The NYSE Finds A Permanent Home On This Day In Market History

Benzinga takes a look back at a notable market-related moment that happened on this date.

What Happened: On Dec. 9, 1865, the New York Stock Exchange settled on Broad Street — its first permanent location until its 1903 expansion to Wall Street.

What Else Was Going On In The World: Just days earlier, the U.S. had ratified the 13th Amendment abolishing slavery. Through the rest of the month, a group of Confederate veterans organized the Ku Klux Klan, and the U.S. founded the House Appropriations Committee and Committee on Banking and Commerce.

NYSE Takes Root: Following its founding under a New York City Buttonwood tree, the New York Stock Exchange first headquartered in the Tontine Coffee House and continued to roam through its first 70 years.

Wall Street temporarily housed operations until the Great Fire of New York destroyed the building and NYSE shifted to a temporary home.

It didn’t find its first permanent site until 1865 with the settlement at 10-12 Broad Street.

By the 1890s, the development of the Dow Jones Industrial Average inspired a sixfold increase in volume, which crowded the floor. In those days, pre-virtual trading, only members who had purchased a seat on the floor could transact. The firm demolished its 10 Broad Street site and erected the $4-million building standing today. Continued expansions have accommodated modern trading demands.

Today, both the Broad Street and Wall Street sites are honored as National Historic Landmarks.

Related Links:

This Day In Market History: The NYSE Is Born Under A Buttonwood

This Day In Market History: CBOE Becomes First Dedicated Options Exchange