History of the NYSE pt. 2

This is the second part of the NYSE history that I started on November 11. All of this and more is available at the NYSE website.
In 1903, the exchange made its move to its current final location at 18 Broad St. the new trading floor is 60% larger than the previous the previous floor. At the onset of WWI, the exchange experienced the longest trading halt in its history that lasted 4.5 months; the exchange took this action to prevent plunging stock prices. A year later stocks were quoted in dollars in lieu of percent of par value. After the end of the First World War, the United States emerges as world financial leader bypassing London; there were 1,700 foreign issues in 1918. 1923 saw the establishment of a Fraud Bureau to prevent gambling on stock prices. In 1929, the exchange experienced the infamous black Friday and the beginning of the great depression. In 1933, Roosevelt signed the securities act of 1933 including registration of new issues and disclosure requirements. A year later, the SEC was established. In 1954, the Dow surpasses the 1929 peak. 1966 was a big year for the exchange, which included the creation of SIPC as well as the NYSE composite index. In 1972, the Dow closes above 1,000. 1982 marked the first day trading volume was over 100 million. In 1987, the DIJA had its largest one-day drop of 22.61%. In 1996, Real time stock quotes were placed on CNBC. The beginning of the new century saw many new things including quotes in decimals, and the first ETF (exchange-traded fund).
Just this new century and millennium has seen many changes at our great stock exchange. If you are interested see, the NYSE’s in depth history go to the NYSE website and check out their timeline. Sadly, they are not teaching the students in our country the history of our great financial system.

Government Credit Card Maxed Out

It seems everyday on Capitol Hill our fearless leaders spend more time attempting to figure out more ways to spend our hard earned money. That is right our money, we go to work and earn it everyday. It seems the politicians today tend to think that it is their right to have our money. Well let me tell you it’s not. Wait, there is more. Today, I read a headline, “Federal Deficit sets October record of $174.6 billion”. As I read, it continues to say that the yearly deficit set a new record of $1.42 Trillion, breaking last year’s record deficit by $985 billion. I understand that part of this is to help save our economy from financial crisis, but the administration said they do not see the deficit going below $739 billion over the next decade. It was stated that congress now faces the dilemma of whether or not to raise the $12.1 trillion dollar debt ceiling that they will pass in December. Out of curiosity, I searched about the U.S. debt I found a sight called the debt clock maintained by Ed Hall (thanks for the info). He says that every American owes $39,038; if you have a young child that includes him or her. That is sad that we are selfish enough to push this off on future generations. He states and Treasury Direct number closely correlates, $11.995 Trillion, and this number increases on average by $3.85 billion. We need to make changes today; I do not want to spend my whole life paying for the stupid decisions made by politicians today. I want to know why the government is allowed to spend money like that when no person or corporation can do the same thing. Have we learned no lessons over the past year of what skyrocketing debt can do to any entity.

Here is the link to Mr. Hall’s site.

Visit the U.S. National Debt Clock

My Stocks

These are the Stocks I currently own. Right now I am strongly invested in small caps since I am young and have a higher risk tolerance, but I think they are good so check them out and give me some ideas too if you have some good ones.
ATP Oil & Gas (ATPG)Oil E&P with a 98% success rate
Capital Source Bank (CSE)Commercial lender
Blackstone Group (BX)Private Equity
TBS International (TBSI)Shipping

History of the NYSE pt. 1

One important part of American history is all too often overlooked is the financial history. The backbone of our country of course is the principles of liberty, but the muscle of our prosperity is our financial markets. How can something as pivotal as the history of the largest stock exchange in the world be so simply passed over.
In 1792, 24 stockbrokers came together and signed the Buttonwood Agreement, and the financial market was born. At the time there were only 5 securities traded; three were government bonds and two were bank stocks. After the War of 1812, the securities traded begin to grow. It is surprising to know that stocks were two trading sessions a day where each security was read out and the brokers would trade; this was called call market procedures. In 1817, the brokers created the New York Stock & Exchange Board and adopted a constitution with rules of conduct; also, the exchange rented a space at 40 Wall St. With the invention of the telegraph in 1844, participation of brokers outside of New York became more available. In 1853, standards for being a listed security were tightened requiring companies to provide statements of capital resources and shares outstanding. In 1863, the exchange adopted a new name that is still used today, NYSE. The exchange moved to its permanent home at 10-12 Broad St, making Wall and Broad St. the center of securities trading in the USA. 1867 gives us the first stock ticker allowing stock prices to be viewed by investors anywhere. The NYSE requires all shares to be registered with a bank in 1969; often time’s companies were giving out secret shares called watering. In 1871, continuous trading is adopted allowing brokers dealing in one stock to remain at one place on the floor; this gave way to the specialist. 1886 has the first day where 1,000,000 shares are traded. In 1892, a clearinghouse is adopted to expedite transfer of stocks between brokers. In 1895, the Exchange suggests that companies send annual reports to their investor with an income statement and balance sheet. In 1896, the Dow Jones Industrial Average is published in the Wall Street Journal; its initial value was 40.74 and contained twelve stocks.

A little about myself

I am a Junior at Georgia College & State University. I am pursuing my B.B.A in Accounting, after getting my undergraduate degree I want to continue and pursue my MaAC or Masters of Accountancy. I am an Eagle Scout, and wrestled in high school. I now work in the Milledgeville Mellow Mushroom kitchen. I am attempting to start a candle business making soy candles. Soy candles are cleaner for your home and help American farmers. Soy candles also burn longer than paraffin candles, but that is still a hobby trying to get my recipe and process down. I started Investing in stocks this past February; I got hooked. I would like to own my own private equity firm one day. PE's (private equitie firms) have all of the upsides of banks without, the regulation and need for all the capital ratios since there are no depositors in a PE, only investors. If you have any questions comments suggestions or ideas for me shoot me an e-mail at fulcherben@gmail.com

Here is Why

You will see the link to my other blogger blog at the top of my page. I feel that the topic of finance is not taught thorough enough today in the classroom. I feel like my peers give me funny looks when I begin talking about finance, and the stocks in my portfolio. Often times I get the sense that all of my peers would like to be financially successful, but they don't have the first clue how to do it. So I want to spread my knowledge, I also want to learn from you readers if you feel you can add something constructive to my financial knowledge. When I am not busy with my other endeavors I am trying to improve my blogs, and I am researching my stocks, stocks that I don't own, anything that goes with finance and catches my eye I am reading it. I have always been an avid reader, now I feel I have many interesting facts, and this is going to be my outlet for those.

Hey, It's me Young Investor again

I really enjoyed this whole blogging thing, but i don't like being constrained to teaching people about how to be financially successful. I want to talk about the history of Wall Street, the U.S. Dollar, my stock portfolio, and anything else that has to do with finance, please read comment and help me to grow this and Financial Success FS (for starters).