building of the Stock Exchange in Manhattan, 1792
Perhaps no building better conjures New York’s history as a financial force than the New York Stock Exchange, a squat but very impressive neo-classical building on Broad Street by the intersection with Wall Street. Its row of Corinthian columns across the front is the most prominent feature, and the grandeur of the design seems magnified by the narrowness of the old street it sits on.
On Nov. 2, 1902, the Brooklyn Eagle published an article updating the progress being made on the new Stock Exchange building — the one we know today. Business had ballooned to such a volume as to outgrow the old quarters on Broad Street, which had opened in 1865. The exchange itself dates back to 1792.
The new building faced many construction delays, and though this article expected it to open in January of 1903, it was not until April 22 of that year that it finally did. It ultimately cost $4 million dollars. The architect, George Post, also designed the Brooklyn Historical Society building in Brooklyn Heights. Portions of the Eagle article are reprinted below.
“The new building of the Stock Exchange in Manhattan, the opening of which was originally set for the first of May last, but which was postponed until yesterday, will probably not be ready for occupancy until the first of the year. This delay has been occasioned by the difficulties of construction that were encountered and the changes of plans that were found to be necessary. The building has advanced to such a stage, however, that a good impression can be gained of what will be the finest structure, from an architectural point of view, in the country. It will be a monument typical of this era of great commercial buildings and illustrative of the ruling tendencies of the American people.
“It became apparent several years ago that the old Exchange had outgrown its home. More space was absolutely needed for the boardroom and a larger building was decided upon. The adjoining property was acquired, giving an added frontage on Broad Street of 69 feet. On April 27, 1901, the old boardroom was closed and the demolition of the building, within walls of which transactions involving millions and millions of dollars had occurred, was begun.
“The cornerstone of the new structure was laid September 12, 1901. Temporary quarters were secured in the Produce Exchange building at a rental of $75,000 a year. The delay in the completion of the new building is an expensive one in view of this high rental, the contract of which had to be renewed.
“The new building is of white marble. While only eight stories in height, it will not suffer in comparison with the many skyscrapers in the vicinity, because of the six Corinthian columns, 52 feet in height and 63 inches in diameter, which will give to it a scale of its own, at once so simple and impressive as to signalize it among its surroundings. Back of these columns there is a single undivided window that will reach to the entablature. Above the latter is the tympanum, for which John Quincy Adams Ward, the famous sculptor, has designed and executed a remarkably beautiful series of sculptures. The main theme expressed in it is the triumph of Integrity, represented by a central female figure, to who the arts and industries bear their products for adjustment.
“The main problem that confronted the architect was to secure the greatest possible amount of space and light in the boardroom. It was designed to contain 15,000 square feet, approximately an increase of about 60 percent over the area of the old room. One of the radical defects on the old exchange was the inadequate lighting of the boardroom, and there will be great improvement in this respect…In drawing up his plans Mr. George B. Post, the architect, made the question of increased light paramount in his design. For this reason he resolved to have constructed the immense glass screen, which practically makes one window of the whole front of the boardroom on each street. In addition there is a large skylight in the center, which will diffuse the light more effectually, beside adding greatly to the architectural effect of the room.
“The visitors’ gallery will not be as large as the old one and unless the plans of the governing committee are changed no one will be admitted except by card to the gallery at the Broad Street end.
“An expenditure of $3,000,000 was involved in construction of the building and the additional property that was acquired...”
— Compiled by P.Neidl
On Nov. 2, 1902, the Brooklyn Eagle published an article updating the progress being made on the new Stock Exchange building — the one we know today. Business had ballooned to such a volume as to outgrow the old quarters on Broad Street, which had opened in 1865. The exchange itself dates back to 1792.
The new building faced many construction delays, and though this article expected it to open in January of 1903, it was not until April 22 of that year that it finally did. It ultimately cost $4 million dollars. The architect, George Post, also designed the Brooklyn Historical Society building in Brooklyn Heights. Portions of the Eagle article are reprinted below.
“The new building of the Stock Exchange in Manhattan, the opening of which was originally set for the first of May last, but which was postponed until yesterday, will probably not be ready for occupancy until the first of the year. This delay has been occasioned by the difficulties of construction that were encountered and the changes of plans that were found to be necessary. The building has advanced to such a stage, however, that a good impression can be gained of what will be the finest structure, from an architectural point of view, in the country. It will be a monument typical of this era of great commercial buildings and illustrative of the ruling tendencies of the American people.
“It became apparent several years ago that the old Exchange had outgrown its home. More space was absolutely needed for the boardroom and a larger building was decided upon. The adjoining property was acquired, giving an added frontage on Broad Street of 69 feet. On April 27, 1901, the old boardroom was closed and the demolition of the building, within walls of which transactions involving millions and millions of dollars had occurred, was begun.
“The cornerstone of the new structure was laid September 12, 1901. Temporary quarters were secured in the Produce Exchange building at a rental of $75,000 a year. The delay in the completion of the new building is an expensive one in view of this high rental, the contract of which had to be renewed.
“The new building is of white marble. While only eight stories in height, it will not suffer in comparison with the many skyscrapers in the vicinity, because of the six Corinthian columns, 52 feet in height and 63 inches in diameter, which will give to it a scale of its own, at once so simple and impressive as to signalize it among its surroundings. Back of these columns there is a single undivided window that will reach to the entablature. Above the latter is the tympanum, for which John Quincy Adams Ward, the famous sculptor, has designed and executed a remarkably beautiful series of sculptures. The main theme expressed in it is the triumph of Integrity, represented by a central female figure, to who the arts and industries bear their products for adjustment.
“The main problem that confronted the architect was to secure the greatest possible amount of space and light in the boardroom. It was designed to contain 15,000 square feet, approximately an increase of about 60 percent over the area of the old room. One of the radical defects on the old exchange was the inadequate lighting of the boardroom, and there will be great improvement in this respect…In drawing up his plans Mr. George B. Post, the architect, made the question of increased light paramount in his design. For this reason he resolved to have constructed the immense glass screen, which practically makes one window of the whole front of the boardroom on each street. In addition there is a large skylight in the center, which will diffuse the light more effectually, beside adding greatly to the architectural effect of the room.
“The visitors’ gallery will not be as large as the old one and unless the plans of the governing committee are changed no one will be admitted except by card to the gallery at the Broad Street end.
“An expenditure of $3,000,000 was involved in construction of the building and the additional property that was acquired...”
— Compiled by P.Neidl
