What Is The History Of Wall Street?
When you ask anyone what they think of when you say the words "stock market" almost everyone will say something about New York City or stocks and bonds. However, you might not know that the powerhouse that we consider to be the trading of American stocks and securities actually had quite humble beginnings in early colonial America. It was 1792 when twenty four of the most successful merchants in Manhattan met under a buttonwood tree near the stockade wall, and discussed how they could cut their competitors, the auctioneers, out of the securities trading game. The location where they met would eventually become known as Wall Street.
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Buttonwood Agreement
In May of 1792, these merchants signed a now famous agreement, called the Buttonwood Agreement in honor of the tree which provided their meeting place. It was a pact that the signers used to control the securities trading game, and bound all those who signed to only trade securities among themselves and to agree on trading fees and commissions that would make them all wealthy men. Many people attribute this historical meeting as the event that would eventually lead to the creation of the New York Stock Exchange at 11 Wall Street.
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Few Years Back From The Date Of The Buttonwood Agreement
If you rewind history a few years back from the date of the Buttonwood Agreement, you would see that the first Dutch settlers of Manhattan had needed to find away to keep themselves safe from British pirates that were still roaming the waterways, Indian raiders and other threats, like wild animals that posed a real problem for the early colonists that were just trying to settle down. They decided that they would build a large stockade, or wall, to protect them from the dangers that came up from the river area. This wall stretched between the East and Hudson Rivers, and those who were travelling between them started to use it as a guideline for a path that would eventually become Wall Street.
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New York Stock Exchange Set Up Shop On Wall Street
As it was one of the first centers of trading and travel in the country, the merchants that met to form the eventual New York Stock Exchange decided to set up shop on Wall Street in 1817. The action was slow and very formal in the beginning, with the brokers of that time meeting in a rented room above the street and listening as the exchange president read out the stocks that were available for trading that day.
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