Everything about The Buttonwood Agreement totally explained
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.
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:
Names and address
The twenty-four brokers (also known as,
Founding and Subsequent Fathers) who signed the Buttonwood Agreement were (including business location).
- Leonard Bleecker … 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
- Andrew D. Barclay … 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
- Ephraim Hart … 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
- Robinson & Hartshorne … 198 Queen Street
The Buttonwood Agreement is honored by the name of the financial markets
column in
The Economist.
Tontine Coffee House
Later in 1793, they conducted their business inside the Tontine Coffee House.
Further Information
Get more info on 'Buttonwood Agreement'.
|
External Link Exchanges
Do you know how hard it is to get a link from a large encyclopaedia? Well we're different and will prove it. To get a link from us just add the following HTML to your site on a relevant page:
<a href="http://buttonwood_agreement.totallyexplained.com">Buttonwood Agreement Totally Explained</a>
Then simply click through this link from your web page. Our crawlers will verify your link, extract the title of your web page and instantly add a link back to it. If you like you can remove the words Totally Explained and embed the link in article text.
As long as your link remains in place, we'll keep our link to you right here. Please play fair - our crawlers are watching. Your site must be closely related to this one's topic. Any kind of spamming, dubious practises or removing the link will result in your link from us being dropped and, potentially, your whole site being banned. |
