FOREWORD TOCK EXCHANGES in America, as we know them today, had their inception in the early Colo- nial period. On May 17,1792, under a buttonwood tree on Wall Street, twenty-four New York brokers assembled to sign this simple agreement: ‘We the undersigned, brokers for the purchase and sale of public stocks, db hereby promise and pledge ourselves to each other that we will not buy or sell from this date for any person whatever, any kind of public stocks at a less rate than one-quarter of one per cent commission on the specie value, and that we will give a preference to each other in our negotiations.” It was not until forty-two years later, in 1834, that thirteen Boston brokers met to establish what was to be the forerunner of the present Boston Stock Exchange. Not until 1844, did this "Board venture to publish its daily transactions. How this small beginning bas developed through the years, and the part it has played in pioneering the development, not only of New England but the rest of the country, is outlined in the following pages. It bas been an important factor in enhancing New England's prosperity and has made a substantial contribution toward conserving New England’s position as one of the greatest, if mot the greatest, reser- voir of investment capital of any section of the country. [5]