Happy Buttonwood Agreement Day!
As early as the mid 1700’s, our nation’s financial traders could be found in action on the streets of lower Manhattan. It was during these years brokers, merchants and auctioneers bought and sold to one another in offices, coffee houses, and marketplaces all over town. In the 1790’s, speculative excess, combined with the lack of a formal trading structure, left the future of our nation’s markets in question.
On May 17, 1792, a group of two dozen traders gathered at their daily meeting place, a Buttonwood tree at 68 Wall Street. Facing chaotic markets, they made the decision to organize their trading. “The Buttonwood Agreement“, as this arrangement would later come to be known, helped to create liquidity and give birth to The New York Stock Exchange.
Today, Buttonwood Financial Group, also founded on the basis of creating conservative order, brings to their clientele financial organization with a personalized focus. Through the combination of the development of conservative growth portfolios based upon asset allocation theory, as well as specialization in fixed income investments, from retirement to estate planning, the lessons taught by our forefathers come to light every day.