Wall Street ..Early Years & Dates: For David, Del, Dr. John & Thor

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WALL STREET: THE VERY EARLY YEARS & THE CRUCIAL DATES

BANK OF THE UNITED STATES: February 23, 1791 @ 11:45

When President George Washington signed the Act establishing the Bank of the United States [Wednesday, late morning, February 23, 1791 @ 11:45], he was urged on [if not downright manipulated] by Treasury Secretary, Alexander Hamilton. Hamilton had become New York's financial wizard, the likes of which America hadn't seen before. Whatever his actual motives may have been, for sure the world of Wall Street was never again to be the same after he presided at the Treasury Department. Starting in 1791, Hamilton's policies brought some US$70 million of Treasury bonds and $10 million of Bank of the United States stock to the markets, such as they were. Other stocks and bonds from banking, insurance, transportation, and utility companies appeared in the years soon after.

WALL STREET's FIRST RULES FOR TRADING: September 01, 1791 @ 15:00

From the start, New York was the center of speculation and active trading. Initially, securities were sold at public indoor and outdoor auctions. In the afternoon of Thursday, September 01, 1791 [@ (maybe)15:00] a set of trading rules were first put forth for Wall Street, by leading dealers, brokers, and auctioneers; the document has survived . The rules prohibited auctioneers from trading for their own account and, interestingly, the rules appear to have embodied the English functional separation of brokers from dealers/jobbers at the auctions. This may have been the first and last time that the English distinction was applied in U.S. markets, most likely because the trading volumes during the early period never reached a threshold of activity to sustain it. By 1800, a New York market leader, the since long forgotten to history Nathan Prime [that's Mr. "Prime" of the eponymous bankers' Prime Rate], acted as both dealer/jobber and broker in the Wall

Street securities markets. Acting contrary to English exchange rules, in combining the two functions added what the experts tell us was liquidity and a version of immediacy to the thin U.S. markets of the period.

WALL STREET's FIRST SECURITIES CARTEL ASSOCIATION: March 21, 1792 @ 17:17

What brought Alexander Hamilton to power on Wall Street was the establishment on September 13, 1788 of the Federal Government of the United States, on the historic but neglected Saturday that saw finalized the State ratifications of the federal Constitution. The Government at last got down to business on April 6, 1789 when a joint session of Congress counted the Electoral College votes for the nation's first President. Business on Wall Street was humming. Actually humming soon turne to a fame-out of intense speculative activity during 1791 and early 1792, resulting in a resoundin over-trading crash; Wall Street's first, in February and March. These events set the context for comprehending what was then in the works inside the Street's securities broking business. In March, principally in the person of merchant trader, quondam Revolutionary War adjutant to General Washington, Leonard Bleecker [Mr. "Bleecker" of the eponymous Bleecker Street in Greenwich

Village] certain friends [read: "cronies"] of Alexander Hamilton established a securities auction house. Within a matter of days two not quite insurmountable obstacles presented themselves to the Stock Exchange Company of #22 Wall Street [And b.t.w., George Washington's Masonic Lodge in Alexandria Virginia was Lodge # 22]: [01] Competitor opposition to #22 Wall Street's transparent attempt to monopolize certain public issues, mainly shares in the Bank of the United States. So within 3 weeks they were obliged to reach a compromise with the Company's detractors, and resolutions were agreed upon at the historic Corr's Hotel [in the late afternoon, Wednesday, March 21, 1792] which led to expanded membership in the control of the public auctions process from 5 players to "22", [that damned number "22", yet again! And at 17:17 hours, this time moment's tropical Ascendant sitting in Virgo, in the 22nd degree.] Then came the second obstacle; [02] In April, the State of New York cracked down

on what the State's authorities considered to be the Wall Street casino, when they passed a law banning public auctions of securities. This consequential historical regulatory development forced the Club "22" gang to meet under the Buttonwood Tree during the following month of May.

CLUB "22": THE PRICE FIX IMMORTALIZED: May 17, 1792 @ only GOD knows the moment [Just make up your own; many astrologers do it as routine.].

What was to become on May 17, 1792, the price rigging agreement of the millenium, among the players in Club "22" [Not "24" as every history book misleadingly tells the reader; the Buttonwood Agreement [the "Fix"] clearly shows that the 23rd and 24th signatures, David Reedy, and a merchant partnership, Robinson & Hartshorne, joined the Fix some 30 months later, on November 13, 1794.] There were advantages to membership in Club "22" beyond coping with government regulation. The Fix pledged its signers to fixed minimum commissions of one quarter percent, and gave preference to other Club members in their dealings, a pre-natal precedent in what became from Tuesday, February 25, 1817 the long history of the New York Stock Exchange in formulating Club rules and regulations designed to promote the interests of its members, even if they conflicted with the interests of other market participants. For the brokers and merchants in

pursuit of the practical and lucrative cartelization of the distribution of select issues in the public securities market, it was just another day when they weren’t otherwise engaged in the trading and investing of private monies for commodities, debt instruments and casino betting. Yes, that’s right, there was outright betting too: for instance, one surviving document records the placement of a bet on whether or not a certain French politician would be guillotined by a certain date during the French Revolution. Along with casino betting, the business of dealing in first issuances and re-offerings of corporate securities to the public had traditionally been a job organized by these same auction houses. [Yes, Virginia, Wall Street really is still a casino.]

History may have never recorded whether or not the Fix was truly consummated under that Buttonwood Tree, (actually, a Sycamore tree, standing just in front of the property line between #s 68 & 70 on the north side of Wall Street, and finally uprooted on June 14, 1865). More likely the Fix was consummated while slurping coffees at the MERCHANTS’ COFFEE HOUSE, located at the corner of Wall and Water Streets, during the lunch hour after the morning trading had concluded. So too, history may never divulge the actual details of the signing beyond the fact that this agreement formalized one of the resolutions in effect from the March 21st event at the Corr's Hotel.

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[Guest guest]

wow excellent stuff John !

what a champ.

Great work.

you never fail to deliver.

many many thanx

iverJohnTWB <jtwbjakarta wrote:

 

 

WALL STREET: THE VERY EARLY YEARS & THE CRUCIAL DATES

BANK OF THE UNITED STATES: February 23, 1791 @ 11:45

When President George Washington signed the Act establishing the Bank of the United States [Wednesday, late morning, February 23, 1791 @ 11:45], he was urged on [if not downright manipulated] by Treasury Secretary, Alexander Hamilton. Hamilton had become New York's financial wizard, the likes of which America hadn't seen before. Whatever his actual motives may have been, for sure the world of Wall Street was never again to be the same after he presided at the Treasury Department. Starting in 1791, Hamilton's policies brought some US$70 million of Treasury bonds and $10 million of Bank of the United States stock to the markets, such as they were. Other stocks and bonds from banking, insurance, transportation, and utility companies appeared in the years soon after.

WALL STREET's FIRST RULES FOR TRADING: September 01, 1791 @ 15:00

From the start, New York was the center of speculation and active trading. Initially, securities were sold at public indoor and outdoor auctions. In the afternoon of Thursday, September 01, 1791 [@ (maybe)15:00] a set of trading rules were first put forth for Wall Street, by leading dealers, brokers, and auctioneers; the document has survived . The rules prohibited auctioneers from trading for their own account and, interestingly, the rules appear to have embodied the English functional separation of brokers from dealers/jobbers at the auctions. This may have been the first and last time that the English distinction was applied in U.S. markets, most likely because the trading volumes during the early period never reached a threshold of activity to sustain it. By 1800, a New York market leader, the since long forgotten to history Nathan Prime [that's Mr. "Prime" of the eponymous bankers' Prime Rate], acted as both dealer/jobber and broker in the Wall

Street securities markets. Acting contrary to English exchange rules, in combining the two functions added what the experts tell us was liquidity and a version of immediacy to the thin U.S. markets of the period.

WALL STREET's FIRST SECURITIES CARTEL ASSOCIATION: March 21, 1792 @ 17:17

What brought Alexander Hamilton to power on Wall Street was the establishment on September 13, 1788 of the Federal Government of the United States, on the historic but neglected Saturday that saw finalized the State ratifications of the federal Constitution. The Government at last got down to business on April 6, 1789 when a joint session of Congress counted the Electoral College votes for the nation's first President. Business on Wall Street was humming. Actually humming soon turne to a fame-out of intense speculative activity during 1791 and early 1792, resulting in a resoundin over-trading crash; Wall Street's first, in February and March. These events set the context for comprehending what was then in the works inside the Street's securities broking business. In March, principally in the person of merchant trader, quondam Revolutionary War adjutant to General Washington, Leonard Bleecker [Mr. "Bleecker" of the eponymous Bleecker Street in Greenwich

Village] certain friends [read: "cronies"] of Alexander Hamilton established a securities auction house. Within a matter of days two not quite insurmountable obstacles presented themselves to the Stock Exchange Company of #22 Wall Street [And b.t.w., George Washington's Masonic Lodge in Alexandria Virginia was Lodge # 22]: [01] Competitor opposition to #22 Wall Street's transparent attempt to monopolize certain public issues, mainly shares in the Bank of the United States. So within 3 weeks they were obliged to reach a compromise with the Company's detractors, and resolutions were agreed upon at the historic Corr's Hotel [in the late afternoon, Wednesday, March 21, 1792] which led to expanded membership in the control of the public auctions process from 5 players to "22", [that damned number "22", yet again! And at 17:17 hours, this time moment's tropical Ascendant sitting in Virgo, in the 22nd degree.] Then came the second obstacle; [02] In April, the State of New York cracked down

on what the State's authorities considered to be the Wall Street casino, when they passed a law banning public auctions of securities. This consequential historical regulatory development forced the Club "22" gang to meet under the Buttonwood Tree during the following month of May.

CLUB "22": THE PRICE FIX IMMORTALIZED: May 17, 1792 @ only GOD knows the moment [Just make up your own; many astrologers do it as routine.].

What was to become on May 17, 1792, the price rigging agreement of the millenium, among the players in Club "22" [Not "24" as every history book misleadingly tells the reader; the Buttonwood Agreement [the "Fix"] clearly shows that the 23rd and 24th signatures, David Reedy, and a merchant partnership, Robinson & Hartshorne, joined the Fix some 30 months later, on November 13, 1794.] There were advantages to membership in Club "22" beyond coping with government regulation. The Fix pledged its signers to fixed minimum commissions of one quarter percent, and gave preference to other Club members in their dealings, a pre-natal precedent in what became from Tuesday, February 25, 1817 the long history of the New York Stock Exchange in formulating Club rules and regulations designed to promote the interests of its members, even if they conflicted with the interests of other market participants. For the brokers and merchants in

pursuit of the practical and lucrative cartelization of the distribution of select issues in the public securities market, it was just another day when they weren’t otherwise engaged in the trading and investing of private monies for commodities, debt instruments and casino betting. Yes, that’s right, there was outright betting too: for instance, one surviving document records the placement of a bet on whether or not a certain French politician would be guillotined by a certain date during the French Revolution. Along with casino betting, the business of dealing in first issuances and re-offerings of corporate securities to the public had traditionally been a job organized by these same auction houses. [Yes, Virginia, Wall Street really is still a casino.]

History may have never recorded whether or not the Fix was truly consummated under that Buttonwood Tree, (actually, a Sycamore tree, standing just in front of the property line between #s 68 & 70 on the north side of Wall Street, and finally uprooted on June 14, 1865). More likely the Fix was consummated while slurping coffees at the MERCHANTS’ COFFEE HOUSE, located at the corner of Wall and Water Streets, during the lunch hour after the morning trading had concluded. So too, history may never divulge the actual details of the signing beyond the fact that this agreement formalized one of the resolutions in effect from the March 21st event at the Corr's Hotel.