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The Buttonwood Agreement – The forerunner to the NYSE

When we think of the current New York Stock Exchange, images come to mind
of the Big Board, ticker tape and incredible amounts of stress. But it
didn’t always use to be that way. There was a time when a group of men met
under a shady tree in the spring to found what would become one of the most
powerful and well known exchanges in the world.

The story of the Buttonwood Agreement actually goes back even further than
1792. Two years earlier, then Secretary of the Treasury Alexander Hamilton
(pre-duel) issued a then staggering amount of $80 million in war bonds to
help pay for the rising costs of the Revolutionary War. It would be these
bonds that would play a key role in the founding of the Buttonwood
Agreement.

A major reason for the founding of the Buttonwood (more…)