The New York Stock Exchange was founded on May 17, 1792, when 24 stockbrokers signed an agreement establishing the basic rules for stock trading. This document was named the Buttonwood Agreement, because these pioneering stockbrokers would regularly meet beneath a buttonwood tree on New York City's Wall Street. Prior to this agreement merchants sold securities on hand over the counter. The term "over the counter" is still in use from this period. Business was booming and could be very chaotic. Some days up to 100 bank shares changed hands. The traders felt an agreement was needed because of the chaotic trading. The agreement limited the trading of securities to members of the agreement. Trading took place under the tree until 1793 when it moved to the Tontine Coffee House. The tree fell on June 14, 1865 during a storm. The local news treated the death of the tree like a beloved family member. The organization drafted its constitution on March 8, 1817, and named itself the "New York Stock & Exchange Board". In 1863, this name was shortened to its modern form, the "New York Stock Exchange".

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