On May 17, 1792, the Buttonwood Agreement was signed by twenty-four stock brokers. The signing took place outside of 68 Wall Street, in lower Manhattan, New York City under a buttonwood tree. The meeting was to negotiate the conditions and regulations of the speculative market.
The result was the Buttonwood Agreement, a simple, two sentence contract.
Picture: Depiction of traders under the buttonwood tree.
Note: The buttonwood tree is also known as the sycamore tree.
The 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 0.25%. It reads as follows:
Names and Addresses
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 was the beginning of the New York Stock & Exchange Board (now called the New York Stock Exchange, NYSE).
Success is simple. Do what's right, the right way, at the right time.
Take control of your future prosperity the Easy way. Become a member of Stock Options Made Easy today!