The New York Stock Exchange began in 1792, with people exchanging certificates at a common meeting place for George Washington. Learn about the movement of the New York Stock Exchange over the years with help from a personal asset manager in this free video on investing in the stock market and money management.
Hello, I'm Roger Groh of Groh Asset Management. This is an exciting thing for me to talk about, because it's the history of the New York Stock Exchange. Back in 1792, at the corner of Wall and Broad Street in lower Manhattan... now think about it then, it was probably fields, rocky, marshy, I mean, nobody had ever heard of the buildings that were there now, that are there now. It was just the boondocks. But, there was a bar, where George Washington used to go to drink, if I remember my Revolutionary history, and on that corner, a group of 24 men met. And they were both people that were looking to invest in companies, and people that were looking to raise money for their businesses. That was the beginning of the New York Stock Exchange. Right on the curb, physically handing certificates back and forth, and cash back and forth, between investors and companies. Amazing! In many ways, the growth of the New York Stock Exchange has mirrored the growth in the United States. For instance, after the War of 1812, the United States experienced a period of rapid economic growth, and so did the Exchange for the rest of 1800s. That includes, think of it, the Civil War, among other things. Railroads dominated investing, because they were at the forefront of technology and the forefront of productivity gains during that time period. In 1903, the Exchange moved to the building where it is today, down on Wall and Broad. You can go and visit. And then, last but not least, during the 1980s, electronic trading came in, where it was no longer as necessary to have individuals yelling and screaming at one another, trying to get another person to buy or sell. In fact, it became two computers discussing it, and creating markets. My grandfather, during the 1920s, was a stockbroker. After the crash of 1929, business dried up, and he was forced to leave the business to seek more reliable income for his growing family. So, here I am again, all these years later, still here. I'm Roger Groh, and thank you for spending a little time with me, and the history of the New York Stock Exchange.