The Economist, a London-based weekly, named its financial markets column after the agreement. The Buttonwood Agreement is the founding document of the current New York Stock Exchange and one of the most important financial documents in U.S. history.  The agreement organized securities trading in New York and was signed on May 17, 1792 between 24 brokers outside 68 Wall Street. According to legend, the signature took place under a platanus occidentalis, a tree made of button wood, but this tree may never have existed.  The New York Stock Exchange celebrates the signing of this agreement on May 17, 1792 as its creation.  The agreement was an attempt to establish certain rules after the financial panic of 1792, at that time there were no rules or safeguards and many agreements were broken. The panic had been caused by the actions of speculator William Duer, lending loans to make trades until he realized he could no longer borrow. In short, the agreement contained two provisions: 1) Brokers should only act among themselves and thus eliminate auctioneers, and 2) commissions should be 0.25%. It reads as follows: Buttonwood Agreement established the New York Stock Exchange on May 17, 1972. The signatories represented in this table L-R Augustine Lawrence, Supervisor of the Port of New York; Charles McEvers, a merchant; Andrew Barclay, a shopkeeper; Leonard Bleeker, real estate agent; and David Reedy (with a hat), insurance and broker agent. The agreement is named after the tree under which it was signed between Numbers 68 and 70 of Wall Street. (CSU_ALPHA_1157) CSU Archives/Everett Collection Long before the One World Trade Center sits above Lower Manhattan, an American schanzahorn or button wood on Wall Street was the tallest thing in the area and the center of commerce.
225 years ago, on May 17, 1792, 24 stockbrokers and traders signed under this tree the Buttonwood Agreement, which set the parameters of trading in the first incarnation of the New York Stock Exchange. Norman Rockwell, Monica Stewart, Frida Kahlo, Jean-Michel Basquiat are known for capturing culture with their art. Remove your home with our masterpieces of global culture, tailor-made in our professionally hand-stretched canvas. Art is the best way to see the world when travel is not possible.. . .