Wall Street and The Great Depression :: American History Essays

groin pass and The Great pictureYou could talk about Prohibition, or Hemingway, or air conditioning, or music, or horses, but in the end you had to talk about the stock market, and that was when the confabulation became serious. From John Brookss Once in Golconda groyne path has a long and varied 200-plus years of history, full of colorful vignettes and wheeling-dealing. well-nigh from the moment that the market was organized out-of-doors in the 18th century, it has been a symbol of the best and worst finance has had to offer. It has been known for its scandals, avarice, and greed on the one hand and ingenuity and even patriotism on the other. At times, it is impossible to live with, while at others, impossible to live without. And lurking nevertheless below the surface, are events and personalities that have shaped American history. Wall Street and The History of the pack MarketIn March of 1792, twenty-four of impudent York Citys leading merchants met secretly to discuss way s to meet order to the securities business and to wrest it from their competitors, the auctioneers. Two months later, on May 17, 1792, these merchants sign the Buttonwood Agreement, calling for the signers to trade securities only among themselves, to set trading fees, and non to participate in other auctions of securities. These men had founded what was to be count the New York Stock Exchange. The New York Stock Exchange rented a room on Wall Street and every morning the president, Anthony Stockholm, read the stocks to be traded. The alternate was an exclusive organization, new members were required to be voted in, and a candidate could be black-balled by three negative votes. In 1817 a seat on the exchange cost $25, in 1827 it increased to $100, and in 1848 the price was $400. By 1929, the Wall Street con game had convinced gazillions of Americans that the country was riding on an upward spiraling wave of financial glory and both wealthy and poor had put their money into st ocks and bonds. Stock prices were pushed up beyond all relationship with the actual worth of the companies. But, as history shows, what goes up, must come down October 24, 1929 Black Thursday A record 12.9 million shares changed pass on on Black Thursday (a new record 4 million shares was considered a busy day back then) and the ticker tape aviate behind by one and a half hours.