“The Buffalo Stock Exchange was supposed to put Buffalo on the financial map,” read a 1980 story in The News, “but its timing couldn’t have been worse.”
Stock in 65 local companies were available for trading over the counter, and once the opening bell sounded on May 1, 1929, the exchange averaged 12,000 trades a day.
The largest number of trades in a single day – 65,000 – came five months later, when the bottom fell out of the world financial markets with the crash of the New York Stock Exchange and the subsequent Great Depression.
The exchange was located at 210 Pearl St., between Eagle and Court streets, now the site of a parking ramp. The building was built in 1895 as the Real Estate Exchange, and was known as the Mutual Life Building before the Stock Exchange moved in.
Local stocks were devastated just like their New York Stock Market counterparts during the crash of 1929.
The Buffalo Exchange lingered for a few years before suspending trading in March 1936.