Essay On The New York Stock Exchange

Originating in approximately 1511 in the Middle East the coffee shop was a place to enjoy a recently discovered exotic drink, coffee. When merchant traders traveled to Europe news of this exotic new drink began to spread. This led to the coffee house gaining popularity during the 17th century in Europe, with the first coffee house opening in Oxford in 1650. A few years’ latter more than eighty coffee houses had opened in London. This number continued to grow to an astonishing five-hundred establishments by the early 18th century. Coffee houses soon replaced local taverns and with the cost of a cup of coffee priced at one penny became known as “Penny Universities”. These coffee houses quickly became the place to gather to discuss business

King Charles II also condemned them as a place to spread scandalous reports. These efforts proved futile, as the outcry of support for the coffee houses remained strong. In America, coffee houses were becoming popular around the same time. Many of our history’s most prominent men, such as George Washington, Thomas Jefferson, and John Adams frequented the coffee houses in America. Similar to the European coffee houses the establishments in America were also a place to trade, make business deals, and read of recent news. The roots of The New York Stock Exchange trace back to the Tontine Coffee House in New York. In the early days coffee houses brewed coffee by soaking grounds wrapped in filters in boiling water, however, in the early 1900’s an Italian named Luigi Bezzera filed a patent for a type of coffee machine that utilized steam and water pushed through the filtered coffee grounds. Bezzera sold his patent to Desiderio Pavoni who began manufacturing the machines. Café Reggio in New York installed the first machine on American soil in 1927, thus creating the beginning of the espresso machines used in coffee shops all over the world