New York Stock Exchange Essay

The New York Stock exchange has been an important part of the history of the city, it can be traced back to the Buttonwood Agreement in 1792. Before this agreement was set in place, securities were exchanged through auctions with commodities like tobacco. When the Original 24 brokers signed the deal, they set a commission rate for all those who took part in the deal. The first securities that were sold were mostly for banks and war bonds for the Revolutionary War. Years later they decided to reform, they sent men to Philadelphia to see what their brokers were doing. They then became the New York Stock and Exchange Board. Previously working out of a local coffee house they started to rent out spaces until they settled down at the current location of 11 Wall Street in Lower Manhattan in 1865. During the Civil War, securities trading became a hot commodity in New York. This trading has continued to increase over time with only minor drops during times of economic turmoil. When the Telegraph was invented and made it’s way to New York City, the stock exchange sky-rocketed over the competition in Philadelphia. Over the years there have been quite a few dips in the Stock Market, the first large one in 1929, which sparked the great depression and an all in all horrible time for

But there will also larger ones that have effected The New York Stock Exchange more recently like when on September 11th, 2001 when The World Trade Center, the Twin Towers, in New York City were both hit with commercial airplanes that had been hijacked by terrorists. This created a very trying time in american history, a terrorist attack on our home soil, the spark to start a war and the economy was shaken drastically by the event. The american people were unsure about the Stockmarket and didn't know how to react, whether it was to invest or pull out the people were scared and