Word: buttonwood
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Haack had suggested the eventual scrapping of one of the Big Board's most cherished principles: that all member brokers must charge the same commissions on stock trades. The rule originated in 1792, when 24 brokers met under a buttonwood tree in downtown Manhattan to found the organization that later became the exchange. They agreed, among other things, not to try to undercut one another's commission rates. Ever since, the fixed-commission system has been generally viewed as essential to the Big Board's existence...
...befits an institution that began business under a colonial buttonwood tree,* the venerable New York Stock Exchange now observes only every 25th birthday. For its 150th anniversary in 1942, trading halted one hour. It was a desultory day, with only 216,620 shares traded, and the Dow-Jones industrials ended...
...Miss Schubert said, "It matters little whether we 'Bolster the Buttonwood,' 'Preserve the Planes,' or 'Save the Sycamores' so long as the trees of Platanus along Memorial Drive are protected...
...About Buttonwood...
Peter S. Green, horticultural taxonomist at the Arnold Arboretum, said that he suspected the trees to be hybrids of the native American sycamore (also known as the buttonwood) and the Mediterranean species of plane tree. If they are, he said, "London plane would be a better name for them...