Today, historians relate that, as a general rule, buying and selling securities was very much unorganized before the year 1792. Every person who owned a security faced the problem of finding interested buyers who might consider the purchase of a debt-free investment. This meant most people were somewhat slow in investing in stocks and bonds because these securities could not readily be converted into money.
We have been told that an interested number of traders and merchants agreed to try to do something to help correct the situation. At this first crucial meeting, they decided that it was a good idea to visit regularly on a daily basis to buy and sell securities. The group of leaders, whose meeting place was under an old, tall cottonwood tree, found the needed time to plot the financial future of the nation.
We know from reading the old records that the original team who met together long ago in May became the very first members of the New York Stock Exchange is still operating. Other exchanges, like that in Toronto, also conduct business in many countries worldwide. Millions of stocks and bonds are bought and sold every day.
