The New York Stock Exchange: The Birth of Wall Street and the Stock Barons (18th−19th Centuries)

Mehmet Baha Karan ()
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Mehmet Baha Karan: Hacettepe University

Chapter Chapter 9 in A History of Stock Exchanges, 2025, pp 269-303 from Springer

Abstract: Abstract The NYSE became a significant player in finance during the 19th and early twentieth centuries, largely due to industrialization, the growth of companies, and the onset of speculative activity. The institution was established in 1792 through the Buttonwood Agreement and subsequently experienced significant growth in the nineteenth century, marked by the advent of railroads, steel, oil, and banking. The NYSE became the center of American capitalism, but its growth was often driven by powerful stock market barons such as Jay Gould, James Fisk, and later J.P. Morgan. These individuals were consistently involved in bold speculation, trading stocks, and acquiring other companies. They had a significant impact on what was happening in various industries. The events of the Erie War and the Panic of 1907 revealed two essential aspects of unchecked speculation: its power and the dangers it entails. Despite regular financial crises, minimal regulation, and monopolistic practices, the NYSE still attracted investors from both home and abroad. All this technology and industry meant that by World War I, America had become a significant player on the global stage, setting the stage for the United States’ financial rise.

Date: 2025
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DOI: 10.1007/978-3-032-07788-2_9

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