⁣FOLLOWING THE BUTTONWOOD AGREEMENT
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Following the Buttonwood Agreement In the 1800s, a "Curb Exchange" began on Broad Street for the Exchange of stocks. This Exchange was created for those stocks that did not meet the requirements for the NYSE floor. This Curb Exchange grew into the American Stock Exchange when in 1921, it moved into actual "quarters" on Trinity. In 2008 the NYSE acquired the AMEX and Euronext exchanges. Today, the stocks traded on the AMEX are small-cap stocks.
In keeping with the Buttonwood Agreement, traders in Chicago organized a commodities exchange in 1848 to market agricultural products (corn, soybeans, grains). They then expanded to include options and futures on several other products (meat, gold, silver, US Treasury Bonds).
During the 1800s, in Denver, New Orleans, San Francisco, and many other cities, regional exchanges sprang up to trade in stocks for companies that did not meet the requirements for trading on the floors of the NYSE or AMEX. These regional exchanges allowed speculators to invest minimally with the hope of rapid growth and massive profits if and when a company prospered, and its stock value rose dramatically. Speculation can lead to fraud, as seen with the Denver penny-stock exchange for CYNK Technology that increased from 10 cents a share to $13.90 per share until the SEC shut down the stock trade in 1982, causing the Denver exchange to lose 40% of its valuation.
In 1836, following years of profitability based upon loans to American cotton growers, the Bank of England raised its interest rates on loans to recover silver that had been drained from British reserves through the loans. The banks in the United States were forced to react similarly. Many US investors who had borrowed money defaulted on their loans, especially as trading in cotton was tied to silver deposits. When the price of cotton dropped by 25% in 1837, the global community fell into an economic Panic. Speculators bought the defaulted loans hoping that the price of cotton would rebound. When cotton prices continued to dip, the speculators defaulted on their loans, deepening the Panic of 1837, which led to unemployment and inflation. The US government did not intervene in this situation and allowed the markets to regulate themselves, leading to the recovery of 1843-44. With the discovery of gold in California in 1848, the US economy once again became solidified and the Bank US solvent. Cont'dAfter the Panic of 1837, when many investors suffered significant losses, the NYSE demanded that companies who desired to trade stock/securities within the Exchange make public their finances as a condition of offering their stock to potential investors. Still, a few individuals and brokerage houses controlled the Exchange.