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How the NYSE Started
Before the Revolution there was no reason for there to be a stock exchange in the colonies because all finances were handled in London. But, because of the Revolutionary War all ties to British financial markets were destroyed. In Philadelphia in 1790 a stock exchange was formed. The first shares in the stock market came from the first three banks in North America: the Bank of North America (1781), Bank of New York (1784), and the First Bank of the United States (1791). These shares were issued to pay off war debts of the Continental Congress under the first Secretary of Treasury, Alexander Hamilton. Later in 1792 a group of 24 New York stock brokers formed an association named the New York Stock and Exchange Board, which is now known as the New York Stock Exchange, Incorporated. The NYSE building has been located at 18 Broad Street in the Financial District of the lower Manhattan Island since April 22nd, 1903.
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