Wall Street

 

narrow street in the lower part of Manhattan island, New York City, extending E from Broadway to the East River. It is the center of one of the greatest financial districts in the world, and by extension the term “Wall St.” has come to designate U.S. financial interests. In the district, which extends several blocks N and S of Wall St., are the New York and the American Stock Exchanges as well as commodity exchanges and the homes of numerous commercial and investment banks, and “Wall St.” law firms. Facing Wall St., on the west side of Broadway, is Trinity Church (founded 1696). Federal Hall National Memorial (see National Parks and Monuments, table), one block east, was erected on the site of the former Federal Hall, where George Washington was inaugurated in 1789 and where the first Congress met. Wall St. received its name from a stockade, or wall, built in 1653 by Dutch colonists to protect the settled area south of it from assault by the English and by the native population.

For other uses, see Wall Street (disambiguation).

Wall Street is a city street in lower Manhattan in New York City in the United States of America. It runs east from Broadway downhill to South Street on the East River, through the historical center of the Financial District. Wall Street was the first permanent home of the New York Stock Exchange, and over time Wall Street became the name of the surrounding geographic neighborhood.^[1] Wall Street is also shorthand (or a metonym) for "influential financial interests" in the U.S.^[2] as well as for the financial industry in the New York City area.

Several major U.S. stock and other exchanges remain headquartered on Wall Street and in the Financial District, including the NYSE, NASDAQ, AMEX, NYMEX, and NYBOT. Many New York-based financial firms are no longer headquartered on Wall Street, but are in midtown Manhattan, the outer boroughs of the city, Long Island, Westchester County, Fairfield County, Connecticut, or New Jersey.

History

Despite widely held beliefs that Wall Street is based on the existence of a wall, maps of New Amsterdam show two different names for this street, and with one name 'cingel,' an earthen wall is indeed indicated. However, the name 'De Waal Straat' (see map) refers not to a wall, but to an important group of people that helped establish New Amsterdam: the Walloons.^[3] By 1630 the total population of New Netherland was about 300, many being French speaking Walloons. It is estimated about 270 lived in the area surrounding Fort Amsterdam, primarily working as farmers. The Dutch word for Walloon is Waal.

During the 17th century, Wall Street formed the northern boundary of the New Amsterdam settlement. In the 1640s basic picket and plank fences denoted plots and residences in the colony.^[4] Later, on behalf of the West India Company, Peter Stuyvesant, in part using African slaves,^[5] led the Dutch in the construction of a stronger stockade. By the time war had developed with the English, a strengthened  foot ( m) wall ^[6] of timber and earth was created by 1653 fortified by palisades.^{[6] [4]} The wall was created, and strengthened over time, as a defense against attack from various Indian tribes, New England colonists, and the British. In 1685 surveyors laid out Wall Street along the lines of the original stockade.^[6] The wall was dismantled by the British in 1699. And while the original name referred to the Walloons, the French speaking Belgians that helped populate this settlements in the beginning, the name was now easily taken to refer to the wall that once was here.

As late as the 1840s, thousands of pigs roamed Wall Street consuming garbage. It was an early sanitation system.^{[citation needed]}

In the late 18th century, there was a buttonwood tree at the foot of Wall Street under which traders and speculators would gather to trade informally. In 1792, the traders formalized their association with the Buttonwood Agreement. This was the origin of the New York Stock Exchange.^[7]

In 1889, the original stock report, Customers' Afternoon Letter, became the The Wall Street Journal, named in reference to the actual street, it is now an influential international daily business newspaper published in New York City.^[8] For many years, it had the widest circulation of any newspaper in the United States, although it is currently second to USA Today.^[9] It is owned by Dow Jones & Company.

Decline and revitalization

The Manhattan Financial District is one of the largest business districts in the United States, and second in New York City only to Midtown. In the late 19th and early 20th centuries, the corporate culture of New York was a primary center for the construction of skyscrapers (rivaled only by Chicago). The Financial District, even today, actually makes up a distinct skyline of its own, separate from but not soaring to quite the same heights as its midtown counterpart a few miles to the north.

Built in 1914, 23 Wall Street was known as the "House of Morgan" and for decades the bank's headquarters was the most important address in American finance. At noon, on September 16, 1920, a bomb exploded in front of the bank, killing 38 and injuring 300. Shortly before the bomb went off a warning note was placed in a mailbox at the corner of Cedar Street and Broadway. While theories abound about who was behind the Wall Street bombing and why they did it, after twenty years investigating the matter, the FBI rendered the file inactive in 1940 without ever finding the perpetrators.

1929 brought the "Great Crash" of the stock market, ushering in the Great Depression. During this era, new development of the Financial District had stagnated. The construction of the World Trade Center was one of the few major projects undertaken during the last three quarters of the 20th century and, financially, it was never terribly successful.^{[citation needed]} Some point to the fact that it was actually a government-funded project, constructed by the Port Authority of New York and New Jersey with the intention of spurring economic development in downtown. All the tools necessary to international trade were to be housed in the complex. However, at the beginning much of the space remained vacant.

Nonetheless, some large and powerful firms did purchase space in the World Trade Center. Further, it attracted other powerful businesses to the immediate neighborhood. In some ways, it could be argued that the World Trade Center changed the nexus of the Financial District from Wall Street to the Trade Center complex. When the World Trade Center was destroyed in the September 11, 2001 attacks, it left somewhat of an architectural void as new developments since the 1970s had played off the complex aesthetically. The attacks, however, contributed to the loss of business on Wall Street, due to temporary-to-permanent relocation to New Jersey and further decentralization with establishments transferred to cities like Chicago and Boston.

Wall Street itself and the Financial District as a whole are crowded with highrises by any standard of measure. Further, the loss of the World Trade Center has actually spurred development in the Financial District on a scale that hasn't been seen in decades. This is in part due to tax incentives provided by the federal, state and local governments to encourage development. A new World Trade Center complex, centered on Daniel Liebeskind's Memory Foundations plan, is in the early stages of development and one building has already been replaced. The centerpiece to this plan is the  foot ( m) tall Freedom Tower. New residential buildings are already sprouting up, and buildings that were previously office space are being converted to residential units, also benefiting from the tax incentives. Better access to the Financial District is planned in the form of a new commuter rail station and a new downtown transportation center centered on Fulton Street.

Wall Street today

To say that a corporation is a "Wall Street company" today does not necessarily mean that the company is physically located on Wall Street. It more likely means that the firm deals with financial services; such a firm could be headquartered in many places across the globe. Today, much of Wall Street's workforce tends to be made up of professionals working in the fields of law or finance who work for medium- to large-sized corporations. Many of the nearby businesses are local companies and chain stores that cater to the tastes of professionals and to the needs of the workforce. Most people who work in the Financial District commute in from suburbs in Long Island, Connecticut, Pennsylvania, New Jersey, and the lower Hudson Valley.

Wall Street's culture is often criticized as being rigid. This is a decades-old stereotype stemming from the Wall Street's establishment's protection of their interests, and the link to the WASP establishment. More recent criticism has centered on structural problems and lack of a desire to change well-established habits. Wall Street's establishment resists government oversight and regulation. At the same time, New York City has a reputation as a very bureaucratic city, which makes entry into the neighborhood difficult or even impossible for middle class entrepreneurs.

Since the founding of the Federal Reserve banking system, the Federal Reserve Bank of New York in the Financial District has been the point where monetary policy in the United States is implemented (although it's decided in Washington, D.C. by the Federal Reserve Bank's Board of Governors). As such, New York State is today unique in that it's the only state that constitutes its own district of the Federal Reserve Banking system. This is perhaps partly owed to population distribution in the United States of the time, however. Until the 1960s, New York was the most populated state in the U.S.; it now ranks third, behind California and Texas. The NY Federal Reserve's president is the only regional Bank president with a permanent vote and is traditionally selected as its vice chairman. The bank has a gold vault 80 feet (25 m) beneath the street. This depository is the largest in the world, larger even than Fort Knox.

Buildings

For a more complete list of buildings, see List of buildings in Lower Manhattan.

Wall Street's architecture is generally rooted in the Gilded Age, though there are also some art deco influences in the neighborhood. Landmark buildings on Wall Street include Federal Hall, 14 Wall Street (Bankers Trust Company Building), 40 Wall Street (The Trump Building), and the New York Stock Exchange at the corner of Broad Street.

Personalities

Further information: List of personalities associated with Wall Street

Over the years, certain persons associated with Wall Street have become famous, even legendary. Although their reputation is usually limited to members of the stock brokerage/banking community, several have gained national and international fame. Some earned their fame for their investment strategies, financing, reporting, legal or regulatory skills, while others are remembered for their greed. One of the most iconic representations of the market prosperity is the Charging Bull sculpture, by Arturo Di Modica. Representing the bull market economy, the sculpture was originally placed in front of the New York Stock Exchange, and subsequently moved to its current location in Bowling Green.

Cultural influence

Wall Street vs. Main Street

As a figure of speech contrasted to "Main Street," the term "Wall Street" can refer to big business interests against those of small business and the working or middle class. It is sometimes used more specifically to refer to research analysts, shareholders, and financial institutions such as investment banks. The idea of "Main Street" conjures up images of locally owned businesses and banks. While the phrase "Wall Street" is commonly used interchangeably with the phrase "Corporate America", it is also sometimes used in contrast to distinguish between the interests, culture, and lifestyles of investment banks and those of Fortune 500 industrial or service corporations.

Perceptions

The older skyscrapers often were built with elaborate facades; such elaborate aesthetics haven't been common in corporate architecture for decades. The World Trade Center, built in the 1970s, was very plain and utilitarian in comparison (the Twin Towers were often criticized as looking like two big boxes, despite their impressive height).

Wall Street, more than anything, represents financial and economic power. To Americans, Wall Street can sometimes represent elitism and power politics and cut-throat capitalism, but it also stirs feelings of pride about the market economy. Wall Street became the symbol of a country and economic system that many Americans see as having developed not through colonialism and plunder, but through trade, capitalism, and innovation. (Fraser 2005)

In literature and popular culture

Herman Melville's classic short story Bartleby the Scrivener is subtitled A Story of Wall Street and provides an excellent portrayal of a kind and wealthy lawyer's struggle to reason with that which is unreasonable as he is pushed beyond his comfort zone to "feel" something real for humanity.

In William Faulkner's novel The Sound and the Fury, Jason Compson hits on other perceptions of Wall Street: after finding some of his stocks are doing poorly, he blames the Jews.

Wall Street was the subject of a 1970s pop song, "Wall Street Shuffle" by 10cc.

The film Wall Street exemplifies many popular conceptions of Wall Street, being a tale of shady corporate dealings and insider trading.^[10]

In Godzilla, Godzilla walks down Wall Street after stomping through Fulton Fish Market.

In the Star Trek universe, the Ferengi, an ultra-capitalist race of extraterrestrials, regularly make religious pilgrimages to Wall Street (as it exists in that universe), since they value similar traits in other species.

In Metal Gear Solid 2: Sons of Liberty, the Sons of Liberty try to "unplug" Manhattan by setting off an EMP through a nuclear bomb inside Arsenal Gear over Wall Street, and in the ensuing chaos invade Manhattan, turning it into a republic, "Outer Heaven", to wage war against the illuminati group The Patriots.

Transport

Because Wall Street was historically a commuter destination, it has seen much transportation infrastructure developed with it in mind. Today, the New York City subway has three stations at/under Wall Street itself:

• Wall Street (IRT Broadway-Seventh Avenue Line) at Wall & William Street
• Wall Street (IRT Lexington Avenue Line) at Wall & Broadway (Manhattan)
• Broad Street (BMT Nassau Street Line) at Wall & Broad Street (Manhattan)

Similar institutions

The financial clout of Wall Street is most rivaled only by:

• London's "Square Mile," the financial heart of the United Kingdom.
• Tokyo's financial institutions
• The banks of Switzerland, which offer a haven of secrecy and are collectively referenced as "the gnomes of Zurich."

In North America, the nearest rivals are:

• Commodity exchange markets in Chicago, Illinois, USA, most notably the Chicago Mercantile Exchange (the CME is listed on the New York Stock Exchange).
• Montgomery Street in San Francisco, also known as the "Wall Street of the West".
• Sand Hill Road in Silicon Valley, the heart of the venture capital industry. Historically, the Pacific Stock Exchange in San Francisco was the major exchange on the West Coast, although it has been replaced entirely by electronic trading.
• Bay Street in Toronto, Ontario, Canada (Canada's financial heart).

See also

• Global settlement (2002)
• Economy of New York City
• Hard Hat riot, May 8, 1970.

References

External links

• Frontline: The Wall Street Fix - PBS
• Wall Street area landmarks in photos

Coordinates: 40°42′23″N, 74°00′34″W

Streets and avenues of Manhattan
North-South	Downtown South St · Essex St · Orchard St · Ludlow St · Allen St · Forsyth St · Pearl St/Bowery · Mott St · Mulberry St · Centre St · Lafayette St · Broad St · Nassau St · Broadway · West Broadway · Patchin Pl · Varick St · Hudson St · Greenwich St · Washington St · Weehawken St Midtown East River Dr/FDR Dr · Av D · Av C/Loisaida Av · Av B/East End Av · Av A/Beekman Pl/Sutton Pl/York Av · 1st Av · 2nd Av · 3rd Av · Lexington Av · 4th Av/Park Av · Vanderbilt Av · Madison Av · 5th Av/Museum Mile · 6th Av/Av of the Americas/Lenox Av/Malcolm X Blvd · 7th Av/Adam Clayton Powell Jr. Blvd · 8th Av/Central Park West/Frederick Douglas Blvd · 9th Av/Columbus Av/Morningside Dr · Dyer Av · 10th Av/Amsterdam Av · 11th Av/West End Av · Riverside Dr · 12th Av/West Side Hwy · 13th Av · Henry Hudson Pkwy Uptown Harlem River Dr · Audubon Av · St. Nicholas Av/Juan Pablo Duarte Blvd · Ft Washington Av · Cabrini Blvd
East-West	Downtown Bridge St · Wall St · Liberty St · Fulton St · Ann St · Park Row · Chambers St · Cherry St · Henry St · Worth St · East Broadway · Doyers St/Bloody Angle · N. Moore St · Beach St · Canal St · Hester St · Grand St · Delancey St · Rivington St · Stanton St · Houston St · 1-14: (1st St, Bleecker St, 2nd St, 3rd St/Great Jones St, West 4th St, 6th St, Waverly Pl/Washington Sq North, Washington Mews, Astor Pl, Gay St, 8th St/St. Mark's Pl, Christopher St, Stuyvesant St, West 10th St, 13th St, 14th St) Midtown 15-59: (17th St, 23-42: (23rd St, 24th St, 25th St, 26th St, 27th St/Club Row, 28th St, 29th St, 30th St, 31st St, 32nd St/Korea Way, 33rd St, 34th St, 35th St, 36th St, 37th St, 38th St, 39th St, 40th St, 41st St, 42nd St), 47th St, 50th St, 52nd St/Street of Jazz, 53rd St, 57th St, 59th St/Central Park South) Uptown 66th St/Peter Jennings Way · 72nd St · 79th St · 85th St · 86th St · 96th St · 110th St/Central Park North · 112th St · 116th St · 118th St · 122nd St · 125th St/Dr. Martin Luther King Jr. Blvd · Astor Row · 132nd St · Trans-Manhattan Expwy · 181st St · 187th St · Bogardius Pl · Dyckman St · Beak St
List of eponymous streets in New York City

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