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History of the Bourse
The concept of the Bourse – meaning a place of exchange – was brought to Philadelphia in 1890 by George E. Bartol, a prosperous Philadelphia grain and commodities exporter. While in Europe, Bartol visited the great Bourse in Hamburg, Germany. Upon his return to the United States, Bartol called together the most influential businessmen and merchants in the city, asking them to pool their resources to construct the city’s own business center – a Philadelphia Bourse.
In 1891, The Philadelphia Bourse Corporation was formed, with each member subscribing $1,000 to the project, by an issue of stock and by a mortgage. The Bourse motto was “buy, sell, ship via Philadelphia.”
The Philadelphia Bourse Building, the first commodities exchange in the U.S., was completed in 1895. The building was one of the first steel-framed buildings to be constructed. Three types of masonry were used on the façade: Carlisle redstone, Pompeian buff brick and terra cotta. Inside were large columns and pilasters which lead to a balcony surrounding the main floor. Bow-top girders were used to support a skylight at the third floor.
The original tenants included the American Telephone and Telegraph, Moore and McCormick Steamship lines, grain dealers and export agents. The Bourse was also home to the Commercial Exchange, the Maritime Exchange, Grocers and Importers Exchange and the Board of Trade.
Quotations from all markets of the world and the latest financial news were received by telegraph, and pneumatic tubes connected The Bourse directly with the United States Post Office. A trading clock signaled the end of every business day.
Kaiserman Management Company, Inc. purchased The Philadelphia Bourse Building in 1979, renaming it “The Bourse” and adapting it as a retail and office complex. The restoration took three years to complete at a cost of $20 million, twenty times greater than the original construction cost.
Celebrating 100 years as a center for commerce and trade, The Bourse is listed on the National Register of Historic Places. Today, it is one of Philadelphia’s leading commercial complexes, home to 27 retail and food service stores, more than 35 businessess, and the law firm of Clinton & McKain.
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