Shannon Stirnweis (B. 1931) “New York Stock Exchange” Signed lower right. Original oil painting on Illustration Board. Provenance: Collection of James A. Helzer (1946-2008), Founder of Unicover Corporation.
This painting originally appeared on the Fleetwood First Day of Issue Maximum Card for the U.S. 29c New York Stock Exchange Bicentennial stamp issued May 17, 1992.
In 1792 a group of 24 men convened under a buttonwood tree in New York to discuss their mutual interest in finances and investments. From this encounter, which took place on what is now Wall Street, evolved the world’s largest marketplace for securities — the New York Stock Exchange (NYSE). Formally instituted in 1817 as the New York Stock and Exchange Board, the organization flourished during the early 19th century, when America’s emphasis on mercantilism and expansion of the railroads stimulated growth in the securities marketplace. But many investors lost heavily in the Panic of 1837, and the exchange subsequently required all listed companies to provide public disclosures of financial records before offering stock. Adopting its present name in 1863, the exchange furnished much of the capital needed to move America into the post-Civil War industrial era. After 1868, seats on the exchange — limited to 1,366 since 1868 — were obtained only by purchase from an existing member. A corporation seeking to list on the NYSE must meet rigorous conditions. It must earn a minimum of $2.5 million before taxes, possess at least one million shares of outstanding stock, grant voting rights to common stockholders and publish regular financial statements. Since the Great Depression of 1929, the NYSE has been regulated by the Securities and Exchange Commission.
Image Size: 17.5 x 15 in.