Those Who've Rung the Historic Wall Street Bell
The stock exchange is generally a vague place full of things like “stocks” and “shares” and “brokers” where another vague thing called the “stock index” goes up and down for no discernible reason.
For most people, they know that a stock exchange is important, but not what it does or what it’s for. Still less does the stock exchange tend to make itself into anything resembling a cultural institution. Its primary purpose, after all, is financial--an aspect over most people’s heads.
The New York Stock Exchange breaks out of that mould with the ringing of the bell. With great names now associated with the NYSE, such as that of former United States President Ronald Reagan and recently of Chris Pratt and Zoe Saldana before the premiere of Guardians of the Galaxy, more than just corporate attention is on this bell-ringing ceremony.
The Stock Exchange has brilliantly reached out to the public and has made itself an institution of mark by giving prestige to the opening of the trading floors for business. The ceremony has a tradition to it that withstands even the increasing interconnectedness of the digital age, where bells tend to be historical landmarks or museum-pieces.
The beauty of the four bells on the four trading floors of the New York Stock Exchange is that they are, indeed, old enough to be true pieces of history. Each bell eighteen inches in diameter, they have been opening and closing the trading floors since 1903. So unique are they that when the Stock Exchange wished to refurbish the bells, certain artisans from the G.S. Edwards Company, the original maker of the bells, needed to be asked to come out of retirement to work on them. They represent the long-lasting stability of the Stock Exchange, and the history that shaped it.
The Wall Street Bell: Fashion or Necessity?
When the New York Stock Exchange was much smaller, a single gavel and a Chinese gong sufficed to signal the opening and closing of trade in the building. As a signal for coordinated action on the trading floor, it was simple, efficient, and practical. But in 1903, when the New York Stock Exchange opened four trading floors, they turned to four bells simultaneously rung through an electric push-button, which is still in use today. A small balcony above the front trading floor holds the green button.
In 1956, the first person invited to ring the opening bell of the trading floors of the New York Stock Exchange at 9:30 in the morning was 10-year-old boy Leonard Ross. He won that privilege and $100,000 on a television quiz show by answering questions on the stock exchange and finance. This marked the first outreach of the New York Stock Exchange to the community.
However, it was Ronald Reagan who brought the opening bell to the spotlight in 1985. The moment he pressed the bell to open the trading floors for business, the fate of the Wall Street Bells was sealed. No longer was the pushing of the button simply a signal, it became a symbol of prestige as well. Because of this, even as the advent of the electronic and digital age simplifies stock trading, the bell refuses to become obsolete. It remains “the clinking heart of Wall Street.” In fact, posting on social media and the #nysebell hashtag have helped to keep the relevance of the bell-ringing ceremony.
There is no clearer example of its significance than the fact that until now, the ringing of the bell holds special meaning for those who participate in that opening ceremony, and for the Stock Exchange as well.
There are few events that illustrate this as well as the response of the Stock Exchange to the death of South African President Nelson Mandela in 2013. On May 9, 2002, President Mandela was at the New York Stock Exchange for the opening ceremony. In honour of his achievements as a human rights icon, President Mandela rang the opening bell for the Stock Exchange on that day.
Over 10 years later, upon his death, the Stock Exchange called for a moment of silence in his remembrance before the opening bell. Besides President Mandela, other heads of state who have stood on that balcony for the honour of ringing the opening bell are Chinese premier Wen Jiabao, Nigerian President Goodluck Jonathan, Japanese Prime Minister Shinzo Abe, and Australian Prime Minister Tony Abbott.
It is not only heads of state, but heads of prominent international organisations who are given the honour of ringing the New York Stock Exchange bell. On July 24, 2013, United Nations Secretary-General Ban Ki-moon opened the trading floors. In this he followed his predecessor, Secretary-General Kofi Annan, who rang the bell for the opening on April 27, 2006.
Most known and more unforgettable in this day and age, however, are the celebrities who have made it to the balcony of the New York Stock Exchange to open the trading floor with the ringing of the bell.
Sylvester Stallone is one prominent celebrity who rang the opening bell. He was there with some of his Expendables cast-mates, Dolph Lundgren and Terry Crews. Robert Downey Jr. and Avengers cast-mate Jeremy Renner also made an appearance at one opening ceremony. Other film stars who have opened the trading floors are Hilary Duff, Sir Patrick Stewart and Robert Pattinson.
Baseball pitcher David Robertson, basketball coach Jamie Calhoun, and football striker David Villa are only three of the many athletes, including entire teams, who have opened the trading floors at the New York Stock Exchange. Besides them, other athletes who have rung the bell are Sam Ficken, Manny Pacquiao, and Mariano Rivera.
There are many other celebrities, of all walks of life, who have opening the stock exchange trading floor as a common factor. This gigantic group includes Kevin Durant, Julianne Hough, Joey Logano, Landon Donovan, Victor Ramdin, Olivia Munn, Adriana Lima, Sebastian Stan, Rick Rahim, and Shah Rukh Khan, among many, many others.
The Wall Street Bell: Here to Stay
The New York Stock Exchange opening bell is not only a symbol of prestige and goodwill; it has become a pop culture icon. And every day, for the foreseeable future, the Wall Street Bell will continue to be a solid connection of the stock exchange’s rich history to this generation.