The agreement was an attempt to establish, after the financial panic of 1792, certain rules on which there were no rules or guarantees and many transactions were refused. The panic had been caused by the actions of speculator William Duer, who borrowed loans to do business until he realized he could no longer borrow. In short, the agreement had two provisions: 1) brokers had to behave only with each other, thus eliminating the incense, and 2) the commissions had to be 0.25%. It reads: Long before the One World Trade Center overlooked Lower Manhattan, an American sycamore or wood tree on Wall Street was the highest thing in the area and the mall. 225 years ago, on May 17, 1792, 24 brokers and traders under the same tree signed the so-called Buttonwood Agreement, which set the trading parameters in the first incarnation of the New York Stock Exchange. The Economist, a London-based weekly, called its financial market columns under the deal. The Buttonwood Agreement is the founding document of today`s New York Stock Exchange and one of the most important financial documents in U.S. history.  The agreement organized securities trading in New York and was signed on May 17, 1792 between 24 brokers outside 68 Wall Street. According to legend, the signature took place under a platanus occidentalis, a wood tree, but this tree may never have existed.  The New York Stock Exchange celebrated the signing of this agreement on May 17, 1792 as its creation.  Buttonwood Agreement founded the New York Stock Exchange on May 17, 1972.
Signs shown in this painting L-R Augustine Lawrence, custodian of the Port of New York; Charles McEvers, Kaufmann; Andrew Barclay, trader; Leonard Bleeker, real estate agent; and David Reedy (cock hat), insurance and stockbroker. The agreement is named after the tree under which it was signed between the numbers 68 and 70 Of Wall Street. (CSU_ALPHA_1157) CSU/Everett Archives They agreed that they would only trade with each other and represent the interests of the public, which meant that the trust they had in each other was the trust they had in the market. In other words, they would not have to worry about selling bad shares or competing on commission rates, so the invoiced prices would reflect the value of the stock, and not just any other factor. The 24 real estate agents, known as Founding and Subsequent Fathers, who signed the Buttonwood Agreement were (including Desinsefeld):  This document is now part of the New York Stock Exchange`s archival collection.  Brokers signed the Buttonwood Agreement to restore trust and encourage people to reinvest. We, the subscribers, brokers for the purchase and sale of the public stock, solemnly promise by this and we promise each other that we will not buy or sell from this day on for any person, any type of public shares, at less than a quarter of a percent commission on specie value and that we will mutually give each other preference in our negotiations. In testimony, from where we put our hands this May 17 in New York, 1792.  « It`s worth being at this club, so you`re going to follow the rules because you want to stay at the club, » Wright says.
« They could lose in one market, but being at the club is so lucrative that they know they`re going to make it another day. If you all know each other, why do you screw each other? Norman Rockwell, Monica Stewart, Frida Kahlo, Jean-Michel Basquiat are known for capturing culture with their art.