Early in our country’s history and stock market history, Boston was the original financial center of America. In Boston bonds for projects that included roads, canals, bridges and commodities such as hides and molasses, were sold and bought by dealers in Boston. Even though business was conducted in Boston, it was not considered an official place to conduct such financial business which is part of the stock market history.
It wasn’t until 1792 that the United States of America would official organize a formal stock and bond trading in the stock market history which was located in New York. The new banks that were forming attracted wealthy businessmen, who would sell lottery tickets, bonds and shares of stocks along with their ordinary trade. During this time, treasury bonds issued by the new Bank of the United States were the hottest commodity for trading and speculating.
According to stock market history, the first organized stock exchange was created in 1792. Benjamin Jay, John Sutton and 22 additional financial leaders met and agreed to sign an agreement that outlined the rules, regulations and fees for the stock exchange. The original Wall Street was built in 1644 on the lower end of Manhattan by the Dutch to protect themselves against attacks from the British. The wall was later destroyed but the road that ran along side it remained. This is how the term Wall Street was first conceived.
Stock market history includes the establishment of the Stock Exchange Office. The Stock Exchange Office was used to auction securities every day to be sold to the highest bidder. The seller of the securities paid the exchange a commission on each stock or bond sold. Stock market history shows that the Stock Exchange was an exclusive organization that only the elite of New York’s financial community could join.
It wasn’t until 1817 that the name of the Stock Exchange was officially changed to the New York Stock and Exchange Board. Then in 1863, the New York Stock and Exchange Board decided to change its name to the New York Stock Exchange. In stock market history, it was during 1863 that the New York Stock Exchange moved into the building at the corner of Wall and Broad streets to conduct business. This is the location that the New York Stock Exchange still conducts business today.
During the early years of the stock market history, there were a few smaller exchanges that competed with the New York Stock Exchange. One of these smaller exchanges was known as the Curbstone Brokers because they would conduct business outside on the curb come rain or shine. The Curbstone Brokers would deal in smaller companies that couldn’t meet the requirements that had been set by the New York Stock Exchange. It wasn’t until after the Curbstone Brokers had been in business for over 100 years that they purchased a lot at the west end of Wall Street known as Trinity Place. In 1919, the Curbstone Brokers built a tall modern building at 86 Trinity Place. Ten years later the Curbstone Brokers renamed themselves the New York Curb Exchange and moved into their brand new building. Stock market history shows that in 1953 the New York Curb Exchange changed its name to the American Stock Exchange.
Stock market history shows there were only 295 corporations in 1800 in the exchange which about 20 traded publicly. By 1835, there were approximately 121 being traded publicly many of those were railroads. In 1869, there were 145 companies listed, including insurance, steel, farm equipment, tobacco, and other manufacturers. In 1900, U.S. Steel was the biggest stock being traded. Stock market history shows that AT&T, Westinghouse, Eastman Kodak, Procter and Gamble, Pillsbury, Sears, Kellogg, and Nabisco Crackers were also on the New York Stock Exchange during this time period.
The market was roaring during this time. Stock market history shows that a good Wall Street “runner” (someone who delivered paperwork and stock certificates between brokerages) could make $ 8.00 per day which was an incredible sum considering the prevailing wage at the time was 10 cents or less per hour.
By point-of-interest from Pixabay