1918 Prince & Whitely Trade Ticket

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1918 Prince & Whitely Trade Ticket - Stock Market Panic

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Our Price: $160.00

Sale Price: $135.00

Vintage Collection

Product Code: VT247

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Description

This rare trade ticket was issued in 1918 by Noel Berman & Langley for 100 shares preferred stock to Prince & Whitely. Prince & Whitely was one of the first brokerages on Wall Street opening in the late 1870s. They became one of the largest and well-respected houses in Wall Street. They were known to have the first private telegraph wire in Washington which gave its traders a several minute advantage to breaking news.

In 1929, Prince & Whitely failed, and set off a market panic that led many stocks to fall below their 1929 crash levels. Prince & Whitley were unable to meet their debt obligations. Just prior to their failure, the market was in a steep decline with NYSE President Richard Whitney, with the help of the likes of J.P. Morgan, were trying to turn the market around by placing large above market orders. When President Whitney had to announce the failure of Prince & Whitely on the Exchange floor, the market tanked. Panic spread throughout the Curb Exchanged followed by the Chicago Exchange and Curb, Cleveland and even to London where Prince & Whitely has considerable business. It became a lesson of Wall Street's over-reaction to rumors and news amid the absence of economic facts.

The New York Curb Exchange was established in the early 1900s. It got it's name because brokers actually traded on the "curb" outside the New York Stock Exchange. It's name became formalized as the New York Curb Exchange in 1929 and eventually was renamed the American Stock Exchange in 1953.

This one-of-a-kind trade ticket is presented in a gorgeous high quality acrylic display that weights over 1.5 lbs. Magnetically held together, the display is easy to open if want to inspect your item. Perfect for a desktop or bookshelf display.

1918 Prince & Whitely Trade Ticket

Age: 1918
Display measures: 8" x 6" x .75"
Weight; over 1.5 lbs
Condition: Excellent; ticket as pictured