Company manufacturers practically every part of the truck with the exception of the engine. The Company distributes trucks from Ohio east to the seaboard and North to the Canadian line, thus embracing the better concentrated portion of the truck market. The Company specializes in the 3-ton truck, and its truck line includes everything from 1 to 7 ½ ton capacities of modern design including 6-cylinder motors, 4-wheel brakes and other late improvements.
Little Miami Railroad Co., The
1915
Business excerpt: The Company leases its rails to the Pittsburgh, Cincinnati, Chicago & St Louis Railroad for a period of ninety-nine years from December 1, 1869. The Company general office is at the Dixie Terminal Bldg., Cincinnati, O.
Lunkenheimer Company, The
1889
Business excerpt: The Company is a manufacturer of iron, steel and bronze valves and engineering appliances. The Company was originally established in 1862. The Company has branch stores in Boston, Chicago, New York and Philadelphia. The manufacturing plant location is Cincinnati, O.
Manischewitz (B.) Company, The
1914
Business excerpt: Its products consist of Matzos (unleavened bread), egg Matzos, cake meal, Matzo meal and Matzo farfel which are used in large quantities throughout the entire world. The main Company plant and bakery is in Cincinnati, Ohio with an auxiliary plant in Chicago, Ill. These plants are the largest and finest equipped of their kind in the world and practically the entire process of manufacturing is carried on through the use of automatic labor-saving machines on which many patents owned by the Company. Edgar Aub is the only outside Company Director. Company offices are at 2100 West Eight Street, Cincinnati, O.
Mead Pulp & Paper Company, The
1905
Business excerpt: The Company manufacturers and sells book and magazine paper.
Meteor Motor Car Company
1928
Business excerpt: The Company is a manufacturer of ambulances and funeral cars. The manufacturing plant is in Piqua, O.
McLaren Consolidated Cone Corporation
1925
Business excerpt: The Company manufacturers ice cream cones, cup pastry and wafers. The Company is a consolidation of manufacturing plants in Dayton, O., Brooklyn, N.Y., Dallas, Texas, Chicago, Ill., Portland, Oregon, Chattanooga, Tenn., and Los Angeles, Cal. The Company principal office is maintained in Dayton, Ohio.
A. Nash Company, The
1927
Business excerpt: The Company is a maker of men’s clothing.
National Recording Pump Company
1921
Business excerpt: The Company manufacturers gasoline pumps used by gasoline filing stations.
Also listed on the Cleveland Stock Exchange.
Ohio Bell Telephone Company, The
1921
Business excerpt: The Company was formed by the consolidation of 17 independent telephone companies. The territory of The Ohio Bell Telephone Company comprises all of the State of Ohio excepting the territory serviced by The Cincinnati and Suburban Bell Telephone Company. As of December 31, 1928 the Company operated a total of 195 central offices with a total of 650,852 telephones and an extensive system of toll lines connecting with 408 local companies operating 749 central offices servicing 367,420 telephones, making a total of 1,018,272 telephones connected with the Ohio Bell System. At the end of 1928, the Company had 17,171 miles of pole line, 4,061 miles of underground duct and 2,469,965 miles of wire.
Also listed on the Cleveland Stock Exchange.
Ohio Shares, The
1927
Business excerpt: The Company was Incorporated to acquire, own and trade corporate stocks and other securities so as to have a broad diversification of investments under direct supervision of the Executive Board of Managers. This Company represented what was the beginning of the “First Mutual Fund” and the Mutual Fund business. The Directors of the Company were Alfred C. Cassatt, W.H. Chatfield, John J. Emery, Edgar Friedlander, John B. Hollister, James M. Hutton, and John J. Rowe. As of the December 31, 1928 Balance Sheet, the Company reported total Assets of $1,139,292.59 comprised of preferred stocks, common stocks and U.S. government securities. The dividend earned per share of common stock in the fund was $7.30 and the Average price per share throughout the calendar year was $104.625 (104.5/8ths) representing a 6.98% return.
Omaha & Council Bluffs St. Ry. Co.
1891
Business excerpt: Owns and operates 132 miles of track which includes all the street railways in Omaha, Neb. The Company controls the street railway in Council Bluffs, Iowa. Company general office: Omaha, Neb.
Paragon Refining Company, The
1916
Business excerpt: The Company buys, refines and sells petroleum oil.
Also listed on the Cleveland Stock Exchange
Printing Machinery Company, The
1908
Business excerpt: The Company manufactures plate mountings and registering devices and multi-color sheet-feed rotary presses. The main Company plant is in Cincinnati, O. with branch operations in Chicago, Ill. and New York, N.Y.
Procter & Gamble Company, The
1905
Business excerpt: The Company and its subsidiaries are the largest producers in the United States of soap, glycerine and cooking fats in the world. Its best known products are “Ivory Soap,” “Camay Soap,” “Naptha Soap,” “Oxydol,” “Lava,” “Grandma’s Powder,” “Chipso,” and “Crisco” cooking fat. The Company industrial plants are located in or near large cities in the United States and Canada. Representative city locations are, Staten Island, N.Y., Dallas, Texas, Kansas City, Kansas, Hamilton, Ontario, Atlanta, Ga., Charlotte, N.C., Little Rock, Ark., Selma, Ala. Ivory soap was the first floating soap first introduced in 1879.
Sole listing: The Cincinnati Stock Exchange, Inc.
By Company Executive Officers: Messrs. William Cooper Procter, President, and Ralph F. Rogan, Secretary
Pure Oil Company, The
1914
Business excerpt: the Company is engaged in the producing, refining and marketing of petroleum and its products, as well as engaging in the transporting business.
Also listed on the New York Stock Exchange.
Rapid Electrotype Company
1927
Business excerpt: The Company manufacturers electrotype plates for use in the making of duplicate relief printing. The Company maintains facilities in Chicago, Ill, Detroit, Mich., New York, N.Y. and Philadelphia, Pa.
Richardson Company, The
1919
Business excerpt: The Company is engaged in the manufacturer of molded products, boxboard, folding paper boxes, wallboard, felt paper, solid fiber cases, suit boxes and other paper products. Sixty thousand tons of boxboard is produced in the manufacture of 12,000,000 fiber shipping cases and 400,000,000 folding paper cartons in each of the years, 1927 and 1928 with similar quantities in previous years.
Seaboard Oil Company
1925
Business excerpt: Distributor of petroleum products. Principal Corporate offices, Jacksonville, Fla.
Sorg (Paul A.) Paper Company, The
1899
Business excerpt: Manufacturers of paper. Subsidiary Oglesby Paper Company.
Sparks-Wirthington Co., The
1919
Business excerpt: Manufacturers of automobile radiator fans, automobile horns and radio sets for automobiles. Company offices, Jackson, Mich. and Cleveland, O.
United States Playing Card Company, The
1917
Business excerpt: The Company manufacturers “Bicycle,” “Congress” and other classes of playing cards.
United States Printing & Lithograph Co., The
1912
Business excerpt: The Company is one of the leading manufacturers in the country of color printing and color lithographing of labels, cartons, posters, coated paper etc., for packing, shipping and advertising the necessities of life. The Company has factories in Norwood, Ohio, Brooklyn, N.Y., Baltimore, Md., Montclair, N.J., and Erie, Pa. The factories are equipped with the newest and speediest machines for printing and lithographing.
United States Shoe Company, The
1923
Business excerpt: The Company manufacturers ladies’, misses’ and children’s shoes. Among the prominent brands are “Red Cross,” “Arch Protector,” “Sally Walker,” and “Flexrite”. The plants capacity is 8,500 pairs daily.
Wurlitzer (Rudolph) Co., The
1921
Business excerpt: The Company manufactures and is a dealer of organs, pianos and musical instruments. The business was organized in 1856 and Incorporated under the laws of Ohio in 1890. The Company common stock was priced at the high price of $400.00 per share in 1927 with a low price that year at $210.00 per share.
Prepared by: K.R.B. Niehoff
November 23, 2010