127-576: Burlington is a city situated on the banks of the Delaware River in Burlington County , in the U.S. state of New Jersey . It is a suburb of Philadelphia . As of the 2020 United States census , the city's population was 9,743, a decrease of 177 (−1.8%) from the 9,920 recorded at the 2010 census , which in turn reflected an increase of 184 (+1.9%) from the 9,736 counted in the 2000 census . The city, and all of Burlington County,
254-528: A "cornerstone" of the NYSE, with a benefit of having all of a deal's players close at hand, including investment bankers , lawyers , and accountants . After Wall Street firms started to expand westward in the 1980s into New Jersey , 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. In 2009,
381-498: A "phoenix-like resurrection" of the area, with residential, commercial, retail and hotels booming in the "third largest business district in the country". At the same time, the investment community was worried about proposed legal reforms, including the Wall Street Reform and Consumer Protection Act which dealt with matters such as credit card rates and lending requirements. The NYSE closed two of its trading floors in
508-522: A "tug-of-war" between business interests on Wall Street and authorities in Washington, D.C. , the capital of the United States by then. Generally during the 19th century Wall Street developed its own "unique personality and institutions" with little outside interference. In the 1840s and 1850s, most residents moved further uptown to Midtown Manhattan because of the increased business use at
635-529: A $ 4 stock transfer tax , stock clerks protested. 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 60 Wall Street in 1905. During the World War I years, occasionally there were fund-raising efforts for projects such as the National Guard . On September 16, 1920, close to
762-554: A backwater in American life". During the New Deal years, as well as the 1940s, there was much less focus on Wall Street and finance. The government clamped down on the practice of buying equities based only on credit, but these policies began to ease. From 1946 to 1947, stocks could not be purchased " on margin ", meaning that an investor had to pay 100% of a stock's cost without taking on any loans. However, this margin requirement
889-559: A century later. Endeavor was the first permanent firefighting organization in Burlington and remains one of the oldest fire companies under its original name in the state. By 1882, the company had relocated to its present building, which was erected in 1852 as a Market House. Burlington has been the home of many notable people including John Lawrence, a politician and his son, Captain James Lawrence . The elder Lawrence served in
1016-517: A children's "shoeworks" at the corner of Penn and Dilwyn streets. The company employed approximately 325 people and operated six days a week for ten hours a day. The J.F. Budd Baby Shoe Company billed itself as the "largest baby shoe plant in the world." The commercial activity provided revenues for the City's cultural activity. In 1839, a Lyceum was erected as a venue for lectures, concerts, and public meetings. It served in that capacity until 1851, when it
1143-476: 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 first months of 2008 was a particularly troublesome period which caused Federal Reserve chairman Ben Bernanke to "work holidays and weekends" and which did an "extraordinary series of moves". It bolstered U.S. banks and allowed Wall Street firms to borrow "directly from
1270-519: A day which caused a "traffic jam" of paper with "batteries of clerks" working overtime to "clear transactions and update customer accounts". In 1973, the financial community posted a collective loss of $ 245 million, which spurred temporary help from the government. Reforms were instituted; the Securities & Exchange Commission eliminated fixed commissions, which forced "brokers to compete freely with one another for investors' business". In 1975,
1397-464: A directly elected mayor who serves a four-year term and for a council that consists of seven members; six elected from two wards for staggered three-year terms and one elected at large for a four-year term. There are three councilmen in each ward with one councilmember from each ward up for election every year. The mayor is the chief executive and votes only to break a tie. The Mayor has veto power over all or portions of any ordinance, subject to override by
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#17327973739561524-488: A downturn with a sizable drop in year-end bonuses of $ 6.5 billion, according to one estimate from a state comptroller's office. 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
1651-443: A female householder with no husband present and 36.8% were non-families. Of all households, 30.8% were made up of individuals and 13.9% had someone living alone who was 65 years of age or older. The average household size was 2.53 and the average family size was 3.18. 23.9% of the population were under the age of 18, 8.6% from 18 to 24, 25.5% from 25 to 44, 26.4% from 45 to 64, and 15.7% who were 65 years of age or older. The median age
1778-469: A female householder with no husband present, and 35.3% were non-families. 29.9% of all households were made up of individuals, and 14.3% had someone living alone who was 65 years of age or older. The average household size was 2.48 and the average family size was 3.09. In the city the population was spread out, with 23.9% under the age of 18, 7.7% from 18 to 24, 29.8% from 25 to 44, 21.8% from 45 to 64, and 16.8% who were 65 years of age or older. The median age
1905-431: 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
2032-531: A hexagonal meeting house of brick. Over the next century, the membership grew substantially and a larger building was needed. The present meeting house on High Street was built in 1783 in front of the old meeting house and cemetery. The cemetery predated the first building. A tablet commemorates that the Lenape chief King Ockanickon, a loyal friend of the English settlers, was buried here in 1681. The oldest gravestone
2159-617: A key magnet for the Wall Street remains the New York Stock Exchange Building . Some "old guard" firms such as Goldman Sachs and Merrill Lynch (bought by Bank of America in 2009), have remained "fiercely loyal to the Financial District" location, and new ones such as Deutsche Bank have chosen office space in the district. So-called "face-to-face" trading between buyers and sellers remains
2286-479: A move towards transforming itself into an electronic exchange. Beginning in September 2011, demonstrators disenchanted with the financial system protested in parks and plazas around Wall Street. On October 29, 2012, Wall Street was disrupted when New York and New Jersey were inundated by Hurricane Sandy . Its 14-foot-high (4.3 m) storm surge, a local record, caused massive street flooding nearby. The NYSE
2413-566: 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
2540-409: A population under 12,000, and provided for a directly elected mayor, who served a two-year term and had strong executive powers. Both featured a council elected from wards to staggered three-year terms, plus one councilman elected at-large for a term of two years. The mayor had a veto power, which could be overridden by a two-thirds vote of the council. The two acts differed in a number of ways, including
2667-485: 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
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#17327973739562794-619: A total of 5,765 registered voters in Burlington City, of which 2,813 (48.8% vs. 33.3% countywide) were registered as Democrats , 795 (13.8% vs. 23.9%) were registered as Republicans and 2,150 (37.3% vs. 42.8%) were registered as Unaffiliated . There were 7 voters registered as Libertarians or Greens . Among the city's 2010 Census population, 58.1% (vs. 61.7% in Burlington County) were registered to vote, including 76.4% of those ages 18 and over (vs. 80.3% countywide). In
2921-470: A tree-lined waterfront esplanade has reconnected city residents to the riverfront for recreation. This also ensures that business properties are not at risk during floods and reduces damages. In this period, the United States federal and state governments began to value their historic assets more highly, and efforts were made to preserve structures that were significant to the layered history of places. In addition to recognition of individual structures, such as
3048-564: A turnout of 75.3% (vs. 78.8% in the whole county). City (New Jersey) A city in the context of local government in New Jersey refers to one of five types and one of eleven forms of municipal government. Despite the widely held perception of a city as a large, urban area , cities in New Jersey have a confused history as a form of government and vary in size from large, densely populated areas to much smaller hamlets . The 1897 and 1899 city charter laws applied only to areas with
3175-461: A two-thirds vote of the Council. The Act also provides for the delegation of executive responsibilities to a municipal administrator. Those cities operating under pre-1987 charters could retain the characteristics of their structure of government regarding terms of office, number of positions and other powers. Provisions of the 1987 Act can then be adopted through a petition and referendum process by
3302-533: 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
3429-478: 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. 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
3556-577: Is a part of the Philadelphia - Reading - Camden combined statistical area and the Delaware Valley . Burlington was first incorporated on October 24, 1693, and was reincorporated by Royal charter on May 7, 1733. After American independence, the city was incorporated by the State of New Jersey on December 21, 1784. On March 14, 1851, the city was reincorporated and enlarged with portions of
3683-527: Is inscribed "D.B. 1726." Many notable Quakers are buried here. One of the oldest buildings in Burlington is known as the Revell House. Originally built in 1685 for George Hutchinson, it stood on East Pearl Street. The property was purchased by Thomas Revell, one of the original Anglo-European settlers. Local tradition associates this house with the young Benjamin Franklin , who received gingerbread from
3810-617: Is near multiple subway stations and ferry terminals . The Wall Street area is home to the New York Stock Exchange , the world's largest stock exchange by total market capitalization , as well as the Federal Reserve Bank of New York , and commercial banks and insurance companies. Several other stock and commodity exchanges have also been located in Lower Manhattan near Wall Street, including
3937-546: Is part of New Jersey's 7th state legislative district. For the 118th United States Congress , New Jersey's 3rd congressional district is represented by Andy Kim ( D , Moorestown ). New Jersey is represented in the United States Senate by Democrats Cory Booker ( Newark , term ends 2027) and George Helmy ( Mountain Lakes , term ends 2024). For the 2024-2025 session , the 7th legislative district of
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4064-601: The 2012 presidential election , Democrat Barack Obama received 3,138 votes here (72.0% vs. 58.1% countywide), ahead of Republican Mitt Romney with 1,146 votes (26.3% vs. 40.2%) and other candidates with 35 votes (0.8% vs. 1.0%), among the 4,356 ballots cast by the city's 6,097 registered voters, for a turnout of 71.4% (vs. 74.5% in Burlington County). In the 2008 presidential election , Democrat Barack Obama received 3,285 votes here (69.9% vs. 58.4% countywide), ahead of Republican John McCain with 1,308 votes (27.8% vs. 39.9%) and other candidates with 55 votes (1.2% vs. 1.0%), among
4191-715: The Boston Consulting Group suggesting that 65,000 jobs had been permanently lost because of the downturn. But there were signs that Manhattan property prices were rebounding with price rises of 9% annually in 2010, and bonuses were being paid once more, with average bonuses over $ 124,000 in 2010. 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. There were some indications that midtown had been becoming
4318-542: The Delaware River in Pennsylvania . The Burlington-Bristol Bridge crosses the Delaware River, connecting Burlington to Bristol. The 2010 United States census counted 9,920 people, 3,858 households, and 2,438 families in the city. The population density was 3,239.1 per square mile (1,250.6/km). There were 4,223 housing units at an average density of 1,378.9 per square mile (532.4/km). The racial makeup
4445-586: The Harlem Ship Canal had not been dug), he ordered a ditch and wooden palisade to be constructed on the northern boundary of the New Amsterdam settlement. The wall was built of dirt and 15-foot (4.6 m) wooden planks, measuring 2,340 feet (710 m) long and 9 feet (2.7 m) tall and was built using the labor of both Black slaves and white colonists. In fact Stuyvesant had ordered that "the citizens, without exception, shall work on
4572-672: The Manhattan Institute was that the securities industry accounts for 4.7 percent of the jobs in New York City but 20.7 percent of its wages, and he estimated there were 175,000 securities-industries jobs in New York (both Wall Street area and midtown) paying an average of $ 350,000 annually. Between 1995 and 2005, the sector grew at an annual rate of about 6.6% annually, a respectable rate, but that other financial centers were growing faster. Another estimate, made in 2008,
4699-637: The National Historic Landmark St. Mary's Church, the city has two historic districts listed on the National Register of Historic Places , with multiple contributing buildings: the Burlington Historic District includes structures from both the eighteenth and nineteenth centuries. It is adjacent to the city's High Street Historic District . The Oneida Clubhouse narrowly escaped demolition during
4826-713: The New Jersey Legislature is represented in the State Senate by Troy Singleton ( D , Palmyra ) and in the General Assembly by Herb Conaway (D, Moorestown ) and Carol A. Murphy (D, Mount Laurel ). Burlington County is governed by a Board of County Commissioners composed of five members who are chosen at-large in partisan elections to serve three-year terms of office on a staggered basis, with either one or two seats coming up for election each year; at an annual reorganization meeting,
4953-646: The New York Mercantile Exchange and other commodity futures exchanges, along with the NYSE American . Many brokerage firms owned offices nearby to support the business they did on the exchanges. The economic impacts of Wall Street activities extend worldwide. In the original records of New Amsterdam , the Dutch always called the street Het Cingel ("the Belt"), which was also the name of
5080-525: The U.S. state of New Jersey , and only two salespeople in New York City; the remaining 33 employees work in a center in Kansas. 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
5207-809: The electorate. There are 52 cities in New Jersey: Wall Street Wall Street is a street in the Financial District of Lower Manhattan in New York City . It runs eight city blocks between Broadway in the west and South Street and the East River in the east. The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry , New York–based financial interests, or
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5334-618: The poverty line , including 11.2% of those under age 18 and 7.0% of those age 65 or over. The City of Burlington is governed within the Faulkner Act (formally known as the Optional Municipal Charter Law) under the Mayor-Council form of municipal government (Plan 4), implemented based on the recommendations of a Charter Study Commission as of January 1, 1992. The city is one of 42 municipalities (of
5461-493: The subprime mortgage crisis from 2007 to 2010, Wall Street financing was blamed as one of the causes, although most commentators blame an interplay of factors. The U.S. government with the Troubled Asset Relief Program bailed out the banks and financial backers with billions of taxpayer dollars, but the bailout was often criticized as politically motivated, and was criticized by journalists as well as
5588-553: The "werken" (meaning the works or city fortifications) were reinforced and expanded to protect against potential incursions from Native Americans , pirates, and the English. 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
5715-430: The 20th century, a boys' school was added. It is now known as Doane Academy and is a private, co-educational school for grades from Pre-K through 12th. The building at 301 High Street houses the oldest continuously operating pharmacy in New Jersey. Originally a dwelling, the ground floor was converted to commercial use around 1845 by William Allinson, a druggist, local historian, and leading Quaker abolitionist . He used
5842-429: The 4,697 ballots cast by the city's 6,117 registered voters, for a turnout of 76.8% (vs. 80.0% in Burlington County). In the 2004 presidential election , Democrat John Kerry received 2,819 votes here (64.2% vs. 52.9% countywide), ahead of Republican George W. Bush with 1,486 votes (33.8% vs. 46.0%) and other candidates with 37 votes (0.8% vs. 0.8%), among the 4,390 ballots cast by the city's 5,832 registered voters, for
5969-548: The 564) statewide that use this form of government. The governing body is comprised of the Mayor and the seven-member Common Council, all elected on a partisan basis in balloting held in odd-numbered years as part of the November general election. The Mayor serves a four-year term of office. The Common Council is comprised of seven members, each serving four-year terms of office: three at-large Councilmembers are elected to represent
6096-550: The Anglicans (later known as Episcopalians). Their original church, Old St. Mary's, is the oldest church in Burlington and New Jersey. The congregation was founded in 1702 by George Keith and John Talbot. Talbot became the first minister and laid the cornerstone for the church in 1703. He served as the church's rector until 1725. The congregation prospered, and the church became the see of the Anglican bishops of New Jersey. After
6223-566: The Delaware River to Pennsylvania before bridges were built. Burlington's waterfront park along the river was developed as a result of urban renewal and flood control projects in the late 1960s and 1970s. The shoreline improvements—revetments, walkways, etc.—span the city's Delaware riverfront from the Burlington-Bristol Bridge to Assiscunk Creek . The remains of former waterfront industries, ferry terminals, and docks were demolished. Development of an open, grassy park with
6350-667: The Fed" through a vehicle called the Fed's Discount Window, a sort of lender of last report. These efforts were highly controversial at the time, but from the perspective of 2010, it appeared the Federal exertions had been the right decisions. By 2010, Wall Street firms, in Clark's view, were "getting back to their old selves as engine rooms of wealth, prosperity and excess". A report by Michael Stoler in The New York Sun described
6477-502: The Financial District. Anchored by Wall Street, New York has been described as the world's principal fintech and financial center . 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 city wall existed on the street from 1653 to 1699. During the 18th century, the location served as a slave market and securities trading site , and from 1703 onward,
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#17327973739566604-496: The Financial Service cluster, there were three major sectors: more than 60 percent were in the securities industry ; 20 percent were in banking ; and 8 percent in insurance . 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
6731-597: The Fixed Income Clearing Corporation and Emerging Markets Clearing Corporation. 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 . Of the street's importance as a financial center, New York Times analyst Daniel Gross wrote: In today's burgeoning and increasingly integrated global financial markets —
6858-549: The Library moved to its own building. In the early 21st century, the Library is housed in a stone building that was built on West Union Street in 1864. The Burlington Library is the oldest continuously operating library in New Jersey and the nation's seventh oldest. The Endeavor Fire Company was organized in 1795. It was one of the four companies in the Burlington Fire Department when it was organized almost
6985-592: The Revolution, the Episcopal Church in the United States was established. In 1846, under the leadership of Bishop and Rector George Washington Doane , construction was begun on New St. Mary's. This early Gothic Revival architecture church was designed by Richard Upjohn , who also designed Trinity Church at the foot of Wall Street in Lower Manhattan . In the late 20th century, this building
7112-672: 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. In 1976, banks were allowed to buy and sell stocks, which provided more competition for stockbrokers . Reforms had the effect of lowering prices overall, making it easier for more people to participate in the stock market. Broker commissions for each stock sale lessened, but volume increased. The Reagan years were marked by
7239-592: 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. An example is the alternative trading platform known as BATS , based in Kansas City , which came "out of nowhere to gain a 9 percent share in the market for trading United States stocks". The firm has computers in
7366-723: The State Assembly, as Mayor of Burlington, New Jersey in 1769, and as a member of the Provincial Council from 1771 to 1775. He was suspected of being a Loyalist during the American Revolution, which ended his career. His son was born on October 1, 1781, and fought during the War of 1812 . Lawyer and writer James Fenimore Cooper , who wrote The Last of the Mohicans , was also from Burlington. His father
7493-547: The U.S. equity market for all major stock exchanges are located in North and Central Jersey . 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, the primary U.S. securities depository ; and the Depository Trust & Clearing Corporation , the parent company of National Securities Clearing Corporation,
7620-407: 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. The most significant area with Wall Street employment is in Jersey City . In 2008, the "Wall Street West" employment contributed to one third of the private sector jobs in Jersey City. Within
7747-403: The area around historic Trinity Church. Cars, however, cannot pass. 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
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#17327973739567874-507: The average. 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. 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". Wall Street has had changing relationships with government authorities. In 1913, for example, when authorities proposed
8001-412: The banks of the Delaware River at York Street. The Oneida is the oldest continuously operating boat club located on the Delaware River. During the 19th century, the City of Burlington developed in a grid pattern from the main crossroads of High and Broad streets. Blocks of attached rowhouses built in the latest architectural style characterize the city as a 19th-century town. Ferries carried traffic across
8128-658: The board selects a director and deputy director from among its members to serve a one-year term. As of 2024, Burlington County's Commissioners are: Director Felicia Hopson ( D , Willingboro Township , 2024), Tom Pullion (D, Edgewater Park , 2026), Allison Eckel (D, Medford , 2025), Deputy Director Daniel J. O'Connell (D, Delran Township , 2024) and Balvir Singh (D, Burlington Township , 2026). Burlington County's Constitutional Officers are: Clerk Joanne Schwartz (D, Southampton Township , 2028) Sheriff James H. Kostoplis (D, Bordentown , 2025) and Surrogate Brian J. Carlin (D, Burlington Township, 2026). As of March 2011, there were
8255-506: The borough was $ 24,612 (+/− $ 1,541). About 10.6% of families and 11.8% of the population were below the poverty line , including 13.0% of those under age 18 and 7.4% of those age 65 or over. As of the 2000 United States census there were 9,736 people, 3,898 households, and 2,522 families residing in the city. The population density was 3,245.1 inhabitants per square mile (1,252.9/km). There were 4,181 housing units at an average density of 1,393.6 per square mile (538.1/km). The racial makeup of
8382-408: The building as a center of anti-slavery activity. John Greenleaf Whittier denounced slavery from the doorstep, and local tradition holds that fugitive slaves hid in tunnels under the building in their passage on the Underground Railroad . New Jersey ended slavery, but many fugitives wanted to go farther north, beyond the reach of slave catchers. During the 19th century, Burlington City was known for
8509-405: The buildings on Wall Street itself saw only little physical damage. One estimate was that 45% of Wall Street's "best office space" had been lost. The NYSE was determined to re-open on September 17, almost a week after the attack. During this time Rockefeller Group Business Center opened additional offices at 48 Wall Street . Still, after September 11, the financial services industry went through
8636-405: The city of Burlington. He started selling coats and outerwear there at discount prices. The company gradually added other apparel, including suits, shoes, and accessories, and has branched out to include baby items and linens, all at discount prices. The company's corporate headquarters was moved from the city to Burlington Township in 1988. The Burlington Coat Factory relocated to a new store site in
8763-403: The city was 68.18% White , 26.62% African American , 0.27% Native American , 1.28% Asian , 0.01% Pacific Islander , 1.29% from other races , and 2.34% from two or more races. Hispanic or Latino of any race were 3.41% of the population. There were 3,898 households, out of which 27.8% had children under the age of 18 living with them, 41.6% were married couples living together, 17.8% had
8890-496: The city's tax revenue, and 22 percent of the city's total wages, including an average salary of US$ 360,700. The seven largest Wall Street firms in the 2000s were Bear Stearns , JPMorgan Chase , Citigroup , Goldman Sachs , Morgan Stanley , Merrill Lynch and Lehman Brothers . During the recession of 2008–10, many of these firms, including Lehman, went out of business or were bought up at firesale prices by other financial firms. In 2008, Lehman filed for bankruptcy, Bear Stearns
9017-426: The city's tax revenues and 20% of the state's, the downturn has had huge repercussions for government treasuries. New York's mayor Michael Bloomberg reportedly over a four-year period dangled over $ 100 million in tax incentives to persuade Goldman Sachs to build a 43-story headquarters in the Financial District near the destroyed World Trade Center site. In 2009, things looked somewhat gloomy, with one analysis by
9144-602: The clamor of business and trade and the owners complaining that they can't get anything done," according to a historian named Burrows. 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". Historian Charles R. Geisst suggested that there has constantly been
9271-462: 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
9398-594: The common council appointed Geneva Rijs to fill the Ward 2 seat expiring in December 2025 that had been held by J. Roosevelt Smith until he resigned from office the previous month; Rijs will serve on an interim basis until the November 2024 general election, when voters will choose a candidate to serve the balance of the term of office. In April 2022, Dawn Bergner-Thompson was appointed to the Ward 3 seat expiring in December 2025 that had been held by Helen Hatala until she died
9525-449: The companies included in Dow's original calculations were American Tobacco Company , General Electric , Laclede Gas Company , National Lead Company , Tennessee Coal & Iron , and United States Leather Company . When the average "peaks and troughs" went up consistently, he deemed it a bull market condition; if averages dropped, it was a bear market . He added up prices, and divided by
9652-628: The constructions… by immediately digging a ditch from the East River to the North River, 4 to 5 feet deep and 11 to 12 feet wide..." And that "the soldiers and other servants of the Company, together with the free Negroes, no one excepted, shall complete the work on the fort by constructing a breastwork, and the farmers are to be summoned to haul the sod." The first Anglo-Dutch War ended in 1654 without hostilities in New Amsterdam, but over time
9779-575: 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. 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
9906-477: The corner of Wall and Broad streets", and in 1998, offered substantial tax incentives to try to keep it in the Financial District. Plans to rebuild it were delayed by the September 11 attacks. The exchange still occupies the same site. The exchange is the locus for a large amount of technology and data. For example, to accommodate the three thousand people who work directly on the exchange floor requires 3,500 kilowatts of electricity, along with 8,000 phone circuits on
10033-425: 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. In 1987, the stock market plunged, and, in the relatively brief recession following,
10160-406: The economy changed from "agricultural to industrial to financial" and New York maintained its leadership position despite these changes, according to historian Thomas Kessner. New York was second only to London as the world's financial capital. In 1884, Charles Dow began tracking stocks, initially beginning with 11 stocks, mostly railroads. He looked at average prices for these eleven. Some of
10287-841: The entire city, while four are elected from single-member districts , known as wards . The three at-large and mayoral seats are up for election in one cycle, and the ward seats are elected together two years later. As of 2024, the Mayor of Burlington City is Democrat Barry W. Conaway, whose term of office ends December 31, 2027. Members of the Common Council are David H. Ballard (at-large; D, 2027), Dawn Bergner-Thompson (Ward 3; D, 2025 - elected to an unexpired term), George Chachis (Ward 1; D, 2025), Geneva Rijs (Ward 2; D, 2025 - appointed to serve an unexpired term), Xavier Roque (Ward 4; D, 2025), Richard Spaulding (at-large; D, 2027) and Suzanne Johnson Woodard (at-large; D, 2027). In February 2024,
10414-652: The fall of 2008. According to the United States Census Bureau , the city had a total area of 3.78 square miles (9.79 km), including 3.06 square miles (7.93 km) of land and 0.72 square miles (1.87 km) of water (19.05%). Unincorporated communities , localities and place names located partially or completely within the city include Burlington Island and East Burlington. Burlington borders Burlington Township in Burlington County and both Bristol and Bristol Township across
10541-430: 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)
10668-553: The former investment firm of Donaldson, Lufkin & Jenrette was described as a Wall Street firm but had its headquarters on Park Avenue in Midtown . 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. Nevertheless,
10795-453: The headquarters of banks. These include: Another key anchor for the area is the New York Stock Exchange Building at the corner of Broad Street . It houses the New York Stock Exchange , which is by far the world's largest stock exchange per market capitalization of its listed companies, at US$ 28.5 trillion as of June 30, 2018. City authorities realize its importance, and believed that it has "outgrown its neoclassical temple at
10922-607: The household while traveling from Boston to Philadelphia. In the early 20th century, the house was purchased by the Annis Stockton Chapter of the DAR for use as their clubhouse. The Colonial Burlington Foundation acquired and restored it in the 1950s. Many institutions established in the 18th century continue to function in the 21st century. After the Quakers, the second oldest religious congregation in Burlington were
11049-458: The late 1600s the wall encircled most of the city and had two large stone bastions on the northern side. 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
11176-486: The late 18th century, there was a buttonwood tree at the foot of Wall Street under which traders and speculators would gather to trade securities. The benefit was being in proximity to each other. In 1792, traders formalized their association with the Buttonwood Agreement which was the origin of the New York Stock Exchange . The idea of the agreement was to make the market more "structured" and "without
11303-456: 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. The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry , or New York–based financial interests. Wall Street has become synonymous with financial interests, often used negatively. During
11430-405: The location of New York's city hall, which became 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 street
11557-436: The locus of financial services dealings even by 1911. 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. Many financial firms found that they could move to Midtown Manhattan , only four miles (6 km) away, and still operate effectively. For example,
11684-402: The lower tip of the island. 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. J. P. Morgan created giant trusts and John D. Rockefeller 's Standard Oil moved to New York City. Between 1860 and 1920,
11811-439: The manipulative auctions", with a commission structure. Persons signing the agreement agreed to charge each other a standard commission rate; persons not signing could still participate but would be charged a higher commission for dealing. 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
11938-463: 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. Another estimate was that in 2007, the financial services industry which had a $ 70 billion profit became 22 percent of the city's revenue. Another estimate (in 2006) was that the financial services industry makes up 9% of the city's work force and 31% of the tax base. An additional estimate from 2007 by Steve Malanga of
12065-538: The number of stocks to get his Dow Jones average . Dow's numbers were a "convenient benchmark" for analyzing the market and became an accepted way to look at the entire stock market . In 1889 the original stock report, Customers' Afternoon Letter , became The Wall Street Journal . Named in reference to the actual street, it became an influential international daily business newspaper published in New York City. After October 7, 1896, it began publishing Dow's expanded list of stocks. A century later, there were 30 stocks in
12192-621: 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"). This use of both names for the street also appears as late as 1691 on the Miller Plan of New York. New York Governor Thomas Dongan may have issued
12319-429: 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." 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
12446-505: 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
12573-538: The previous month. Bergner-Thompson served on an interim basis until the November 2022 general election, when she was elected to serve the balance of the term of office. In January 2016, the City Council appointed George Chachis to fill the Ward 1 seat expiring in 2017 that had been held by Barry Conaway until he was appointed as mayor. Burlington City is located in New Jersey's 3rd congressional district . It
12700-427: The process for selection of a board of education (1897: elected; 1899: appointed by the council). By 1987, there were only eleven cities under these City Acts (including East Orange , which effectively operated under a special City charter). As in other forms, many amendments, revisions and changes had been made over the years, leading to confusing and often conflicting legislation. The City Act of 1987 provides for
12827-560: The public. Analyst Robert Kuttner in the Huffington Post criticized the bailout as helping large Wall Street firms such as Citigroup while neglecting to help smaller community development banks such as Chicago's ShoreBank . One writer in the Huffington Post looked at FBI statistics on robbery, fraud, and crime and concluded that Wall Street was the "most dangerous neighborhood in the United States" if one factored in
12954-465: The quality and quantity of its manufacturing. The shoe industry rivaled shipbuilding and canning in prominence. The 1850 United States Census indicates that the largest number of men were employed in the shoe industry, followed closely by carpentry and bricklaying. J. Frank Budd got his start in the shoe business at a Burlington shoe company just after the Civil War. In 1887, J.F. Budd broke ground for
13081-469: The setbacks, the American economy was once more "bouncing back". 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
13208-478: 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. The area
13335-519: The stones from the bastions as materials for the foundation. 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. The market operated from 1711 to 1762 at the corner of Wall and Pearl Streets, and consisted of
13462-404: The surrounding area lost 100,000 jobs according to one estimate. Since telecommunications costs were coming down, banks and brokerage firms could move away from the Financial District to more affordable locations. One of the firms looking to move away was the NYSE. In 1998, the NYSE and the city struck a $ 900 million deal which kept the NYSE from moving across the river to Jersey City ; the deal
13589-494: The surrounding township. Burlington was originally the county seat of Burlington County. In 1796, in response to the growth of population to the east away from the Delaware River, the county seat was moved to Mount Holly Township , a more central location. The council of West Jersey Proprietors purchased roughly 30 miles (48 km) of riverfront land in 1676 from the Lenape Native Americans . Burlington
13716-511: The trading floor alone, and 200 miles (320 km) of fiber-optic cable below ground. Finance professor Charles R. Geisst wrote that the exchange has become "inextricably intertwined into New York's economy". Wall Street pay, in terms of salaries and bonuses and taxes, is an important part of the economy of New York City , the tri-state metropolitan area , and the United States . Anchored by Wall Street, New York City has been called
13843-399: The urban renewal campaign. It was saved and renovated. As the new esplanade was built on fill that added land between the building and river's edge, it created a landlocked clubhouse for the boat club. Burlington Coat Factory was founded in 1924 as a wholesaler of ladies' coats and outerwear. The modern company was formed in 1972 when Monroe Milstein purchased a warehouse in the outskirts of
13970-399: The world's most economically powerful city and leading financial center . As such, a falloff in Wall Street's economy could have "wrenching effects on the local and regional economies". In 2008, after a downturn in the stock market, the decline meant $ 18 billion less in taxable income, with less money available for "apartments, furniture, cars, clothing and services". Estimates vary about
14097-406: Was 38 years. For every 100 females, there were 90.2 males. For every 100 females age 18 and over, there were 84.3 males. The median income for a household in the city was $ 43,115, and the median income for a family was $ 47,969. Males had a median income of $ 38,012 versus $ 28,022 for females. The per capita income for the city was $ 20,208. About 5.4% of families and 8.0% of the population were below
14224-494: Was 38.9 years. For every 100 females, the population had 87.7 males. For every 100 females ages 18 and older there were 83.8 males. The Census Bureau's 2006–2010 American Community Survey showed that (in 2010 inflation-adjusted dollars) median household income was $ 48,317 (with a margin of error of +/− $ 3,334) and the median family income was $ 62,049 (+/− $ 6,446). Males had a median income of $ 43,146 (+/− $ 7,469) versus $ 40,929 (+/− $ 3,562) for females. The per capita income for
14351-414: Was 58.92% (5,845) White , 32.98% (3,272) Black or African American , 0.18% (18) Native American , 2.03% (201) Asian , 0.04% (4) Pacific Islander , 2.29% (227) from other races , and 3.56% (353) from two or more races. Hispanic or Latino of any race were 6.50% (645) of the population. Of the 3,858 households, 27.3% had children under the age of 18; 37.6% were married couples living together; 20.0% had
14478-466: Was a merchant there before buying land and developing Cooperstown, New York after the Revolution. As education for girls and young women became emphasized in the 19th century, Bishop George Washington Doane founded St. Mary's Hall in 1837 in association with the Episcopal diocese as the first Episcopal boarding school offering a classical education for girls and the first such school in New Jersey. In
14605-552: Was a section of what is today's Pearl Street . The original wall was constructed under orders from Director General of the Dutch West India Company , Peter Stuyvesant , at the start of the first Anglo-Dutch war soon after New Amsterdam was incorporated in 1653. Fearing an over land invasion of English troops from the colonies in New England (at the time Manhattan was easily accessible by land because
14732-510: 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 . 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
14859-399: Was bought by JPMorgan Chase forced by the U.S. government , and Merrill Lynch was bought by Bank of America in a similar shot-gun wedding. These failures marked a catastrophic downsizing of Wall Street as the financial industry goes through restructuring and change. Since New York's financial industry provides almost one-fourth of all income produced in the city, and accounts for 10% of
14986-504: Was closed for weather-related reasons, the first time since Hurricane Gloria in September 1985 and the first two-day weather-related shutdown since the Blizzard of 1888 . Wall Street's architecture is generally rooted in the Gilded Age . 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
15113-527: Was described as the "largest in city history to prevent a corporation from leaving town". In 2001, the Big Board , as some termed the NYSE, was described as the world's "largest and most prestigious stock market". When the World Trade Center was destroyed on September 11, 2001 , the attacks "crippled" the communications network and destroyed many buildings in the Financial District, although
15240-552: Was designated as a National Historic Landmark (NHL). Bishop Doane founded an Episcopal girls' boarding school, St. Mary's, in Burlington in 1838, at a time when interest in girls' education led to development of schools for them in many areas. Girls from families up and down the East Coast came to study there, from as far as New England, Virginia, and upstate New York. St. Mary's provided a classical education, as well as classes in arts and music. The Library Company of Burlington
15367-556: Was founded on part of that land by English settlers (primarily Quakers ) in 1677. It served as the capital of the province until 1702, when West Jersey and East Jersey were combined into a single Crown Colony . Burlington takes its name (including the county name) from the town of Bridlington , England of which Burlington was a district. It is now amalgamated into the larger Bridlington town. The Quakers formally established their congregation in 1678. Initially, they met in private homes; between 1683 and 1687, Francis Collings constructed
15494-438: Was organized in 1757 as a "free" library open to the public as well as members. There were 60 members of the original Library Company, each paying ten shillings per year to support the institution. The Library received a Charter from George II of Great Britain in 1758. The Library's books were kept in members' homes for a few years: Thomas Rodman's at 446 South High Street and, after 1767, Robert Smith's at 218 High Street. In 1789
15621-637: Was reduced four times before 1960, each time stimulating a mini-rally and boosting volume, and when the Federal Reserve reduced the margin requirements from 90% to 70%. These changes made it somewhat easier for investors to buy stocks on credit. The growing national economy and prosperity led to a recovery during the 1960s, with some down years during the early 1970s in the aftermath of the Vietnam War . Trading volumes climbed; in 1967, according to Time Magazine , volume hit 7.5 million shares
15748-469: Was safe" on Wall Street. A few days later, on October 24, 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. During this era, development of the Financial District stagnated, and Wall Street "paid a heavy price" and "became something of
15875-423: 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". September 1929 was the peak of the stock market. October 3, 1929, was when the market started to slip, and it continued throughout the week of October 14. In October 1929, renowned Yale economist Irving Fisher reassured worried investors that their "money
16002-458: Was that Wall Street provided a fourth of all personal income earned in the city, and 10% of New York City's tax revenue. The city's securities industry, enumerating 163,400 jobs in August 2013, continues to form the largest segment of the city's financial sector and an important economic engine, accounting in 2012 for 5 percent of private sector jobs in New York City, 8.5 percent (US$ 3.8 billion) of
16129-555: Was turned over to the city to be used as the City Hall. The municipal offices' move was concurrent with the adoption of a new City charter. The Oneida Boat Club was organized in 1873 by a group of 10 members. It is named for one of the original Five Nations of the Iroquois Confederacy , based in New York. Over the next few years, membership in the club grew rapidly. In 1876, they dedicated their newly built clubhouse on
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