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THE

NEW YORK STOCK EXCHANGE

A Discussion of the Business Done; Its Relation to Other Business,
to Investment, Speculation and Gambling; the Safeguards
Provided by the Exchange, and the Means

Taken to Improve the Character

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"The New York Stock Exchange and the Money Trust"

"The Exchange as Seen from its Gallery"

New York
1919

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From the rare George Holland print owned by the Stock Exchange Luncheon Club.

The building at the head of Broad Street is Federal Hall, in which General Washington was inaugurated as first President of the United
States, in 1789; the Sub-Treasury now stands on that site. The street at the top of the cut is therefore Wall Street, while that at the lower left-
hand corner is Exchange Place. The nucleus of the Stock Exchange met in those days at Tontine Coffee House, corner Wall and Water
Streets. The present Exchange occupies most of the block covered by the houses on the left-hand side of cut.

The
Beginning
of the
Exchange

FOREWORD

The New York Stock Exchange can be said to have been begun 125 years ago-100 years of which it has passed under a formulated Constitution. Its beginning was three years after the adoption of the Constitution of the United States and the first meeting of Congress, three years after George Washington first took the oath of office as President; before coal had come into common use, while houses were still lighted by candles; 33 years before the first steam railroad; 53 years before the first telegraph message; 64 years before the first ocean cable; 74 years before the first telephone-when the whole population of the country was less than that of New York City now; when the country's area was not one-fifth of what it is at present; when not even the wildest dreamer could have imagined trains running at sixty miles an hour, wireless telegraphy, articulated speech transmitted thousands of miles, aerial navigation, or the gigantic business enterprises of the minute.

Business on the Exchange

The Exchange is the great security market of this country; the business done upon its floor is wide-spread in its interest and effect. The Hughes Committee reported in 1909 that "only a small part of the transactions is of an

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