Word: buttonwood
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Dates: during 1930-1939
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...Forbears of the present Stock Exchange were securities auctioneers who began trading in 1792 under a buttonwood tree at 68 Wall Street...
...decision to raze the Stock Exchange building to save taxes and to replace it with a large and spreading buttonwood tree* to save at least a symbol of the famous old market place was unanimously voted yesterday by the three governors who have not forfeited voting rights because of arrearage of dues...
...when 24 brokers got together under a buttonwood tree at what is now 68 Wall Street, a "seat" meant a seat in the trading hall. But as the Exchange expanded, seats became valuable less as certificates of participation in the tangible assets of the Exchange than as indications of the earning power and condition of the market. Seats were first offered for sale in 1868 when membership stood at 500. During the '70s they sold at about $5,000. By 1929 membership was up to the present 1,375, price of a seat reached...
...elections. During the preceding month it holds three open meetings at which brokers suggest candidates, make stump speeches. In the end, however, the nominating committee from the depth of its own wisdom names whom it pleases. Throughout the 143 years since organized trading began under the old buttonwood tree on Wall Street, official nominations have been, almost without exception, tantamount to election...
...first term of the first U. S. President was just ending when the New York Stock Exchange was founded under the buttonwood tree in Wall Street in 1792. No broker ever became President and few much of anything else. But in the last 142 years the members of the Stock Exchange have perfected a method of buying & selling securities which functions with mathematical precision and a code of financial conduct which is the highest in the world. Its 1,375 members, the best-dressed group of men in the U. S., have conferred on their officials absolute and arbitrary powers...