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From Buttonwood Agreement to the
NEW YORK STOCK EXCHANGE
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).
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