Ross Simpson

The Great Depression began with the crash of the Wall Street stock market
and had a severe worldwide economical effect in the decade preceding
World War ll. Unemployment in the U.S. rose to 25%, and in some countries
rose as high as 33%. The negative effect of the Great Depression lasted
until the end of the war.

A large crowd gathers on Wall Street during the bank panic

The Panic of 1907 was a financial crisis that occurred when the New York Stock
Exchange fell close to 50% from its peak the previous year. This was during a
time of economic recession, resulting in numerous runs on banks and trust
companies. The 1907 panic eventually spread throughout the nation when
many state and local banks and businesses entered bankruptcy. The crisis
was triggered by the failed attempt in to corner the market on stock of the
United Copper Company and a loss of confidence among depositors.

The origin of the NYSE can be traced to May 17, 1792, when the Buttonwood
Agreement was signed by 24 stock brokers outside of 68 Wall Street in New
York under a sycamore (or Buttonwood) tree on Wall Street which earlier was
the site of a stockade fence.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, "New York Stock Exchange".

Depiction of stock brokers under the sycamore tree.