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New York Stock Exchange (NYSE) Opens
The new New York Stock Exchange building opened at 18 Broad Street. Boasted with grand Corinthian Pillars, statues, marble trading floor and a 70-foot high ceiling. The very first building to feature the air conditioning.
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The Bell
One of the most familiar features of the NYSE is its distinctive bell that rings on the trading floor to signal the start and end of trading each business day. Measuring 18 inches in diameter.
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Government Relationship
Authorities proposed a $4 tax on stock transfers. Stock clerks protested. The city and state officials have taken steps on tax incentives encouraging financial firms to continue business with the city.
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DJIA
The Dow Jones Industrial Average exceeded 100 for the first time, followed by the Panic of 1907.
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1st Wave of Panic
After J.P. Morgan made a merger with U.S. Steel, $800 million in securities were unloaded within a few months. Stock prices went down dramatically.
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The Panic of 1910-11
There was a slight economic depression during the decade of 1910. This event was called the Panic of 19010-11. It was caused by the enforcement of the Sherman Antitrust act. This law regulated competition among enterprises. It affected the stockbrokers who were participating in trust busting. -KC -
The Federal Reserve Act of 1913
The Federal Reserve Act of 1913 was passed in attempt to bring stability to the markets after the Panic of 1907 and the Panic of 1910. It established the Federal Reserve System that created a third national central bank. It expanded the national banking powers to better help regulate the stock market. -KC -
World War I: 1914-1918
World War I helps stimulate the US economy. In Europe there is a financial crisis that helps banks in the United States grow in services. The economy booms from the years 1914-1918. The financial center of the world moves from London to Wall Street. -KC -
Peak in 1919
The first National city bank reaches around one billion dollars in assets. The Dow Jones Industrial Average reaches a peak of 119.6 on November 3. This was right before the big stock market crash that would occur in the 1920's. - KC -
Stock Prices Raise to 39%
To stop speculation after stock prices went up, the discount rate went from 3.5% to 5%, the government even began selling securities to banks that would remove cash from its reserves. -JD -
Interest Rate Increases
Just weeks before the stock market crash, the Federal Reserve Bank of New York raised interest rates from 5% to 6%. -JD -
Dow is Down 20%
On September 3 1929 the Dow was at a high, it then dropped 20% leading up to the stock market crash. - JD -
Black Thursday
The first day of the four day crash, the market opened 11% lower than the previous days close, this stemmed panic but stocks began to bounce back within the next two days. -
The Stock Market Crash of 1929
The stock market crashed after stocks dropped in value, sending the country into an economic depression. - JD -
World War II has begun. -Devin Stiger
The economy grew about 8% and the unemployment rate was falling. Dow Jones stock started at 111.84 at its lowest and peaked at 152.8 by the middle of the year. -
Investment Company Act
The Investment Company Act of 1940 required organizations engaged in investing and trading stocks to give disclosure about investment objectives in order to minimize conflicts of interest. SK -
National Committee of Investment Companies. D.S.
A national committee that helped create the Investment Company Act of 1940. This act regulated the organization of companies, as well providing assistance for safe and legal trading for companies. -
NYSE Board of Governors Advisory Committee
The New York stock Exchange began a roll-back of governance reforms due to the creation of the Board of Governors Advisory Committee.From then onto the two decades, control of the exchange returned to floor members. SK -
NASD Registration of Broker Representatives
The U.S. Securities and Exchange Commission decided to allow the National association of Securities Dealers to register individual broker representatives. (In addition to broker-dealer firms , expanding the NASD's authority. SK -
Hoover Commission
The former president recognized that there had been several reports in the stock market that had not been reviewed and analyzed. This is because they had budget cuts and don't have enough people to keep up with reports. DS
