Misplaced Pages

#834165

110-877: Greenwich Street is a north–south street in the New York City borough of Manhattan . It extends from the intersection of Ninth Avenue and Gansevoort Street in the Meatpacking District at its northernmost end to its southern end at Battery Park . Greenwich Street runs through the Meatpacking District , the West Village , Hudson Square , and Tribeca . Main east–west streets crossed include, from north to south, Christopher Street , Houston Street , Canal Street , and Chambers Street . North of Canal Street, traffic travels northbound on Greenwich Street; south of Canal Street, it travels southbound. The earliest documentation of Greenwich Street came in

220-624: A $ 500,000 gold account in his name, but Porter, a former military aide to Grant, stated that he declined the offer. Not accustomed to having such offers turned down, Gould went ahead and made the purchase and opened a brokerage account in Porter's name regardless. When Porter was informed of Gould's unauthorized transaction, he refused the offer in writing. In similar fashion, Corbin approached Grant's wife Julia and attempted to entice her into accepting half interest in $ 250,000 in bonds, but she turned that offer down. Gould secured controlling interest in

330-581: A 10-year timetable for returning to the gold standard by repaying U.S. bonds in "gold or its equivalent" and redeeming greenbacks from the economy as soon as possible. Grant had put the talented George S. Boutwell in charge of the U.S. Treasury. Boutwell's primary task was to reduce the national debt. To accomplish this, he ordered his assistant treasurer to begin selling gold from the Treasury and buying up wartime bonds in April 1869. He also initiated reforms in

440-602: A boardinghouse on the street briefly between 1844 and 1845, but did not like the neighborhood, complaining of dirty streets and the noise made by clam-and-catfish vendors. Also on Greenwich Street in the mid-1800s was one of the many outlets of " Madame Restell " (Ann Lohman), who sold pills for abortion of unwanted pregnancies. The Greenwich Street location doubled as a lying-in facility for women who wanted to bear their child. In 1846, an angry mob, riled up by Restell's competitors and false claims of murder, descended on her Greenwich Street headquarters and attempted to evict her from

550-656: A bushel, corn dropped from $ 0.95 to $ 0.68, and other commodities such as rye, oats, and barley had similar losses. The New York Tribune reported that goods ready for export could not be shipped. Grant's and Boutwell's actions to break the Gold Ring , however, kept the Wall Street panic from growing into a national depression. Butterfield was allowed to resign from the U.S. Treasury without an investigation in October, 1869. The subsequent Congressional investigation

660-564: A car which the motors shuttled back and forth, was ready for testing by June 1868. Harvey filed for personal bankruptcy on Black Friday (1869) , resulting from the speculations of Jay Gould and James Fisk , but the company he set up went through several reorganizations and emerged in 1872 as the New York Elevated Railway Company , which utilized steam locomotives to pull cars on a single elevated track that ran up Greenwich and Ninth Avenue to 30th Street , where

770-515: A collapse in the market. Instead, he offered Corbin $ 100,000 interest and exclaimed, "Mr. Corbin, I am undone if that letter gets out". Gould chose not to inform Fisk of this recent development. When Grant returned to Washington D.C., he found $ 60,000 worth of gifts from the Gold Ring sent to the White House. Sensing bribery, Grant immediately ordered the paintings and statues boxed up and returned. On September 23, Grant and Boutwell met and

880-622: A connection could be made at the terminal of the Hudson River Railroad . Eventually, this would become the IRT Ninth Avenue Line ; the elevated tracks were demolished in 1940. At the World Trade Center site , Greenwich Street once ran through a neighborhood called Radio Row , which specialized in selling radio parts. The neighborhood was demolished in 1962, when the area was condemned to make way for

990-631: A decade between Irish immigrants and Black people for work. Rioters burned the Colored Orphan Asylum to the ground. At least 120 people were killed. Eleven Black men were lynched over five days, and the riots forced hundreds of Blacks to flee. The Black population in Manhattan fell below 10,000 by 1865. The White working class had established dominance. It was one of the worst incidents of civil unrest in American history . In 1886,

1100-588: A director of the Erie Railroad , sought to corner the gold market with the connivance of Abel Corbin , a financier with a shady past who was President Grant's brother-in-law. They worked to persuade the President to stop Secretary of the Treasury Boutwell from releasing weekly gold (but not affecting those routine gold sales for the sinking fund) from U.S. Treasury, with the intention of raising

1210-538: A force on Wall Street, and when he died in December 1892, his estate was worth $ 70 million. Fisk remained wealthy, but was caught in a scandalous love triangle and shot to death on January 6, 1872. Boutwell served the remainder of Grant's first term, and resigned in 1873 to run for United States senator from Massachusetts, serving until 1877 before retiring to private life. In 1871, the Tweed Ring run by "Boss" Tweed

SECTION 10

#1732764896835

1320-462: A letter to Grant encouraging him not to sell. Corbin wrote Grant the letter, now lost, encouraging Grant not to sell gold. Fisk had the letter delivered by William Chapin of the Erie Railroad, to Washington, Pennsylvania, where Grant was vacationing with his wife's cousin. Interrupting Grant's croquet game, Chapin gave him Corbin's letter, whereupon Grant read the letter and told Chapin that it

1430-461: A meeting with Boutwell. On September 20, 1869, Gould and Fisk started hoarding gold, driving the price higher. Gold closed at $ 141 on September 22, at which time Fisk and Gould owned between $ 50 and $ 60   million in gold between the two of them, about three times the public supply available in New York. The increase in gold prices on this day alone had netted a profit of $ 1.75   million for

1540-554: A message to Wall Street that he supported raising the gold price. When buying gold and bonds, Boutwell placed all his orders through Daniel Butterfield in New York. To reduce the temptation of illicit dealing, Boutwell, at Butterfield's recommendation, publicly announced his orders by telegraphing the news to the Associated Press . Over the next few months Treasury gold began to flood the market while Boutwell began buying back wartime bonds. By September 1, Boutwell had reduced

1650-532: A national depression was averted. Gould and Fisk hired the best defense available. Favored by Tweed Ring judges, the conspiratorial partners escaped prosecution. An 1870 government investigation, headed by fellow Republican James A. Garfield , exonerated Grant of any illicit involvement in the conspiracy. To finance the Civil War and Reconstruction , the federal government had assumed a large national debt, escalating from $ 64 million in 1860 to $ 2.8 billion by

1760-523: A part of the colony of New York . It became a center of slavery , with 42% of households enslaving Africans by 1730. Most were domestic slaves ; others were hired out as labor. Slavery became integrally tied to New York's economy through the labor of slaves throughout the port, and the banking and shipping industries trading with the American South . During construction in Foley Square in

1870-508: A prominent voice urging Grant to step in and break the Gold Ring . Fisk proposed that the list be published in the newspapers the next day with the demand that the "bulls and bears" settle on their debts by three o'clock, at a fixed rate of $ 160. If they refused, Fisk was ready to squeeze them at an even higher rate, a scheme that bordered on blackmail. Fisk's associates scoffed at the scheme and criticized Fisk of being true to form for suggesting such an unconventional idea. After being warned that

1980-519: A reputation as a despotic leader. He instituted regulations on liquor sales, attempted to assert control over the Dutch Reformed Church , and blocked other religious groups from establishing houses of worship. In 1664, unable to summon any significant resistance, Stuyvesant surrendered New Amsterdam to English troops, led by Colonel Richard Nicolls , without bloodshed. The terms of the surrender permitted Dutch residents to remain in

2090-531: A result of Sandy, and the economic losses in New York City were estimated to be roughly $ 19 billion. The disaster spawned long-term efforts towards infrastructural projects to counter climate change and rising seas, with $ 15 billion in federal funding received through 2022 towards those resiliency efforts. In March 2020, the first case of COVID-19 in the city was confirmed. With its population density and its extensive exposure to global travelers,

2200-425: A ship" while the two looked to others and devised other schemes to come out on top, but they knew by this time that if they began buying again, the Treasury would counter their efforts and begin selling at an accelerated rate once again. Gould and Fisk had a list of every broker and speculator who had borrowed gold from the gold exchange, some 250 in all, including Jay Cooke , the biggest financier on Wall Street and

2310-485: A speech denying the request, which was paraphrased on the front page of the New York Daily News as "FORD TO CITY: DROP DEAD." The Municipal Assistance Corporation was formed and granted oversight authority over the city's finances. While a resurgence in the financial industry greatly improved the city's economic health in the 1980s, New York's crime rate continued to increase through that decade and into

SECTION 20

#1732764896835

2420-461: A tradition for the area, as 150 years earlier "Vauxhall Gardens", which boasted a wax museum and fireworks and served afternoon teas, was put up by Samuel Fraunces , of Fraunces Tavern , near the present corner of Greenwich and Warren Streets. In 1824, painter Thomas Cole , who had arrived in the U.S. in 1818, maintained his residence in a garret on Greenwich Street, exhibiting his paintings in local shops. Poet and writer Edgar Allan Poe lived in

2530-483: Is a global center of finance and commerce , culture , technology , entertainment and media , academics and scientific output , the arts and fashion , and, as home to the headquarters of the United Nations , international diplomacy . With an estimated population in 2023 of 8,258,035 distributed over 300.46 square miles (778.2 km ), the city is the most densely populated major city in

2640-467: Is an established safe haven for global investors. As of 2023 , New York City is the most expensive city in the world for expatriates and has by a wide margin the highest U.S. city residential rents; and Fifth Avenue is the most expensive shopping street in the world. New York City is home by a significant margin to the highest number of billionaires , individuals of ultra-high net worth (greater than US$ 30 million), and millionaires of any city in

2750-588: Is on Christopher Street just east of Greenwich Street. The World Trade Center PATH station ( NWK–WTC and HOB–WTC trains) is at Vesey and Greenwich Streets. The World Trade Center Transportation Hub , between Greenwich and Church Streets, connects the five stations at the World Trade Center site ( 2 , ​ 3 ​, A , ​ C , ​ E ​, ​ N , ​ R , and ​ W trains, as well as PATH trains). The combined station connects via

2860-404: Is sometimes confused, derive their names from the formerly independent Greenwich Village , a rural settlement that was subsumed by New York City as the city grew northward. "Greenwich" means "Green village", with the "wich" derived from Latin vicus through Old Saxon wick . Of the two roads, Greenwich Street was the shorter, more scenic and popular route to the village, but often flooded until

2970-615: Is the most populous city in the United States , located at the southern tip of New York State on one of the world's largest natural harbors . The city comprises five boroughs , each coextensive with a respective county . The city is the geographical and demographic center of both the Northeast megalopolis and the New York metropolitan area , the largest metropolitan area in the U.S. by both population and urban area . New York

3080-810: The Atlantic port to the agricultural markets and commodities of the North American interior via the Hudson River and the Great Lakes . Local politics became dominated by Tammany Hall , a political machine supported by Irish and German immigrants . In 1831, New York University was founded. Several prominent American literary figures lived in New York during the 1830s and 1840s, including William Cullen Bryant , Washington Irving , Herman Melville , Rufus Wilmot Griswold , John Keese , Nathaniel Parker Willis , and Edgar Allan Poe . Members of

3190-760: The Christopher Street–Sheridan Square (local), Houston Street (local), Canal Street (local), Franklin Street (local) and Chambers Street (express) stations on the IRT Broadway–Seventh Avenue Line ( 1 , ​ 2 , and ​ 3 trains); and the Chambers Street–World Trade Center station ( A , ​ C , and ​ E trains). The Christopher Street PATH train station ( HOB–33 , JSQ–33 , and JSQ–33 (via HOB) trains)

3300-580: The Construction of the World Trade Center . After the World Trade Center was destroyed in the September 11 attacks , the public supported rebuilding a street grid through the World Trade Center site. It was ultimately decided to rebuild Cortlandt , Fulton , and Greenwich Streets, which had been destroyed during the original World Trade Center's construction. Both Greenwich Street, originally called Greenwich Road, and Greenwich Avenue , with which it

3410-909: The Crown , with as many as 10,000 escaped slaves crowded into the city during the British occupation, the largest such community on the continent. When the British forces evacuated New York at the close of the war in 1783, they transported thousands of freedmen for resettlement in Nova Scotia , England, and the Caribbean . The attempt at a peaceful solution to the war took place at the Conference House on Staten Island between American delegates, including Benjamin Franklin , and British general Lord Howe on September 11, 1776. Shortly after

Greenwich Street - Misplaced Pages Continue

3520-628: The Dey Street Passageway with the Fulton Center ( 2 , ​ 3 ​, 4 , ​ 5 ​, A , ​ C ​, J , and ​ Z trains). The uptown M11 and M55 operates on Greenwich Street north of Bethune Street and south of Morris Street, respectively. The following buses intersect with, but do not stop on, the street: Bibliography New York City New York , often called New York City or NYC ,

3630-742: The New York City Fire Department and 71 law enforcement officers. The area was rebuilt with a new World Trade Center , the National September 11 Memorial and Museum , and other new buildings and infrastructure, including the World Trade Center Transportation Hub , the city's third-largest hub. The new One World Trade Center is the tallest skyscraper in the Western Hemisphere and the seventh-tallest building in

3740-1000: The Northwest Passage to the Orient for the Dutch East India Company . He sailed up what the Dutch called North River (now the Hudson River), named first by Hudson as the Mauritius after Maurice, Prince of Orange . Hudson claimed the region for the Dutch East India Company. In 1614, the area between Cape Cod and Delaware Bay was claimed by the Netherlands and called Nieuw-Nederland (' New Netherland '). The first non–Native American inhabitant of what became New York City

3850-576: The Statue of Liberty , a gift from France , was dedicated in New York Harbor. The statue welcomed 14 million immigrants as they came to the U.S. via Ellis Island by ship in the late 19th and early 20th centuries, and is a symbol of the United States and American ideals of liberty and peace. In 1898, the City of New York was formed with the consolidation of Brooklyn (until then a separate city),

3960-709: The Stonewall riots were a series of violent protests by members of the gay community against a police raid that took place in the early morning of June 28, 1969, at the Stonewall Inn in Greenwich Village . They are widely considered to be the single most important event leading to the gay liberation movement and the modern fight for LGBT rights . Wayne R. Dynes , author of the Encyclopedia of Homosexuality , wrote that drag queens were

4070-612: The steamship General Slocum caught fire in the East River , killing 1,021 people. In 1911, the Triangle Shirtwaist Factory fire , the city's worst industrial disaster, killed 146 garment workers and spurred the growth of the International Ladies' Garment Workers' Union and major improvements in factory safety standards. New York's non-White population was 36,620 in 1890. New York City

4180-539: The waterfronts since Dutch colonial times; reclamation is most prominent in Lower Manhattan, with developments such as Battery Park City in the 1970s and 1980s. Some of the natural relief in topography has been evened out, especially in Manhattan. Black Friday (1869) Gould hoped to take advantage of Corbin's relationship with his brother-in-law, President Grant, and Gould persuaded Corbin to introduce him to Grant. Gould and Fisk hoped that befriending

4290-435: The $ 6   million they had achieved during the previous buying frenzy of April 1869. Prices of gold fell sharply from $ 137 to $ 134 in one day. Gould lost more than $ 100,000 in two days. Abandoned by his associates, Gould looked to Fisk for assistance, but he was away on railroad business. Fisk returned to New York on September 8 and found Gould worried and depressed. Fisk reminded Gould that he still had "enough gold to sink

4400-479: The 1790s, when it ran parallel to the Hudson River . At that time it was called 'Road to Greenwich', as it was the only continuous road from Lower Manhattan to Greenwich Village other than Broadway . By the late 18th century, lower Greenwich Street had become part of one of the most fashionable residential neighborhoods in the city, lined with four-story Federal-style mansions, although upper Greenwich street

4510-552: The 1990s, the African Burying Ground was discovered; the cemetery included 10,000 to 20,000 graves of colonial-era Africans, some enslaved and some free. The 1735 trial and acquittal in Manhattan of John Peter Zenger , who had been accused of seditious libel after criticizing colonial governor William Cosby , helped to establish freedom of the press in North America . In 1754, Columbia University

Greenwich Street - Misplaced Pages Continue

4620-538: The 19th century, the city was transformed by both commercial and residential development relating to its status as a national and international trading center , as well as by European immigration, respectively. The city adopted the Commissioners' Plan of 1811 , which expanded the city street grid to encompass almost all of Manhattan. The 1825 completion of the Erie Canal through central New York connected

4730-490: The 19th century, when landfill moved the river's edge farther away. The IRT Broadway–Seventh Avenue Line runs under Greenwich Street from Vesey Street south to its end. The Cortlandt Street and Rector Street stations ( 1 train) serve it directly. Other New York City Subway stations serve Greenwich Street from nearby. These include (from north to south) the 14th Street–Eighth Avenue station ( A , ​ C , ​ E ​, and L trains);

4840-700: The British occupation began, the Great Fire of New York destroyed nearly 500 buildings, about a quarter of the structures in the city, including Trinity Church . In January 1785, the assembly of the Congress of the Confederation made New York City the national capital. New York was the last capital of the U.S. under the Articles of Confederation and the first capital under the Constitution of

4950-530: The Bronx , and Staten Island . Anchored by Wall Street in the Financial District, Manhattan , New York City has been called both the world's premier financial and fintech center and the most economically powerful city in the world. As of 2022 , the New York metropolitan area is the largest metropolitan economy in the world , with a gross metropolitan product of over US$ 2.16 trillion. If

5060-575: The County of New York (which then included parts of the Bronx), the County of Richmond, and the western portion of the County of Queens. The opening of the New York City Subway in 1904, first built as separate private systems, helped bind the new city together. Throughout the first half of the 20th century, the city became a world center for industry, commerce, and communication. In 1904,

5170-603: The Dutch West India Company relinquished its monopoly over the fur trade, leading to growth in the production and trade of food, timber, tobacco, and slaves (particularly with the Dutch West Indies ). In 1647, Peter Stuyvesant began his tenure as the last Director-General of New Netherland. During his tenure, the population of New Netherland grew from 2,000 to 8,000. Stuyvesant has been credited with improving law and order; however, he earned

5280-544: The Dutch colonial Director-General Peter Minuit , as charged by the Dutch West India Company , purchased the island of Manhattan from the Canarsie , a small Lenape band, for "the value of 60 guilders " (about $ 900 in 2018). A frequently told but disproved legend claims that Manhattan was purchased for $ 24 worth of glass beads. Following the purchase, New Amsterdam grew slowly. To attract settlers,

5390-613: The Dutch instituted the patroon system in 1628, whereby wealthy Dutchmen ( patroons , or patrons) who brought 50 colonists to New Netherland would be awarded land, local political autonomy, and rights to participate in the lucrative fur trade. This program had little success. Since 1621, the Dutch West India Company had operated as a monopoly in New Netherland, on authority granted by the Dutch States General . In 1639–1640, in an effort to bolster economic growth,

5500-597: The Native Americans and epidemics brought on by contact with the Europeans caused sizeable population losses for the Lenape between 1660 and 1670. By 1700, the Lenape population had diminished to 200. New York experienced several yellow fever epidemics in the 18th century, losing ten percent of its population in 1702 alone. In the early 18th century, New York grew in importance as a trading port while as

5610-405: The New York metropolitan area were its own country , it would have the tenth-largest economy in the world . Despite having a 24/7 rapid transit system , New York also leads the world in urban automobile traffic congestion . The city is home to the world's two largest stock exchanges by market capitalization of their listed companies: the New York Stock Exchange and Nasdaq . New York City

SECTION 50

#1732764896835

5720-451: The Opera House, each claiming to be the victim and blaming the other for the disaster. Obligated to make good on all debts, the Gold Exchange Bank no longer had enough reserves to cover the mounting debts, while the situation there deteriorated by the hour. The Tenth National Bank, which normally closed at 3:00 pm on that day, had depositors and speculators crowding the sidewalk at its front door. The police set up patrols inside and outside

5830-401: The President to step in and break the gold corner. On September 12, Grant warned Boutwell that a "desperate struggle" was taking place between the "bulls and bears" of the gold market and that Boutwell should continue the current policy, which was to suspend the sales of gold. Corbin told Gould he was concerned that Grant would start selling gold from the Treasury, so Gould told Corbin to write

5940-466: The President would get them privy information about the government's gold policy—and even prevent the sale of gold—and thereby manipulate the market. It did not work, being foiled by the government, yet resulted in a scandal that undermined both the credibility of Grant's presidency and the national economy. Gould and Fisk used their personal appearances with Grant to gain credibility on Wall Street in addition to using their insider information . During

6050-578: The Revolutionary War and escaped slaves, a significant free-Black population gradually developed in Manhattan. The New York Manumission Society worked for abolition and established the African Free School to educate Black children. It was not until 1827 that slavery was completely abolished in the state . Free Blacks struggled with discrimination and interracial abolitionist activism continued. New York City's population jumped from 123,706 in 1820 (10,886 of whom were Black and of which 518 were enslaved) to 312,710 by 1840 (16,358 of whom were Black). Also in

6160-461: The Treasury Department by improving methods of tax collecting and attacking the problem of counterfeiting. By the end of May, the national debt had been reduced by $ 12 million. Boutwell's treasury policy of reducing the national debt kept the money supply level and the gold price artificially low. The goal of Grant's policy was to reduce the amount of greenbacks in circulation that could be redeemed in gold at some future date. In 1869, Jay Gould ,

6270-415: The United States . As the U.S. capital, New York City hosted the inauguration of the first President, George Washington , and the first Congress , at Federal Hall on Wall Street . Congress drafted the Bill of Rights there. The Supreme Court held its first organizational sessions in New York in 1790. In 1790, for the first time, New York City surpassed Philadelphia as the nation's largest city. At

6380-436: The United States . As many as 800 languages are spoken in New York City, making it the most linguistically diverse city in the world. In 2021, the city was home to nearly 3.1 million residents born outside the U.S., the largest foreign-born population of any city in the world. New York City traces its origins to Fort Amsterdam and a trading post founded on Manhattan Island by Dutch colonists around 1624. The settlement

6490-416: The United States. New York City has more than double the population of Los Angeles , the nation's second-most populous city. With more than 20.1 million people in its metropolitan statistical area and 23.5 million in its combined statistical area as of 2020, New York City is one of the world's most populous megacities . The city and its metropolitan area are the premier gateway for legal immigration to

6600-401: The West to sell their crops overseas, but Grant gave no response. Both Grant and Boutwell strongly felt that the nation's wartime debt had to be paid to assure the credibility of the United States in the eyes of the European banks. To accomplish this, Boutwell began selling gold from the Treasury's reserve of $ 100 million in gold bars , initially without the President's express consent, and using

6710-432: The area for France and named it Nouvelle Angoulême (New Angoulême ). A Spanish expedition, led by the Portuguese captain Estêvão Gomes sailing for Emperor Charles V , arrived in New York Harbor in January 1525 and charted the mouth of the Hudson River , which he named Río de San Antonio ('Saint Anthony's River'). In 1609, the English explorer Henry Hudson rediscovered New York Harbor while searching for

SECTION 60

#1732764896835

6820-663: The assistant treasurer, through whom Boutwell gave orders to sell Treasury Department gold. Gould bribed Butterfield with a $ 10,000 check, more than Butterfield's annual salary of $ 8,000. Butterfield agreed to tip the men off when the government intended to sell gold. Corbin was considered a smooth talker and had made money speculating in real estate. More importantly to Fisk and Gould, he had direct access to Grant. They used Corbin's relationship to get close to Grant in social situations, where they argued against government sale of gold, reinforced by Corbin. Gould also attempted to bribe Grant's personal secretary Horace Porter by giving him

6930-440: The bank. Stock prices dropped by 20 percent from September 24 to October 1, while trade was minimal. Between January 1870 and September 1870, only 4 million shares of stock were exchanged. Dozens of brokerage firms went bankrupt, those who bought paper gold from Fisk's gold room going unpaid. Farmers, who constituted 50 percent of the country's workforce, suffered the worst: wheat prices on the Chicago trade fell from $ 1.40 to $ 0.77

7040-493: The beginning of the 1990s. By the mid-1990s, crime rates started to drop dramatically due to revised police strategies, improving economic opportunities, gentrification , and new residents, both American transplants and new immigrants from Asia and Latin America. New York City's population exceeded 8 million for the first time in the 2000 United States census ; further records were set in 2010 , and 2020 U.S. censuses. Important new sectors, such as Silicon Alley , emerged in

7150-534: The business elite lobbied for the establishment of Central Park , which in 1857 became the first landscaped park in an American city. The Great Irish Famine brought a large influx of Irish immigrants, of whom more than 200,000 were living in New York by 1860, representing over a quarter of the city's population. Extensive immigration from the German provinces meant that Germans comprised another 25% of New York's population by 1860. Democratic Party candidates were consistently elected to local office, increasing

7260-510: The city from New Jersey. The East River—a tidal strait —flows from Long Island Sound and separates the Bronx and Manhattan from Long Island. The Harlem River , another tidal strait between the East and Hudson rivers, separates most of Manhattan from the Bronx. The Bronx River , which flows through the Bronx and Westchester County , is the only entirely freshwater river in the city. The city's land has been altered substantially by human intervention, with considerable land reclamation along

7370-439: The city rapidly replaced Wuhan , China as the global epicenter of the pandemic during the early phase, straining the city's healthcare infrastructure. Through March 2023, New York City recorded more than 80,000 deaths from COVID-19-related complications. New York City is situated in the northeastern United States , in southeastern New York State, approximately halfway between Washington, D.C. and Boston . Its location at

7480-447: The city's economy. The advent of Y2K was celebrated with fanfare in Times Square . New York City suffered the bulk of the economic damage and largest loss of human life in the aftermath of the September 11, 2001, attacks . Two of the four airliners hijacked that day were flown into the twin towers of the World Trade Center, resulting in the collapse of both buildings and the deaths of 2,753 people, including 343 first responders from

7590-615: The city's ties to the South and its dominant party. In 1861, Mayor Fernando Wood called on the aldermen to declare independence from Albany and the United States after the South seceded, but his proposal was not acted on. Anger at new military conscription laws during the American Civil War (1861–1865), which spared wealthier men who could afford to hire a substitute, led to the Draft Riots of 1863 , whose most visible participants were ethnic Irish working class. The draft riots deteriorated into attacks on New York's elite, followed by attacks on Black New Yorkers after fierce competition for

7700-535: The city; 40 policemen restored order. Restell, who was wealthy from her business, was arrested a number of times, but was able to buy her way out of trouble, and eventually built a mansion at Fifth Avenue and 52nd Street . In 1867, engineer Charles T. Harvey managed to get permission from the New York State Legislature to build a short stretch of elevated track as an experiment on Greenwich Street north of Battery Place. The half-mile single-track set-up, which had two stationary engines at each end, attached by cables to

7810-456: The colony and allowed for religious freedom. In 1667, during negotiations leading to the Treaty of Breda after the Second Anglo-Dutch War , the victorious Dutch decided to keep the nascent plantation colony of what is now Suriname , which they had gained from the English, and in return the English kept New Amsterdam. The settlement was promptly renamed "New York" after the Duke of York (the future King James II and VII). The duke gave part of

7920-674: The colony to proprietors George Carteret and John Berkeley . On August 24, 1673, during the Third Anglo-Dutch War , Anthony Colve of the Dutch navy seized New York at the behest of Cornelis Evertsen the Youngest and rechristened it "New Orange" after William III , the Prince of Orange . The Dutch soon returned the island to England under the Treaty of Westminster of November 1674. Several intertribal wars among

8030-417: The development of large housing tracts in eastern Queens and Nassau County , with Wall Street leading America's place as the world's dominant economic power. The United Nations headquarters was completed in 1952, solidifying New York's global geopolitical influence, and the rise of abstract expressionism in the city precipitated New York's displacement of Paris as the center of the art world. In 1969,

8140-636: The economy resumed its post-war recovery. Boutwell saw little merit in either Grant's or Gould's arguments, feeling that the government had no place in manipulating the market regardless of who benefited. However, not wanting to go against the President, Boutwell ordered Butterfield to halt semi-weekly September government gold sales. Believing he now had a "green light" from Grant, Gould began buying gold through brokers at an accelerated rate, increasing his gold stake from $ 10 to $ 18 million in specie . Starting on September 1, 1869, Gould and Fisk put their plot into motion by purchasing $ 1.5   million in gold in

8250-406: The end of 1790, the national capital was moved to Philadelphia . During the 19th century, New York City's population grew from 60,000 to 3.43 million. Under New York State's gradual emancipation act of 1799, children of slave mothers were to be eventually liberated but to be held in indentured servitude until their mid-to-late twenties. Together with slaves freed by their masters after

8360-556: The end of the Andrew Johnson administration, when Grant was elected president in 1868. The problem was further compounded when the federal government issued paper money during the Civil War, known as "greenbacks" , which were not redeemable in gold. Mandated as the only payment for federal debts, "both public and private", these "notes" served to take gold currency out of circulation, in accordance with Gresham's law , causing

8470-411: The excuse this was really a $ 250.00 entry and denied "the groundless and wicked charge, that Mrs. Grant was interested in this speculation." Garfield's biographer, Alan Peskin maintains that the investigation was quite thorough. The investigation cleared Grant of wrongdoing, but excoriated Gould for his manipulation of the gold market and Corbin for exploiting his personal connections to Grant. Butterfield

8580-461: The federally audited New York's Tenth National Bank , a Wall Street broker's bank that was used as a facility to contract business. In addition to meeting at Corbin's mansion, Fisk and Gould also talked with Grant on their Erie Canal railroad car and in Fisk's box seats at New York's Fifth Avenue Theatre . Gould suggested to Grant that increasing gold prices would lower the dollar and allow farmers in

8690-530: The first week of September, Grant's Secretary of the Treasury George S. Boutwell received a letter from Grant. It told him that gold sales would be harmful to Western farmers, a notion planted by Gould and Fisk. Boutwell countermanded his own order to sell a great deal of gold, suspending non-routine Treasury gold sales for the rest of the month. At the same time, Gould, now joined by Fisk, continued buying gold through New York City's Gold Room , raising

8800-457: The founding of a Dutch fur trading settlement on Governors Island . In 1625, construction was started on a citadel and Fort Amsterdam , later called Nieuw Amsterdam (New Amsterdam), on present-day Manhattan Island. The colony of New Amsterdam extended from the southern tip of Manhattan to modern-day Wall Street , where a 12-foot (3.7 m) wooden stockade was built in 1653 to protect against Native American and English raids. In 1626,

8910-521: The gold price. James Fisk , another director who had made his fortune as a cotton smuggler during the Civil War , controlled the Erie Railroad in conjunction with Gould. He joined the conspiracy in force later on. The first step in Corbin and Gould's plan was to recruit Daniel Butterfield , a former Major General and war hero during the Civil War who lacked any experience in finance. Both Corbin and Gould lobbied successfully for Butterfield's appointment as

9020-473: The ice (and its subsequent retreat) contributed to the separation of what is now Long Island and Staten Island. That action left bedrock at a relatively shallow depth, providing a solid foundation for most of Manhattan's skyscrapers. The Hudson River flows through the Hudson Valley into New York Bay . Between New York City and Troy, New York , the river is an estuary . The Hudson River separates

9130-437: The idea violated New York State criminal conspiracy law, Gould, Fisk and their associates chose another approach: On Friday, they drove the price of gold to an even higher price by buying large amounts of gold at the current high price and selling even higher, regardless of the political and economic effects. Fisk, however, saw the flaw to this alternative approach, fearing that pushing the price of gold up too quickly would provoke

9240-554: The last American stronghold in Manhattan, causing George Washington and his forces to retreat across the Hudson River to New Jersey , pursued by British forces. After the battle, in which the Americans were defeated, the British made the city their military and political base of operations in North America. The city was a haven for Loyalist refugees and escaped slaves who joined the British lines for freedom promised by

9350-419: The most populous urbanized area in the world in the early 1920s, overtaking London . The metropolitan area surpassed 10 million in the early 1930s, becoming the first megacity . The Great Depression saw the election of reformer Fiorello La Guardia as mayor and the fall of Tammany Hall after eighty years of political dominance. Returning World War II veterans created a post-war economic boom and

9460-556: The mouth of the Hudson River , which feeds into a naturally sheltered harbor and then into the Atlantic Ocean , has helped the city grow in significance as a trading port. Most of the city is built on the three islands of Long Island, Manhattan, and Staten Island. During the Wisconsin glaciation , 75,000 to 11,000 years ago, the New York City area was situated at the edge of a large ice sheet . The erosive forward movement of

9570-409: The names of Corbin and Butterfield. The conspirators would make $ 15,000 ($ 305,000 in 2023) for every dollar rise in the price of gold (which was quoted in increments of $ 100 face value of gold coin, each containing 4.8375 troy ounces). By September 6, the gold quote had risen from $ 132.50 to $ 137. By September 7, Gould was faced with a startling reversal when members of his group were directed to sell off

9680-425: The national debt by $ 50 million. He continued this practice at an accelerated rate while Grant, having closely followed Boutwell's dealings, began to express reservations and sent him a letter from Washington, Pennsylvania , criticizing that driving the price of gold down would hurt farmers. Many brokerage firms collapsed while trade volume and agriculture prices plummeted, causing a mild recession, but by January 1870,

9790-496: The only " transgender folks around" during the June 1969 Stonewall riots. The transgender community in New York City played a significant role in fighting for LGBT equality. In the 1970s, job losses due to industrial restructuring caused New York City to suffer from economic problems and rising crime rates. Growing fiscal deficits in 1975 led the city to appeal to the federal government for financial aid; President Gerald Ford gave

9900-429: The price of gold dropped from $ 160 to $ 138 and Gould's and Fisk's gold corner was broken. Some speculators were ruined, while gamblers who had bet that the gold price would go down made money. Corbin lost money on the loan he had taken to buy gold. The Black Friday September 24 gold crash caused the United States financial devastation for months. On Saturday, September 25, Gould, Fisk and Corbin met at Gould's office at

10010-505: The price of gold to rise sharply. It was generally believed that the U.S. Government would eventually redeem the "greenbacks" with gold. Grant believed that putting "sound money" back into circulation was the best approach to restoring the nation's economy. Determined to return the national economy to pre-war monetary standards, one of his first actions as president was to sign the Public Credit Act of 1869 , which established

10120-403: The price of gold. After learning about the nature of their scheme, Grant first told Corbin to unload his gold holdings before ordering the release of $ 4 million in government gold on September 24. Grant's move immediately drove down the price of gold, crushing the Gold Ring 's corner on the market. A panic on Wall Street ensued and the country went through months of economic turmoil, although

10230-426: The proceeds to buy back U.S. bonds. Boutwell's controversial approach was later endorsed by Grant, giving Boutwell all the latitude he needed. Boutwell later wrote that only outsiders unaware of the finer designs of his dealings thought "the President was taking any part in the operations of the treasury concerning the price of gold". Grant, meanwhile, was unaware that his appearances in the company of Gould and Fisk sent

10340-505: The speculation. The committee's Republican majority rejected the proffered testimony from a D.C. businessman who reported seeing the $ 25,000 entry in an Adams Express Company ledger. When forced to confront the entry in the ledger, however, even the Adams Express executive who brought the ledger in admitted that his first impression was that the figures in the entry for Mrs. U. S. Grant were $ 25,000. The committee's Republicans put forth

10450-595: The street, not far from where dairy products arrived daily at the freight railroad terminals. By 1882, a steam generation plant of the New York Steam Company was at Greenwich and Dey Streets. In the early 19th century, circus impresario John Bill Ricketts opened his New Amphitheatre on Greenwich streets, designed by Joseph-François Mangin , where sell-out crowds watched his "Equestrian Circus", which featured "clowns, tightrope walkers, tumblers, acrobatic riders, mounted Indians and fireworks." This continued

10560-481: The two conspirators. On Thursday, September 23, Gould visited Corbin's house and was informed of Julia's letter, which had arrived that day. After reading it and discovering that Grant was annoyed with Corbin's speculations, Gould knew that Grant was likely to sell government gold on Friday. Subsequently, Corbin asked Gould if he would buy Corbin's account so he could tell Grant that he no longer owned any gold, but Gould refused to bail Corbin out, fearing it would trigger

10670-473: The two decided to break the Gold Ring by selling gold from the treasury if the gold price continued to rise. On September 24, Gould began quietly selling his gold while Gold Room agents put up a public front and continued buying at a lesser rate with Fisk leading the spurious buying activity. When gold had surpassed $ 155 on Friday, September 24, Grant ordered Boutwell to release $ 4   million in gold and buy $ 4   million worth of bonds. Within minutes,

10780-529: The world by pinnacle height, with its spire reaching a symbolic 1,776 feet (541.3 m), a reference to the year of U.S. independence . The Occupy Wall Street protests in Zuccotti Park in the Financial District of Lower Manhattan began on September 17, 2011, receiving global attention and popularizing the Occupy movement against social and economic inequality worldwide. New York City

10890-564: The world. In 1664, New York was named in honor of the Duke of York (later King James II of England ). James's elder brother, King Charles II , appointed the Duke as proprietor of the former territory of New Netherland , including the city of New Amsterdam , when the Kingdom of England seized it from Dutch control. In the pre-Columbian era , the area of present-day New York City

11000-422: Was Juan Rodriguez , a merchant from Santo Domingo who arrived in Manhattan during the winter of 1613–14, trapping for pelts and trading with the local population as a representative of the Dutch colonists. A permanent European presence near New York Harbor was established in 1624, making New York the 12th-oldest continuously occupied European-established settlement in the continental United States , with

11110-566: Was heavily affected by Hurricane Sandy in late October 2012. Sandy's impacts included flooding that led to the days-long shutdown of the subway system and flooding of all East River subway tunnels and of all road tunnels entering Manhattan except the Lincoln Tunnel . The New York Stock Exchange closed for two days due to weather for the first time since the Great Blizzard of 1888 . At least 43 people died in New York City as

11220-539: Was a prime destination in the early 20th century for Blacks during the Great Migration from the American South, and by 1916, New York City had the largest urban African diaspora in North America. The Harlem Renaissance of literary and cultural life flourished during the era of Prohibition . The larger economic boom generated construction of skyscrapers competing in height. New York City became

11330-508: Was broken by New York reformers including Edwards Pierrepont , Grant's future Attorney General, and prominent member of the Committee of Seventy. Henry Adams believed that President Ulysses S. Grant was much too tolerant of his corrupt associates. In 1870, Adams wrote an article, "The New York Gold Conspiracy", that detailed Gould and Fisk's scheme to corner the gold market, and hinted that Grant had participated in or at least known of

11440-444: Was chaired by Republican James A. Garfield . Grant's decision to counter the escalating price of gold did not completely dispel rumors that he and his administration had profited from the affair. It has been alleged on the one hand that the investigation had been limited because Virginia Corbin and First Lady Julia Grant were not called to testify at President Grant's behest. Julia Grant may even have received $ 25,000 in profits from

11550-807: Was founded. The Stamp Act Congress met in New York in October 1765, as the Sons of Liberty organization emerged in the city and skirmished over the next ten years with British troops stationed there. The Battle of Long Island , the largest battle of the American Revolutionary War , was fought in August 1776 within modern-day Brooklyn. A British rout of the Continental Army at the Battle of Fort Washington in November 1776 eliminated

11660-461: Was home to artisans, shopkeepers and an enclave of free blacks. Greenwich Street still maintained its status as a choice address in 1820, but by the 1850s, the wealthy residents had fled uptown, and private residences on the street became unusual. Hotel owner Amos Eno left once he was "surrounded by immigrant boarding houses," according to his daughter. In 1873, the Butter and Cheese Exchange opened on

11770-505: Was implicated for serving as a double agent giving information to Gould. In his Congressional testimony, Gould said Grant "was a very pure, high-minded man; that if he was satisfied what was the best thing to do, that was what he would do." Dodging any financial harm, Fisk and Gould escaped conviction, spending money to buy the best legal defense, including talented attorney David Dudley Field , while Democratic Tweed Ring judges such as Albert Cardozo shielded them in court. Gould remained

11880-534: Was inhabited by Algonquians , including the Lenape . Their homeland, known as Lenapehoking , included the present-day areas of Staten Island , Manhattan , the Bronx , the western portion of Long Island (including Brooklyn and Queens ), and the Lower Hudson Valley . The first documented visit into New York Harbor by a European was in 1524 by explorer Giovanni da Verrazzano . He claimed

11990-468: Was named New Amsterdam in 1626 and was chartered as a city in 1653. The city came under English control in 1664 and was temporarily renamed New York after King Charles II granted the lands to his brother, the Duke of York , before being permanently renamed New York in November 1674. New York City was the U.S. capital from 1785 until 1790. The modern city was formed by the 1898 consolidation of its five boroughs : Manhattan , Brooklyn , Queens ,

12100-427: Was satisfactory, but said, "No, nothing" when Chapin asked for a reply. When Chapin had left, Porter told Grant about Gould setting up a $ 500,000 gold account in Porter's name. Upon hearing this, Grant finally realized what Gould and Fisk were up to. Through a letter his wife was writing to his sister, Grant urged Corbin to have nothing to do with Gould and Fisk and get out of the speculation, and Grant promptly arranged

#834165