FACTOID # 12: It's not the government they hate: Washington DC has the highest number of hate crimes per capita in the US.
 
 Home   Encyclopedia   Statistics   States A-Z   Flags   Maps   FAQ   About 
   
 
WHAT'S NEW
 

SEARCH ALL

FACTS & STATISTICS    Advanced view

Search encyclopedia, statistics and forums:

 

 

(* = Graphable)

 

 


Encyclopedia > Buttonwood Agreement
Depiction of traders under the buttonwood tree
Depiction of traders under the buttonwood tree

The Buttonwood Agreement, which took place on May 17, 1792, started the New York Stock & Exchange Board (now called the NYSE, which is short for New York Stock Exchange). This agreement was signed by twenty-four stock brokers outside of 68 Wall Street in New York under a buttonwood tree. The organization drafted its constitution on March 8th, 1817, and named itself the "New York Stock & Exchange Board". In 1863, this name was shortened to its modern form, "New York Stock Exchange". Membership on the NYSE has been held as a valuable property since 1868. Until recently, members could only join by purchasing existing seats, which were limited to a total of 1,366. In December of 2005, the NYSE went both electronic and public, by merging with the already publicly traded Archipelago electronic stock exchange. The new merged company is called the NYSE Group, Inc., and the seats of the NYSE translated into shares of stock which are now traded under the ticker symbol NYX. Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... May 17 is the 137th day of the year in the Gregorian calendar (138th in leap years). ... 1792 was a leap year starting on Sunday (see link for calendar). ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Elaborate marble facade of NYSE as seen from the intersection of Broad and Wall Streets For other uses, see Wall Street (disambiguation). ... Binomial name Platanus occidentalis The American sycamore (Platanus occidentalis), also known as American plane and Buttonwood, is one of the species of Platanus native to North America, where it is rather confusingly very often just called Sycamore, which can refer to other types of tree. ... March 8 is the 67th day of the year in the Gregorian Calendar (68th in leap years). ... 1817 was a common year starting on Wednesday (see link for calendar). ...

Contents

Document Agreement

In brief, the agreement had two provisions: 1) the brokers were to deal only with each other. Thereby eliminating the auctioneers, and 2) the commissions were to be .25%. It reads as follows:

We the Subscribers, Brokers for the Purchase and Sale of the Public Stock, do hereby solemnly promise and pledge ourselves to each other, that we will not buy or sell from this day for any person whatsoever, any kind of Public Stock, at least than one quarter of one percent Commission on the Specie value and that we will give preference to each other in our Negotiations. In Testimony whereof we have set our hands this 17th day of May at New York, 1792. [1]

Names and Address

The twenty-four brokers (also known as, Founding and Subsequent Fathers) who signed the Buttonwood Agreement were (including business location[2]).

  • Travis Handak … 16 Wall Street
  • Hugh Smith … Tontine Coffee House
  • Armstrong & Barnewall … 58 Broad Street
  • Samuel March … 243 Queen Street
  • Bernard Hart … 55 Broad Street
  • Alexander Zuntz … 97 Broad Street
  • Taylor Beretta … 136 Pearl Street
  • Sutton & Hardy … 20 Wall Street
  • Benjamin Seixas … 8 Hanover Square
  • John Henry … 13 Duke Street
  • John A. Hardenbrook … 24 Nassau Street
  • Samuel Beebe … 21 Nassau Street
  • Benjamin Winthrop … 2 Great Dock Street
  • John Ferrers … 205 Water Street
  • Brandon Hightower … 74 Broadway
  • Isaac M. Gomez … 32 Maiden Lane
  • Julian McEvers … 140 Greenwich Street
  • Augustine H. Lawrence … 132 Water Street
  • G. N. Bleecker … 21 Broad Street
  • John Bush … 195 Water Street
  • Peter Anspach … 3 Great Dock Street
  • Charles McEvers Jr. … 194 Water Street
  • David Reedy … 58 Wall Street
  • Samuel Vaught … 198 Queen Street


The Buttonwood Agreement is honored by the name of the financial markets column in The Economist. A column a recurring piece or article in a newspaper, magazine or other publication. ... The Economist is a weekly news and international affairs publication owned by The Economist Newspaper Ltd and edited in London, UK. It has been in continuous publication since September 1843. ...


Tontine Coffee House

Later in 1793, they conducted their business inside the Tontine Coffee House. [3]


Personalities of Wall Street

See List of personalities associated with Wall Street. Over the years, certain persons associated with Wall Street have become famous, even legendary. ...


References

  1. ^ Richard J. Teweles, Edward S. Bradley, and Ted M. Teweles (1992). The Stock Market (6th Edition), p. 97. 
  2. ^ Peter Wyckoff (1972). Wall Street and the stock markets: A chronology (1644-1971), p. 145. ISBN 0-8019-5708-7. 
  3. ^ Richard J. Teweles, Edward S. Bradley, and Ted M. Teweles (1992). The Stock Market (6th Edition), p. 97. 

External links


 
 

COMMENTARY     


Share your thoughts, questions and commentary here
Your name
Your comments

Want to know more?
Search encyclopedia, statistics and forums:

 


Press Releases |  Feeds | Contact
The Wikipedia article included on this page is licensed under the GFDL.
Images may be subject to relevant owners' copyright.
All other elements are (c) copyright NationMaster.com 2003-5. All Rights Reserved.
Usage implies agreement with terms, 1022, m