The History Of Wall Street

Imagine this. You wake up one morning in the year 1929, in your luxurious, pricey mansion. You then make your way downstairs to eat that nice big breakfast. Then you kiss your family good bye and head off to your fancy job. You come home that evening and suddenly you’re flat broke. Meaning all your money and life’s savings vanished. Unreal right? Well it was real for hundreds of families on October 29, 1929. The day the stock market crashed and when America’s confidence was challenged greatly.

The stock market collapse was one of the most important events, in the country economy during 1929, which led the Great Depression. Before October 29, 1929, most Americans believe that stock was the key to success and fortune. John T. Raskob affirms his belief that everyone could be

Wall street is said to be the home of the New York Stock Exchange; the New York stock exchange the world’s largest stock exchange by total market capitalization according to Forbes magazine. Major exchange has had or has also their headquarters in the Wall Street area and this includes NASDAX, The New York Board of Trade, and New York Mercantile Exchange. The Occupy Wall Street movement is a global protest movement against Social and Economic inequality with the primary goal to make the economic and political relationships in the society more equitable distribution of wealth and less vertically hierarchical. This movement, which is a global movement, which has reached nearly every continent in the last year, started September 17,

The organization was now called the New York Stock and Exchange Board or NYSE. Later in 1846, astonishing advancements in telecommunications technology enabled a new openness to the business of the stock market.

"The stock market is filled with individuals who know the price of everything, but the value of nothing,” is a relevant quote relating to the stock market during the 1920s quoted by Phillip Fisher, one of the most influential investors. The booming years of the 1920s, stocks and bonds were being sold at higher values than people could invest. Customers, banks and investors took money out of their pink piggy banks and embarked on investing in the New York Exchange Stock Exchange, nicknamed “Big Board”, on Wall Street. The New York Stock Exchange is the leading global exchange for today’s companies and customers. The New York Stock Exchange got gigantic demands from customers in the 1920s for a thrill of getting rich and effortless money. Investment companies and bankers bought up great stocks. They continued buying stocks and borrowing loans because they thought this boom would continue. The stock market grew rapidly as prosperity came into play during the 1920s since America want all these new and exciting products. The 1920s can appear to be described as the “years of prosperity”. New inventions and technology began to gleam in the 1920s, resulting with the rise in consumerism. The celebration of technology and rise in consumerism contributed to the selling of stocks and bonds, and the formation of “Black Thursday” and “Black Tuesday”.

Within New York City, Wall Street is concentrated with most of United States’ financial industries. Through different movies, such as Leonardo DiCaprio’s Wolf of Wall Street and Charlie Sheen’s Wall Street accurately portray the heart of Wall Street: The New York Stock Exchange. The New York Stock Exchange began on May 17, 1792, the earliest record of organized securities trading. On that day, twenty-four brokers signed the Buttonwood Agreement, setting a floor commission rate of 0.25% charged to clients and give the signers the preference to other singers in the securities sales, thus eliminating the auctioneers. At the beginning, the earliest trades were mostly War Bonds used in the Revolutionary War, allowing the thirteen colonies to fund enough money to engage in war against the Britain. Thus, they began operated in 1793 at the Tontine Coffee House, built to serve as a meeting place for trading. However, issues such as corruption and manipulation of the market began to arise, causing the stockbrokers to instituted reforms and reorganized. As a result, on 1817, the stockbrokers under the Buttonwood Agreement began reforms such as restrictions on manipulative trading and prevention of leaking market information were enacted to make sure the trading market remain as a competitive market. In addition, they also renamed their broker organization as “New York Stock and Exchange Board”, in hopes to demonstrates their reform to the public. As time continues, the invention of

The first twenty four memebers were Leonard Bleecker Hugh Smith, Armstrong & Barnewall, Samuel March, Bernard Hart, Alexander Zuntz, Andrew D. Barclay, Sutton & Hardy, Benjamin Seixas, John Henry, John A. Harden-brook, Samuel Beebe, Benjamin Winthrop, John Ferrers, Ephraim Hart, Isaac M. Gomez, Gulian McEvers, Augustine H. Lawrence, G. N. Bleecker, John Bush, Peter Anspach, Charles McEvers, Jr. David Reedy, and Robinson & Hartshorne. In the very beginning there were only 1,366 traders. In the beginning, there were five securities traded in New York

Markets are places which people come together to trade stuffs, and stock market is an exchange where investors come together to buy and sell shares of publicly-treaded companies. (“The Financial Importance of the US Stock Market”) It’s good for our society in a great many ways, but it also can be harmful since people’s desire of money are fully exhibited in stock market. The Great Crash, happened in 1929, was not the event of one day but a series of events stretched initially across the week from October 23 through October 31. (Klein 326) This crisis had seriously impacted the U.S. by losing nearly 90 percent of the value of the stock market at that time. (Bierman) However, different from other events happened in the history, both government and normal people tended to blame the speculators at that time and avoid further investigations of it, but is the cause

The stock market crash of 1929 was one the most devastating events in American history wiping out investors and banks alike and gradually throwing America into the Great Depression. The economical plummet began on October 24 a day known as “Black Thursday”, the stock market had decreased by 20% and round 12 million shares were traded that day 3x the normal amount. Over the next couple days 3 the 3 leading banks bought stocks to restore confidence in the market. Which seemed to have stabled the market for a moment, though over the weekend many investors lost their faith in the market and quickly tried to get rid and sell their shares. When the markets reopened on Monday, October 28, 1929, another record number of stocks were traded and the stock market declined more than 22%. The real panic and hysteria came on October 29, “Black Tuesday” a reported 16

On Thursday, 24rd of October 1929, also remembered as the Black Thursday the great stock market crash began. In just a few hours 13 million shares were suddenly sold on the market by panic-stricken shareholders who didn't even know at what price they sold their shares. Unlike other stock market crashes the selloff continued until Thursday, 31rd of October. During that time period a total of 70.8 million shares were traded more than any other month since March 1928 (Klein, 2001). After three years of intense speculation, Wall Street crashed. The speculative bubble burst causing financial panic. Through a domino effect the entire stock market collapsed. The cumulative losses amounted to 30 billion dollars 10 times the US Federal Reserve budget

The Stock Market Crash of 1929 “started” on the 24th of October 1929 with 12’894’650 shares being traded; this is the same day that Richard Whitney went to the stock exchange and bought targeted shares in an attempt to stabilize the stock market. As will be made evident, this did not work. In fact, an even worse day, dubbed “Black Tuesday”, occurred on the 29th of October where 16’410’030 shares were traded. From the week of October 23rd to 31st the panic settled in and a total of 70.8 million shares were traded. This crisis, beginning in the United States, rippled across the whole world given that it was interconnected through the gold standard. The Dow Jones Industrial Average had gone from a high of 386 points to a low of 40.56 points by 1932. In fact, according to Dietmar Rothermund’s study of the global impact of the economic crisis, “all major factors contributing to the depression can be traced back to the United States of America”. As a matter of a fact, the historic loss of 30% of the United States’ real GDP from 1929 to 1933 was the wake up call that the economy needs to be controlled. This loss is what led to unprecedented levels of government intervention and the reshaping of Western Civilization economics with the New Deal and following similar regulations.

The Stock Exchange is a seven-block street were bulls and bears would come to take over the economic health of America that relied on hope and ambition. Wall Street is probably the most important street on earth that was created by men who some became the most powerful in America. From the ticker to the telegraph and be the new age of the internet these machines were used to help make the stock market a masterpiece of technology.

The stock exchange is a global network that organizes the marketplace where every day a large amount of money moves from one investor to another with the main purpose of making a profit. There are several security markets in the United States, but one of the largest security exchanges market is the New York Stock Exchange (NYSE). The NYSE is an auction market that uses floor traders to make most of its trades. It has two methods of trading, the traditional floor brokers and the all-electronic order (Amadeo, 2017). The main function of the brokers is to manage each transaction, and doing his best to get the highest price and completing the transaction. Before any trading is done, brokers and dealers must get

of the New York Stock Exchange. Wall Street is mainly made up of large U.S. brokerages and

In early 1720, the South Sea Company stock was trading at around £128 a share. However, the exact details of the South Sea Company’s scheme were not simple. In the novel, it said: