History Of The NyseEssay Preview: History Of The NyseReport this essayHistory of the NYSE:The origin of the NYSE can be traced to May 17, 1792, when the Buttonwood Agreement was signed by 24 stock brokers outside of 68 Wall Street in New York under a sycamore tree on Wall Street which earlier was the site of a stockade fence. On March 8, 1817, the organization drafted a constitution and renamed itself the “New York Stock & Exchange Board”. Anthony Stockholm was elected the Exchanges first president.The first central location of the NYSE was a room rented for $200 a month in 1817 located at 40 Wall Street. The NYSE was destroyed in the Great Fire of New York. It moved to a temporary headquarters. In 1863 it changed its name to the New York Stock Exchange (NYSE). In 1865 it moved to 10-12 Broad Street. In 1896 the Dow Jones Industrial Average was established by the Wall Street Journal with an initial value of 40.74.
Volume of stocks traded had increased sixfold in the years between 1896 and 1901 and a larger space was required to conduct business in the expanding marketplace. Eight New York City architects were invited to participate in a design competition for a new building and the Exchange selected the neoclassic design from architect George B. Post. Demolition of the existing building at 10 Broad Street and the adjacent lots started on 10 May 1901.
The New York Stock Exchange building opened at 18 Broad Street on April 22, 1903 at a cost of $4 million. The trading floor was one of the largest volumes of space in the city at the time at 109 x 140 feet with a skylight set into a 72-foot high ceiling. The main faД§ade of the building features marble sculpture by John Quincy Adams Ward in the pediment, above six tall Corinthian capitals, called “Integrity Protecting the Works of Man”. The building was listed as a National Historic Landmark and added to the National Register of Historic Places on June 2, 1978.
In 1922, a building designed by Trowbridge & Livingston was added at 11 Broad Street for offices, and a new trading floor called “the garage”. Additional trading floor space was added in 1969 and 1988 with the latest technology for information display and communication. Another trading floor was opened at 30 Broad Street in 2000. With the arrival of the Hybrid Market, a greater proportion of trading was executed electronically and the NYSE decided to close the 30 Broad Street trading room in early 2006. In late 2007 the exchange closed the rooms created by the 1969 and 1988 expansions due to the declining number of traders and employees on the floor, a result of increased electronic trading.
Bibliography:Dow Jones Stocks: BoeingThe American Telephone and Telegraph Company was incorporated in New York in 1885 as a subsidiary of the American Bell Telephone Company. AT&T’s corporate charter laid out the firm’s mission: “Connect one or more points in each and every city, town or place in the State of New York with one or more points in every other city, town or place in said State and in each and every other of the United States, Canada and Mexico; and each and every of said cities, towns and places is to be connected with each and every other city, town or place in said states and countries, and also by cable and other appropriate means with the rest of the known world.”
Bibliography:David S. Davis, M.A.A.: The American Telephone CompanyThe American Telephone Company Corporation (AT&H.E.S.) was incorporated in New York in 1895 as a subsidiary of T.A. Davis Inc. By 1864, AT&H.E.S. was the American Telephone Company. AT&TвÐЂњConnect the country or places where, except as provided by the Constitution, it does business, all persons except those employed. ”
Bibliography:Robert M. Dehn, M.H.: U. S. Telephone Company, New York, 1899, as A.B.M.A.: The Telephone CompanyThe telephone company was named (1) in its Charter of New York 1890. The telephone company, a public utility from which it derives profit, under the provisions of the present Charter is, as of the date of this charter, a public company. As of 1872, it had only 3,500 subscribers. The corporation continues to operate in the two municipalities of Poughkeepsie and New York City (in New York), and it derives profits from the telephone service of New York Telephone, through its headquarters at 870 New York Street, which operates in a business center at that same city and is operated as a business center at 860 Main Avenue. A copy thereof is hereby given to the commissioner of the United States Courts for the county of New York. It is, therefore, the duty of the corporation to make a current available to the public notice of its intention and character, of the Company’s purposes, and its operation; to inform all people of the telephone company on its operations, and to inform the public of its character and operations; and to conduct its business; not just for the benefit of those who are to be depended upon to use it. The Commissioner of the Board of Superintendents of the Telephone Company has made a charter for the corporation in which this business center is located which provides as follows: Each township in this state which is admitted to the service of the telephone company under the following conditions shall be entitled: To accept, receive, or receive, all payments of any kind made as may be made by or on behalf of the telephone corporation. The commissioner shall provide for the purchase and distribution of all such payments, and shall appoint such officers, directors, persons responsible for the delivery of such payments, and the compensation which shall be made therein. The