To: Spider Valdez who wrote (14880 ) 1/4/1999 4:12:00 PM From: BORIS BADENUFF Read Replies (2) | Respond to of 26163
Happy New Year Spider guy! ***OFF TOPIC*** On January 4, 1865, The New York Stock Exchange (NYSE) opened its first permanent headquarters at 10-12 Broad near Wall Street in New York City. This Corinthian style structure would serve the Exchange until 1903 when more spacious quarters opened at 18 Broad Street. That trading floor is still used today. The federal government launched the United States investment market in 1790 when it issued bonds to refinance the Revolutionary war debt. Early trading was mainly in bank stocks and government bonds. However, the canals and railroads that spurred the transportation revolution of the 1820s and 1830s created a concomitant boom in the stock market as private corporations and state governments raised capital through stocks and bonds. The first railroad stock was traded in 1830, and throughout the nineteenth century railroad stocks dominated the Exchange. Organization of securities trading began in 1792 when New York merchants and brokers, meeting under a buttonwood tree on Wall Street, agreed to buy and sell on a common commission basis. In 1817, brokers formalized the arrangement by creating the New York Stock & Exchange Board with rented rooms on Wall Street and a constitution specifying appropriate business conduct. Since 1868, membership on the NYSE has been held as a valuable property. New members must purchase existing seats--now limited to a total of 1,366. However, trade in stocks has always taken place outside the Exchange. Until well into the twentieth century, securities not listed on the NYSE were traded on the streets around Broad and Wall. Known as "the Curb," the American Stock Exchange traces its roots to those traders officially organized as the New York Curb Agency in 1908. The Curb moved indoors in 1921. Throughout the nineteenth century, credit and capital struggled to keep pace with rapid expansion. Between 1800 and 1900, five major financial panics hit the U.S. Among the worst of these, the Panic of 1873, inaugurated over five years of economic contraction and left 3 million unemployed.