Learning The History Of The New York Stock Exchange
There are three famous American bells that most U.S
. citizens would recognize if they were introduced to them. The first one is Taco Bell (come on, you knew it would be on the list).
The second famous bell is the Liberty Bell, located in the beautiful Philadelphia, Pennsylvania, and last but not least, there is the bell that chimes at the daily opening and closing of the New York Stock Exchange.
Alright, so you probably were much more familiar with the first two rather than the third, but the third bell is as important, if not more, than the first two bells. This bell is the carillon call for one of the world's most powerful financial centers.
The New York Stock Exchange is the poster boy for the American financial system and is the stomping grounds for some of the most powerful men and women on this side of the Atlantic Ocean. It has a rich history that many citizens have not been exposed to.
The birth of the NYSE has been said to have been on May 17, 1792, which was not longer after this country's birth. 24 stock brokers met outside on Wall Street and pledged to sign the Buttonwood Agreement, which gets its name because the brokers had the meeting under a buttonwood tree.
Several years later, in March 1817, the organization of brokers changed the name to the "New York Stock & Exchange Board" and elected the first president of the organization. Anthony Stockholm would be the first to lead this stalwart group.
The Exchange moved residences quite a few times in its first 100 years. Its first location was only a single room, but eventually it moved to another place because of a fire that destroyed their first room!
The organization would move another two times after the fire destroyed their first home. The end of the 19th century saw a great increase in stock exchange, so it was time for the New York exchange to find a bigger and more permanent residence.
A competition was held to see who could come up with the best design for the new financial building. Eight NYC architects were invited to participate and submit their ideas.
Ultimately, a man named George B. Post won the competition for his classic design that still stands today. The newly designed building, which was located on 18 Broad Street, cost $4 million to produce and was opened on April 22, 1903.
The building was a remarkable creation of the time. It boasted one of the largest open spaces in the whole entire city (the trading floor), and dazzled viewers by showing six solid classical columns and a beautiful marble sculpture of John Quincy Adams Ward.
Throughout the 1900s, as the Stock Exchange saw considerable growth, it expanded its border by opening new trading floors and buildings so that more. These new spaces proved an invaluable asset in the onset of computers and electronics.
But, as the new millennium came and went, computers became more sophisticated and this space wasn't needed anymore. The organization eventually decided to close many of the trading floors that they had acquired over the last several decades.
The Stock Exchange Luncheon Club is another interesting facet to the organization's history. It was opened in 1989 as a member's only dining club located on one of the top floors of the building.
The club finally closed in 2006 for a number of reasons. After the September 11 attacks, security became very stringent in the club, and eventually one of the heads of the club was kicked out of the NYSE, which eventually brought the downfall of the luncheon club.
Still operating today, the NYSE is bristling with promise and optimism despite the recent market crash and recession that the country has seen. It will only be a matter of time until the market is back at a safe level and the normal routines of the exchange can be followed again.
If you are in New York City anytime during your life, stop by this amazing historical landmark! You won't be disappointed in the interesting things you will learn about this great American place.
by: Terry Daniels
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