The long list of former NYSE presidents includes some star-studded lives & careers, especially in the beginning when the exchange was just getting off the ground. A thread on the life of Gurdon Mumford, the NYSE's 2nd president:
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After Franklin & Mumford returned to America in 1785, Mumford began his career in politics. He was elected to Congress in 1805 as a representative for New York's 2nd district, and served three terms until 1811.
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After a career in politics, Mumford (now in his late 40s) turned his eyes to finance. He was appointed a director of the Bank of New York (now BNY Mellon) and opened a brokerage.pic.twitter.com/K02za4wdBR
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In 1817, the NYSE was merely a collection of 24 brokers joined by the Buttonwood Agreement. The end of the War of 1812 brought an economic boom in the US, and these brokers wanted to expand business & grow with rising demand for their services.
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On March 8 the brokers reorganized and adopted new rules & charters. Mumford advised the reorg & became a founding member of the exchange. Mumford became the 2nd president of the NYSE in 1818 and served until 1824, helping establish the exchange and NYC as a global finance hub.pic.twitter.com/fRcbobQdmP
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This story taught me 3 things: 1) Building an exchange takes a loooong time. The NYSE took 25 years to become a full-fledged, successful exchange. 2) Connections matter. Mumford succeeded bc of his political & banking relationships. 3) Gurdon Saltonstall Mumford is a
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