Wall Street
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Native name | Het Cingel (Dutch) |
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West end | Broadway |
East end | South Street |
New Netherland series |
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Exploration |
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The Patroon System |
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People of New Netherland |
Flushing Remonstrance |
Wall Street is a street in the
The street was originally known in Dutch as Het Cingel ("the Belt") when it was part of New Amsterdam during the 17th century. An actual wall existed on the street from 1653 to 1699, and during the 18th century, the location served as a slave market and securities trading site, and from 1703 onwards the location of New York's first city hall, Federal Hall. In the early 19th century, both residences and businesses occupied the area, but increasingly the latter predominated, and New York's financial industry became centered on Wall Street. During the 20th century, several early skyscrapers were built on Wall Street, including 40 Wall Street, once the world's tallest building.
The Wall Street area is home to the
Wall Street itself is a narrow and winding street running from the East River to Broadway and lined with
History
Early years
In the original records of New Amsterdam, the Dutch always called the street Het Cingel ("the Belt"), which was also the name of the original outer barrier street, wall, and canal of Amsterdam. After the English conquest of New Netherland in 1664, they renamed the settlement "New York" and in tax records from April 1665 (still in Dutch) they refer to the street as Het Cingel ofte Stadt Wall ("the Belt or the City Wall").[3] This use of both names for the street also appears as late as 1691 on the Miller Plan of New York.[4] New York Governor Thomas Dongan may have issued the first official designation of Wall Street in 1686, the same year he issued a new charter for New York. Confusion over the origins of the name Wall Street appeared in modern times because in the 19th and early 20th century some historians mistakenly thought the Dutch had called it "de Waal Straat", which to Dutch ears sounds like Walloon Street. However, in 17th century New Amsterdam, de Waal Straat (Wharf or Dock Street) was a section of what is today's Pearl Street.[3]
The original wall was constructed under orders from Director General of the
The first Anglo-Dutch War ended in 1654 without hostilities in New Amsterdam, but over time the "werken" (meaning the works or city fortifications) were reinforced and expanded to protect against potential incursions from Native Americans, pirates, and the English.[11] The English also expanded and improved the wall after their 1664 takeover (a cause of the Second Anglo-Dutch War), as did the Dutch from 1673 to 1674 when they briefly retook the city during the Third Anglo-Dutch War, and by the late 1600s the wall encircled most of the city and had two large stone bastions on the northern side.[4] The Dutch named these bastions "Hollandia" and "Zeelandia" after the ships that carried their invasion force. The wall started at Hanover Square on Pearl Street, which was the shoreline at that time, crossed the Indian path that the Dutch called Heeren Wegh, now called Broadway, and ended at the other shoreline (today's Trinity Place), where it took a turn south and ran along the shore until it ended at the old fort. There was a gate at Broadway (the "Land Gate") and another at Pearl Street, the "Water Gate."[12] The wall and its fortifications were eventually removed in 1699—it had outlived its usefulness because the city had grown well beyond the wall. A new City Hall was built at Wall and Nassau in 1700 using the stones from the bastions as materials for the foundation.[13]
Slavery had been introduced to Manhattan in 1626, but it was not until December 13, 1711, that the New York City Common Council made a market at the foot of Wall Street the city's first official slave market for the sale and rental of enslaved Black people and Indians.[14][15] The market operated from 1711 to 1762 at the corner of Wall and Pearl Streets, and consisted of a wooden structure with a roof and open sides, although walls may have been added over the years; it could hold approximately 50 people. New York's municipal authorities directly benefited from the sale of slaves by implementing taxes on every person who was bought and sold there.[16]
In these early days, local merchants and traders would gather at disparate spots to buy and sell shares and bonds, and over time divided themselves into two classes—auctioneers and dealers.
In 1789, Wall Street was the scene of the United States' first presidential inauguration when George Washington took the oath of office on the balcony of Federal Hall on April 30, 1789. This was also the location of the passing of the Bill of Rights. Alexander Hamilton, who was the first Treasury secretary and "architect of the early United States financial system", is buried in the cemetery of Trinity Church, as is Robert Fulton famed for his steamboats.[20][21]
19th century
In the first few decades, both residences and businesses occupied the area, but increasingly business predominated. "There are old stories of people's houses being surrounded by the clamor of business and trade and the owners complaining that they can't get anything done," according to a historian named Burrows.[22] The opening of the Erie Canal in the early 19th century meant a huge boom in business for New York City, since it was the only major eastern seaport which had direct access by inland waterways to ports on the Great Lakes. Wall Street became the "money capital of America".[18]
Historian Charles R. Geisst suggested that there has constantly been a "tug-of-war" between business interests on Wall Street and authorities in Washington, D.C., the capital of the United States by then.[17] Generally during the 19th century Wall Street developed its own "unique personality and institutions" with little outside interference.[17]
In the 1840s and 1850s, most residents moved further uptown to Midtown Manhattan because of the increased business use at the lower tip of the island.[22] The Civil War greatly expanded the northern economy, bringing greater prosperity to cities like New York which "came into its own as the nation's banking center" connecting "Old World capital and New World ambition", according to one account.[20] J. P. Morgan created giant trusts and John D. Rockefeller's Standard Oil moved to New York City.[20] Between 1860 and 1920, the economy changed from "agricultural to industrial to financial" and New York maintained its leadership position despite these changes, according to historian Thomas Kessner.[20] New York was second only to London as the world's financial capital.[20]
In 1884,
20th century
Early part
Business writer John Brooks in his book Once in Golconda considered the start of the 20th century period to have been Wall Street's heyday.[20] The address of 23 Wall Street, the headquarters of J. P. Morgan & Company, known as The Corner, was "the precise center, geographical as well as metaphorical, of financial America and even of the financial world".[20]
Wall Street has had changing relationships with government authorities. In 1913, for example, when authorities proposed a $4 stock transfer tax, stock clerks protested.[26] At other times, city and state officials have taken steps through tax incentives to encourage financial firms to continue to do business in the city.
A post office was built at
On September 16, 1920, close to the corner of Wall and Broad Street, the busiest corner of the Financial District and across the offices of the Morgan Bank, a powerful bomb exploded. It killed 38 and seriously injured 143 people.[29] The perpetrators were never identified or apprehended. The explosion did, however, help fuel the Red Scare that was underway at the time. A report from The New York Times:
The tomb-like silence that settles over Wall Street and lower Broadway with the coming of night and the suspension of business was entirely changed last night as hundreds of men worked under the glare of searchlights to repair the damage to skyscrapers that were lighted up from top to bottom. ... The Assay Office, nearest the point of explosion, naturally suffered the most. The front was pierced in fifty places where the cast iron slugs, which were of the material used for window weights, were thrown against it. Each slug penetrated the stone an inch or two [3–5 cm] and chipped off pieces ranging from three inches to a foot [8–30 cm] in diameter. The ornamental iron grill work protecting each window was broken or shattered. ... the Assay Office was a wreck. ... It was as though some gigantic force had overturned the building and then placed it upright again, leaving the framework uninjured but scrambling everything inside.
— 1920[30]
The area was subjected to numerous threats; one bomb threat in 1921 led to detectives sealing off the area to "prevent a repetition of the Wall Street bomb explosion".[31]
Regulation
September 1929 was the peak of the stock market.[32] October 3, 1929, was when the market started to slip, and it continued throughout the week of October 14.[32] In October 1929, renowned Yale economist Irving Fisher reassured worried investors that their "money was safe" on Wall Street.[33] A few days later, on October 24,[32] stock values plummeted. The stock market crash of 1929 ushered in the Great Depression, in which a quarter of working people were unemployed, with soup kitchens, mass foreclosures of farms, and falling prices.[33] During this era, development of the Financial District stagnated, and Wall Street "paid a heavy price" and "became something of a backwater in American life".[33]
During the
In 1973, the financial community posted a collective loss of $245 million, which spurred temporary help from the government.[36] Reforms were instituted; the Securities & Exchange Commission eliminated fixed commissions, which forced "brokers to compete freely with one another for investors' business".[36] In 1975, the SEC threw out the NYSE's "Rule 394" which had required that "most stock transactions take place on the Big Board's floor", in effect freeing up trading for electronic methods.[37] In 1976, banks were allowed to buy and sell stocks, which provided more competition for stockbrokers.[37] Reforms had the effect of lowering prices overall, making it easier for more people to participate in the stock market.[37] Broker commissions for each stock sale lessened, but volume increased.[36]
The Reagan years were marked by a renewed push for capitalism and business, with national efforts to de-regulate industries such as telecommunications and aviation. The economy resumed upward growth after a period in the early 1980s of languishing. A report in The New York Times described that the flushness of money and growth during these years had spawned a drug culture of sorts, with a rampant acceptance of cocaine use although the overall percent of actual users was most likely small. A reporter wrote:
The Wall Street drug dealer looked like many other successful young female executives. Stylishly dressed and wearing designer sunglasses, she sat in her 1983 Chevrolet Camaro in a no-parking zone across the street from the Marine Midland Bank branch on lower Broadway. The customer in the passenger seat looked like a successful young businessman. But as the dealer slipped him a heat-sealed plastic envelope of cocaine and he passed her cash, the transaction was being watched through the sunroof of her car by Federal drug agents in a nearby building. And the customer — an undercover agent himself -was learning the ways, the wiles and the conventions of Wall Street's drug subculture.
— Peter Kerr in The New York Times, 1987.[38]
In 1987, the stock market plunged,
21st century
In 2001, the Big Board, as some termed the NYSE, was described as the world's "largest and most prestigious stock market".
To guard against a vehicular bombing in the area, authorities built concrete barriers, and found ways over time to make them more aesthetically appealing by spending $5000 to $8000 apiece on bollards. Parts of Wall Street, as well as several other streets in the neighborhood, were blocked off by specially designed bollards:
... Rogers Marvel designed a new kind of bollard, a faceted piece of sculpture whose broad, slanting surfaces offer people a place to sit in contrast to the typical bollard, which is supremely unsittable. The bollard, which is called the Nogo, looks a bit like one of Frank Gehry's unorthodox culture palaces, but it is hardly insensitive to its surroundings. Its bronze surfaces actually echo the grand doorways of Wall Street's temples of commerce. Pedestrians easily slip through groups of them as they make their way onto Wall Street from the area around historic Trinity Church. Cars, however, cannot pass.
— Blair Kamin in the Chicago Tribune, 2006[44]
The Guardian reporter Andrew Clark described the years of 2006 to 2010 as "tumultuous", in which the heartland of America was "mired in gloom" with high unemployment around 9.6%, with average house prices falling from $230,000 in 2006 to $183,000, and foreboding increases in the national debt to $13.4 trillion, but that despite the setbacks, the American economy was once more "bouncing back".[45] What had happened during these heady years? Clark wrote:
But the picture is too nuanced simply to dump all the responsibility on financiers. Most Wall Street banks didn't actually go around the US hawking dodgy mortgages; they bought and packaged loans from on-the-ground firms such as Countrywide Financial and New Century Financial, both of which hit a financial wall in the crisis. Foolishly and recklessly, the banks didn't look at these loans adequately, relying on flawed credit-rating agencies such as Standard & Poor's and Moody's, which blithely certified toxic mortgage-backed securities as solid ... A few of those on Wall Street, including maverick hedge fund manager John Paulson and the top brass at Goldman Sachs, spotted what was going on and ruthlessly gambled on a crash. They made a fortune but turned into the crisis's pantomime villains. Most, though, got burned – the banks are still gradually running down portfolios of non-core loans worth $800bn.
— The Guardian reporter Andrew Clark, 2010.[45]
The first months of 2008 was a particularly troublesome period which caused
On October 29, 2012, Wall Street was disrupted when New York and New Jersey were inundated by
Architecture
Wall Street's architecture is generally rooted in the Gilded Age.[22] The older skyscrapers often were built with elaborate facades, which have not been common in corporate architecture for decades. There are numerous landmarks on Wall Street, some of which were erected as the headquarters of banks. These include:
- 55 Wall Street, erected in 1836–1841 as the four-story Merchants Exchange, was turned into the United States Custom House in the late 19th century. An expansion in 1907–1910 turned it into the eight-story National City Bank Building.[52]: 17 [54]
- 14 Wall Street, a 32-story skyscraper with a 7-story stepped pyramid, built in 1910–1912 with an expansion in 1931–1933. It was originally the Bankers Trust Company Building.[52]: 20 [55]
- 23 Wall Street, a four-story headquarters built in 1914, was known as the "House of Morgan" and served for decades as the J.P. Morgan & Co. bank's headquarters and, by some accounts, was considered an important address in American finance. Cosmetic damage from the 1920 Wall Street bombing is still visible on the Wall Street side of this building.[56]
- 48 Wall Street, a 32-story skyscraper built in 1927–1929 as the Bank of New York & Trust Company Building.[52]: 18 [57]
- 40 Wall Street, a 71-story skyscraper built in 1929–1930 as the Bank of Manhattan Company Building; it later became the Trump Building.[52]: 18 [58]
- 1 Wall Street, a 50-story skyscraper built in 1929–1931 with an expansion in 1963–1965. It was previously known as the Irving Trust Company Building and the Bank of New York Building.[52]: 20 [59]
- condominiums and a hotel.[63]
- 60 Wall Street, built in 1988.[52]: 17 It was formerly the J.P. Morgan & Co. headquarters[64] before becoming the U.S. headquarters of Deutsche Bank.[65] It is the last remaining major investment bank headquarters on Wall Street.
Another key anchor for the area is the
Importance
As an economic engine
In the New York economy
Finance professor Charles R. Geisst wrote that the exchange has become "inextricably intertwined into New York's economy".
Estimates vary about the number and quality of financial jobs in the city. One estimate was that Wall Street firms employed close to 200,000 persons in 2008.
The seven largest Wall Street firms in the 2000s were
Versus Midtown Manhattan
A requirement of the New York Stock Exchange was that brokerage firms had to have offices "clustered around Wall Street" so clerks could deliver physical paper copies of stock certificates each week.[18] There were some indications that midtown had been becoming the locus of financial services dealings even by 1911.[79] But as technology progressed, in the middle and later decades of the 20th century, computers and telecommunications replaced paper notifications, meaning that the close proximity requirement could be bypassed in more situations.[18] Many financial firms found that they could move to Midtown Manhattan, only four miles (6 km) away,[22] and still operate effectively. For example, the former investment firm of Donaldson, Lufkin & Jenrette was described as a Wall Street firm but had its headquarters on Park Avenue in Midtown.[80] A report described the migration from Wall Street:
The financial industry has been slowly migrating from its historic home in the warren of streets around Wall Street to the more spacious and glamorous office towers of Midtown Manhattan. Morgan Stanley, J.P. Morgan Chase, Citigroup, and Bear Stearns have all moved north.
— USA Today, October 2001.[18]
Nevertheless, a key magnet for the Wall Street remains the
In the New Jersey economy
After Wall Street firms started to expand westward in the 1980s into New Jersey,[81] the direct economic impacts of Wall Street activities have gone beyond New York City. The employment in the financial services industry, mostly in the "back office" roles, has become an important part of New Jersey's economy.[82] In 2009, the Wall Street employment wages were paid in the amount of almost $18.5 billion in the state. The industry contributed $39.4 billion or 8.4 percent to the New Jersey's gross domestic product in the same year.[83]
The most significant area with Wall Street employment is in
Additionally, New Jersey has become the main technology infrastructure to support the Wall Street operations. A substantial amount of securities traded in the United States are executed in New Jersey as the data centers of electronic trading in the U.S. equity market for all major stock exchanges are located in North and Central Jersey.[85][86] A significant amount of securities clearing and settlement workforce is also in the state. This includes the majority of the workforce of Depository Trust Company,[87] the primary U.S. securities depository; and the Depository Trust & Clearing Corporation,[88] the parent company of National Securities Clearing Corporation, the Fixed Income Clearing Corporation and Emerging Markets Clearing Corporation.[89]
Having a direct tie to Wall Street employment can be problematic for New Jersey, however. The state lost 7.9 percent of its employment base from 2007 to 2010 in the financial services sector in the fallout of the subprime mortgage crisis.[83]
Competing financial centers
Of the street's importance as a financial center,
In today's burgeoning and increasingly integrated global financial markets — a vast, neural spaghetti of wires, Web sites and trading platforms — the N.Y.S.E. is clearly no longer the epicenter. Nor is New York. The largest mutual-fund complexes are in Valley Forge, Pa., Los Angeles and Boston, while trading and money management are spreading globally. Since the end of the cold war, vast pools of capital have been forming overseas, in the Swiss bank accounts of Russian oligarchs, in the Shanghai vaults of Chinese manufacturing magnates and in the coffers of funds controlled by governments in Singapore, Russia, Dubai, Qatar and Saudi Arabia that may amount to some $2.5 trillion.
— Daniel Gross in 2007[20]
An example is the alternative trading platform known as
In the public imagination
As a financial symbol
Wall Street in a conceptual sense represents financial and economic power. To Americans, it can sometimes represent elitism and power politics, and its role has been a source of controversy throughout the nation's history, particularly beginning around the Gilded Age period in the late 19th century. Wall Street became the symbol of a country and economic system that many Americans see as having developed through trade, capitalism, and innovation.[90]
The term "Wall Street" has become a
When large firms such as
When the
But chief banking analyst at Goldman Sachs, Richard Ramsden, is "unapologetic" and sees "banks as the dynamos that power the rest of the economy".[45] Ramsden believes "risk-taking is vital" and said in 2010:
You can construct a banking system in which no bank will ever fail, in which there's no leverage. But there would be a cost. There would be virtually no economic growth because there would be no credit creation.
— Richard Ramsden of Goldman Sachs, 2010.[45]
Others in the financial industry believe they've been unfairly castigated by the public and by politicians. For example, Anthony Scaramucci reportedly told President Barack Obama in 2010 that he felt like a piñata, "whacked with a stick" by "hostile politicians".[45]
The financial misdeeds of various figures throughout American history sometimes casts a dark shadow on financial investing as a whole, and include names such as
In addition, images of Wall Street and its figures have loomed large. The 1987 Oliver Stone film Wall Street created the iconic figure of Gordon Gekko who used the phrase "greed is good", which caught on in the cultural parlance.[101] Gekko is reportedly based on multiple real-life individuals on Wall Street, including corporate raider Carl Icahn, disgraced stock trader Ivan Boesky, and investor Michael Ovitz.[102] In 2009, Stone commented how the film had had an unexpected cultural influence, not causing them to turn away from corporate greed, but causing many young people to choose Wall Street careers because of the film.[101] A reporter repeated other lines from the film: "I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, Buddy. A player."[101]
Wall Street firms have, however, also contributed to projects such as Habitat for Humanity, as well as done food programs in Haiti, trauma centers in Sudan, and rescue boats during floods in Bangladesh.[103]
In popular culture
- Herman Melville's classic short story "Bartleby, the Scrivener" (first published in 1853 and republished in revised edition in 1856) is subtitled "A Story of Wall Street" and portrays the alienating forces at work within the confines of Wall Street.
- Many events of Tom Wolfe's 1987 novel The Bonfire of the Vanities center on Wall Street and its culture.
- The film Wall Street (1987) and its sequel Wall Street: Money Never Sleeps (2010) exemplify many popular conceptions of Wall Street as a center of shady corporate dealings and insider trading.[104]
- In the Star Trek universe, the Ferengi are said to make regular pilgrimages to Wall Street, which they worship as a holy site of commerce and business.[105]
- On January 26, 2000, the band Rage Against the Machine filmed the music video for "Sleep Now in the Fire" on Wall Street, which was directed by Michael Moore.[106] The New York Stock Exchange closed early that day, at 2:52 p.m.[107]
- In the 2012 film Bane attacks the Gotham City Stock Exchange. Scenes were filmed in and around the New York Stock Exchange, with the J.P. Morgan Building at Wall Street and Broad Street standing in for the Exchange.[108]
- The 2013 film The Wolf of Wall Street is a dark comedy about Jordan Belfort, a New York stockbroker who ran Stratton Oakmont, a firm from Lake Success, New York, that engaged in securities fraud and corruption on Wall Street from 1987 to 1998.
Personalities associated with the street
Many people associated with Wall Street have become famous; although in most cases their reputations are limited to members of the
Transportation
With Wall Street being historically a commuter destination, a plethora of transportation infrastructure has been developed to serve it.
There are three New York City Subway stations under Wall Street:
- Wall Street station at William Street (2 and 3 trains)[111]
- Wall Street station at Broadway (4 and 5 trains)[111]
- Z trains)[111]
From 1934 to the mid-1980s, Wall Street Skyport served as a seaplane base that was primarily used by suburban commuters.
See also
- Main Street
- K Street (Washington, D.C.)
- American business history
- Dow Jones Industrial Average
- Economy of New York City
- List of Financial Districts
- Wall Street Historic District (Manhattan)
References
Notes
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- ^ a b "The Dutch & the English, Part 2: A Wall by Any Other Name". NYC Department of Records & Information Services. February 23, 2017. Archived from the original on January 17, 2023. Retrieved January 17, 2023.
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External links
- Media related to Wall Street at Wikimedia Commons
- New York Songlines: Wall Street, a virtual walking tour