Philadelphia Stock Exchange that the tax was illegal, and the PHLX moved its trading floor back to its headquarters in the city. In 1981, the exchange moved to 19th and Market, where it stayed until 2017 when it moved to its current location in the newly built FMC Tower. The exchange merged with the Baltimore Stock Exchange in 1949. The exchange was then named the Philadelphia-Baltimore Stock Exchange. The Baltimore Stock Exchange then migrated out of its Baltimore Stock Exchange Building, later renamed the Totman Building, to a new home base in Philadelphia. The exchange merged with the Washington Stock Exchange in 1954.
Shanghai Stock Exchange the trading houses themselves remained partnerships). In 1891 during the boom in mining shares, foreign businessmen founded the "Shanghai Sharebrokers' Association" headquartered in Shanghai as China's first stock exchange. In 1904 the Association applied for registration in Hong Kong under the provision of the Companies ordinance and was renamed as the "Shanghai Stock Exchange". The supply of securities came primarily from local companies. In the early days, banks dominated private shares but, by 1880, only the Hong Kong and Shanghai local banks remained. Later in 1920 and 1921, "Shanghai Securities & Commodities Exchange" and "Shanghai Chinese Merchant Exchange" started operation