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The Market Revolution in the 19th century United States is a historical model that describes how the United States became a modern market-based economy. During the mid 19th century, technological innovation allowed for increased output, demographic expansion and access to global factor markets for labor, goods and capital.
Jacob Little (March 17, 1794 – March 28, 1865) was an early 19th-century Wall Street investor and the first and one of the greatest speculators in the history of the stock market, known at the time as the "Great Bear of Wall Street". [3]
In 1884 the Dow Jones company published the first stock market averages, and in 1889 the first issue of the Wall Street Journal appeared. As time passed, other newspapers added market pages. [5] The New York Times was first published in 1851, and added stock market tables at a later date.
The high birth rate, and the availability of cheap land caused the rapid expansion of population. The average age was under 20, with children everywhere. The population grew from 5.3 million people in 1800, living on 865,000 square miles of land to 9.6 million in 1820 on 1,749,000 square miles.
The stock market boom became a bubble and banks caught in the euphoria made risky loans. [1] [2] Britain's financial system developed rapidly between 1770 and the end of the Napoleonic Wars, coinciding with the country's industrialization. In 1770, only five stocks had been available on the London Exchange.
Such brokers were prevalent in the 1800s and early 1900s, and the most famous curb market existed on Broad Street in the financial district of Manhattan. Curbstone brokers often traded stocks that were speculative in nature, as well as stocks in small industrial companies such as iron, textiles and chemicals ( see curb trading ). [ 2 ]
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The Buttonwood Agreement is the founding document of what is now the New York Stock Exchange and is one of the most important financial documents in U.S. history. [2] The agreement organized securities trading in New York City and was signed on May 17, 1792 between 24 stockbrokers outside of 68 Wall Street .