Your Money

Welcome

Topic link here

USER FRIENDLY WEBSITE

DOWNLOAD ADOBE READER

THIS EDITION

Your Money

IT'S YOUR MONEY

The History of the Stock Market

In March, 1792, twenty-four of New York City's leading merchants met secretly at Corre's Hotel to discuss ways to bring order to the securities business and to wrest it from their competitors, the auctioneers. Two months later, on May 17, 1792, these merchants signed a document named the Buttonwood Agreement, named after their traditional meeting place, a buttonwood tree. The agreement called for the signers to trade securities only among themselves, to set trading fees, and not to participate in other auctions of securities. These twenty-four men had founded what was to become the New York Stock Exchange. The Exchange would later be located at 11 Wall Street.

A century before, Dutch settlers had built a wall to protect themselves from Indians, priates, and other dangers. The path had become a bustling commercial thoroughfare because it joined the banks of the East River with those of the Hudson River on the west. The path was named Wall Street. Early merchants built their warehouses and shops on this path, along with a city hall and a church. New York was the U.S. national capitol from 1785 until 1790 and Federal Hall was built on Wall Street. George Washington was inaugurated on the steps of this building.

The first stock exchange in America was actually founded in Philadelphia in 1790. The New York merchant group, realizing that their stock exchange was now in decline after the early tumult of revolutionary war bonds and stock in the Bank of the United States, sent an observer to Philadelphia in early 1817. Upon his return, bearing news of the thriving Philadelphia exchange, the New York Stock and Exchange Board was formally organized on March 8, 1817.

BAR CHART

The TELEGRAM newspaper is FREE and available on Thursdays at newsstands, retailers, gas stations, community centers and city halls throughout the cities of Delray, Detroit, Ecorse, Inkster, Lincoln Park, Melvindale, River Rouge, Romulus, Taylor and Wyandotte and several surrounding cities.

DOW

NASDAQ

S&P 500

Quality Bankruptcy Legal Service

Committed to Providing Quality Legal Services

535 Griswold, Ste. 111 - 128 Detroit MI. 48226

ph:(313) 432-0056

Fax: (877) 505-0079

Call now for appointment

Readers of the TELEGRAM believe in supporting the advertisers listed within the pages of this community based newspaper. Please visit our Advertising Links.