New Board

The New Board was an organization of curb-stone brokers established in 1836 in New York City to compete with the New York Stock and Exchange Board. It folded in 1848.

The New Board emerged among the rough and tumble conditions of the very speculative curb-side trading during the down-turn in the market in general. [1] This board grew out of a failed attempt of these brokers to work with the Wall Street board. At first, the new organization was very successful, growing, while Wall Street was in a general decline. [2] After its immediate success and strong rivalry, it declined, with most members going bankrupt within three years of its founding. Nevertheless, it remained larger than the older board until 1845. But within three years of the eclipse, it was gone.[2] According to Sobel (p. 51), the New Board was the first of a number of alternative set-ups that occurred in New York trading during periods of high volume, succeeding at first, setting up rival organizations and then succumbing during ensuing less bullish times.

References

  1. ↑ Sloane, Leonard 1980 The Anatomy of the Floor, Doubleday: Garden City, New York, p. 22.
  2. 1 2 Sobel, Robert (2000-05-01). The Big Board: A History of the New York Stock Market. Beard Books. pp. 49, 51. ISBN 9781893122666.


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