Under The Buttonwood Tree, 221 Years On …

It was on this day in 1792 that the world renowned New York Stock Exchange was originated with a two-sentence agreement. Twenty-four New York securities traders met under the buttonwood tree at 68 Wall Street to establish a trustworthy and honest market. Opinions about just how trustworthy and exactly how honest that market has been in the ensuing 221 years do vary, but there is no denying that those 24 far-sighted traders engendered the most important financial market that the world has yet seen. And though this was enacted without governmental requirement, it is worth noting that prominent New Yorker, at that time Secretary of the Treasury, Alexander Hamilton had “strongly urged” such a market be formed. (Hamliton’s bank was one of the first stocks to be listed on that exchange.)

Jamie Rawson
Flower Mound, Texas

He that is of the opinion money will do everything may well be suspected of doing everything for money. — Benjamin Franklin

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