Business; Capitalists and financiers -- United States; Speculation; Wall Street (New York, N.Y.)
The Stock Exchange building is a fine, solid structure, devoid of
anything showy, pretentious or decorative. It was designed by James
Renwick, the architect of Grace Church and of St. Patrick’s Roman
Catholic Cathedral, on Fifth avenue at Fiftieth street. The cost of the
building was nearly $2,000,000. It costs nearly $200,000 a year to pay
the salaries of the various officials and keep the building in proper
repair. The apparatus for ventilating the building is one of the best.
It cost $30,000, and supplies an abundance of pure air and perfumes at
the same time. The heating and cooling arrangements are the best of
their kind, and the lighting is admirable. There are three chandeliers
containing 200 electric lamps, which throw a flood of beautiful soft
light around the whole interior. The building is well supplied with
rooms for members, lavatories, and closets. One great feature of the
interior consists of the large vaults, which contain more than a
thousand safes for the safe keeping of securities. About 400 of those
safes are let to persons who are not members. The vaults and safes are
considered the strongest in the country.
The growth of this institution appears marvelous when we go back to its
humble beginning in 1792, when the originators formed the association
under a button-wood tree in front of what is now No. 60 Wall Street.
Following is the text of the simple agreement into which the original
members entered: “We, the subscribers, brokers for the purchase and sale
of public stocks, do hereby solemnly promise and pledge ourselves to
each other that we will not buy or sell from this date, for any person
whatsoever any kind of public stocks at a less rate than one-quarter of
one per cent. commission on the specie value, and that we will give a
preference to each other in our negotiations. In testimony whereof, we
have set our hands this 17th day of May, at New York, 1792. Lem Bleekez,
Hugh Smith, Armstrong & Barnewell, Samuel Marsh, Bernard Hart, Sutton &
Hardy, Benjamin Seixas, John Heary, John A. Hardenbrook, Amurt Beebee,
Alexander Gunty, Andrew D. Barclay, Empn. Hart, Julian McIvers, G. N.
Bleecker, Peter Inspach, Benjamin Winthrop, James Ferrers, Isaac M.
Gomez, Augustine H. Lawrence, John Besley, Charles McIvers, Jr.,
Robinson & Hartshorn, David Reedy.”
Public-domain text, read in full here on John Shaqi.
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