Stock Market Research Paper
Michelle Washburn Econ 165
The world of exchange can be accounted for as starting on a few different dates. The date that I found most often was in 1653. Originally it was set up for defense and not for commerce. The settlers of Dutch descent, who were always on the lookout from attacks by Native Americans and the British, built a 12 foot stockade fence. I am sure they had no idea that this fence would go on to become the center of financial activity in the world. The wall lasted a good while, until 1685. At that point the wall was torn down and a new street was built. The British called it Wall Street. What helped Wall Street rise to pre-eminence was the emergence of two great Stock Exchanges, which gave order to the chaotic trading and started the financial markets that we know today.
The founding of the first stock exchange in America was in 1790 in Philadelphia. Two years later a group of New York merchants met to discuss how to take command of the securities business. The merchants, a group that was made up of 24 men, founded what is now known as the New York Stock Exchange. But in early 1817, the merchant group from New York, distressed at the sorry state of their stock exchange. They then sent a representative to Philadelphia to observe how things were being done. Upon arriving with news about the tough exchange in Philadelphia, the New York Stock and Exchange Board was soon formally organized.
The exchange finally opened up on Wall Street. As for the New York Stock Exchange, it has since moved past its modest beginnings to the point where its system now facilitates billions of dollars worth of trades each day. This didn’t happen overnight, it was a gradual process. In the early 1900s massive amounts of money was made on Wall Street. But the boom period could not be sustained indefinitely. And in 1929 this principle came to a head as the stock market crash of 1929 and triggered what was later called the Great...