116-731: Wall Street is a street which runs through the Financial District of New York City, which due to many financial centers being located on the street is further a metonym for the Economy of the United States . Wall Street may also refer to: 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
232-528: 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,
348-498: 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
464-459: 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
580-529: 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
696-554: 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
812-476: 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
928-519: 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,
1044-488: 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
1160-562: A father his children," and began the task of rebuilding the physical and moral state of the colony. In September 1647 he appointed the Nine Men , an advisory council composed of representatives of the colonists, to help rebuild relationships with them, temper his rule with their guidance, and restore New Netherland to the kind of well-run place that the Dutch preferred. In 1648 a conflict began between him and Brant Aertzsz van Slechtenhorst,
1276-431: 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
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#17327727585091392-541: A great expansion for the settlement of New Amsterdam beyond the southern tip of Manhattan . Among the projects built by Stuyvesant's administration were the protective wall on Wall Street , the canal that became Broad Street , and Broadway . Stuyvesant, himself a member of the Dutch Reformed Church , opposed religious pluralism and came into conflict with Lutherans , Jews , Roman Catholics , and Quakers as they attempted to build places of worship in
1508-548: 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
1624-479: 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
1740-566: 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
1856-521: A position he held until 1644. In April 1644, he coordinated and led an attack on the island of Saint Martin —which the Spanish had taken from the Dutch. Peter thought they had few men. When Peter raised the Dutch flag the Spanish fired. A cannonball hit Peter. They lost the battle and Peter had his lower leg amputated. Stuyvesant returned to the Netherlands for convalescence, where his right leg
1972-485: 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
2088-569: A system of fire wardens and a volunteer fire watch that patrolled the streets to keep an eye on any fire, or potential fire, from nine o'clock in the evening until the morning drum-beat. As such Stuyvesant became the organizer and head of the first volunteer firemen in America The colony of New Netherland had severe external problems. The population was too small and contentious, and the Company provided little military support. The most serious
2204-533: 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
2320-715: 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
2436-507: The Dutch Reformed Church remains an important part of the community, as well as shopping centers, yacht clubs and other buildings and facilities throughout the area where the Dutch colony once was. The Peter Stuyvesant Monument by J. Massey Rhind situated at Bergen Square in Jersey City was dedicated in 1915 to mark the 250th anniversary of the Dutch settlement there The World War II Liberty Ship SS Peter Stuyvesant
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#17327727585092552-522: The East River and to erect a fortification. In 1653, a convention of two deputies from each village in New Netherland demanded reforms, and Stuyvesant commanded that assembly to disperse, saying: "We derive our authority from God and the company, not from a few ignorant subjects." In 1654, Stuyvesant signed a deed for an allotment of land 10,000 square feet (930 m ) that corresponds to
2668-751: 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 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
2784-672: 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,
2900-613: The Stuyvesant Town housing complex; the site of the original Stuyvesant High School , still marked Stuyvesant on its front face, on East 15th Street near First Avenue, Stuyvesant Square , a park in the area; and the Stuyvesant Apartments on East 18th Street. The new Stuyvesant High , a premier public high school, is on Chambers Street near the World Trade Center. His farm, called the "Bouwerij" –
3016-581: The Treaty of Hartford , to settle the border between New Amsterdam and the English colonies to the north and east. The border was arranged to the dissatisfaction of the Nine Men, who declared that "the governor had ceded away enough territory to found fifty colonies each fifty miles square." Stuyvesant then threatened to dissolve the council. A new plan of municipal government was arranged in the Netherlands, and
3132-525: 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
3248-691: The United States Constitution 's provision on freedom of religion in the Bill of Rights . In 1664, King Charles II of England ceded to his brother, the Duke of York, later King James II , a large tract of land that included all of New Netherland . This came at a period of considerable conflict between England and the Netherlands in the Anglo-Dutch Wars . Four English ships bearing 450 men, commanded by Richard Nicolls , seized
3364-594: The University of Franeker , where he studied languages and philosophy, but several years later he was expelled from the school after he seduced the daughter of his landlord. He was then sent to Amsterdam by his father, where Stuyvesant – now using the Latinized version of his first name, "Petrus", to indicate that he had university schooling – joined the Dutch West India Company (GWC). In 1630,
3480-493: 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
3596-904: The $ 50 billion fraud perpetrated by Bernie Madoff . When large firms such as Enron , WorldCom , and Global Crossing were found guilty of fraud, Wall Street was often blamed, even though these firms had headquarters around the nation and not in Wall Street. Many complained that the resulting Sarbanes-Oxley legislation dampened the business climate with regulations that were "overly burdensome". Interest groups seeking favor with Washington lawmakers , such as car dealers, have often sought to portray their interests as allied with Main Street rather than Wall Street , although analyst Peter Overby on National Public Radio suggested that car dealers have written over $ 250 billion in consumer loans and have real ties with Wall Street . Peter Stuyvesant Peter Stuyvesant ( c. 1610 – August 1672)
Wall Street (disambiguation) - Misplaced Pages Continue
3712-633: The Amsterdam Chamber of the GWC in 1654, he hoped that "the deceitful race, — such hateful enemies and blasphemers of the name of Christ, — be not allowed to further infect and trouble this new colony." He referred to Jews as a "deceitful race" and "usurers", and was concerned that "Jewish settlers should not be granted the same liberties enjoyed by Jews in Holland, lest members of other persecuted minority groups, such as Roman Catholics, be attracted to
3828-593: The Articles of Capitulation. The Dutch settlers mainly belonged to the Dutch Reformed church, a Calvinist denomination, holding to the Three Forms of Unity (Belgic Confession, Heidelberg Catechism, Canons of Dordt). The English were Anglicans, holding to the 39 Articles , a Protestant confession, with bishops. In 1665, Stuyvesant went to the Netherlands to report on his term as governor. On his return to
3944-545: 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 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
4060-541: The Dutch colony. On 30 August 1664, George Cartwright sent the governor a letter demanding surrender. He promised "life, estate, and liberty to all who would submit to the king's authority." On 6 September 1664, Stuyvesant sent Johannes de Decker , a lawyer for the West India Company, and five others to sign the Articles of Capitulation. Nicolls was declared governor, and the city was renamed New York . Stuyvesant obtained civil rights and freedom of religion in
4176-414: The Dutch had called it "de Waal Straat", which to Dutch ears sounds like Walloon Street. However, in 17th century New Amsterdam, de Waal Straat (Wharf or Dock Street) was a section of what is today's Pearl Street . 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
4292-880: The English Connecticut Colony were strained, with disputes over ownership of land in the Connecticut valley, and in eastern Long island. The treaty of Hartford of 1650 was advantageous to the English, as Stuyvesant gave up claims to the Connecticut Valley while gaining only a small portion of Long island. In any case, Connecticut settlers ignored the treaty and steadily poured into the Hudson Valley, where they agitated against Stuyvesant. In 1664, England sent an expeditionary force to capture New Netherland. The colony's settlers refused to fight, forcing Stuyvesant to surrender and demonstrating
4408-667: 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
4524-555: 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
4640-597: 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 —
4756-458: The GWC in 1651. Stuyvesant did not tolerate full religious freedom in the colony, and was strongly committed to the supremacy of the Dutch Reformed Church . In 1657 he refused Lutherans the right to organize a church. When he also issued an ordinance forbidding them from worshiping in their own homes, the directors of the GWC, three of whom were Lutherans, told him to rescind the order and allow private gatherings of Lutherans. The Company position
Wall Street (disambiguation) - Misplaced Pages Continue
4872-672: 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
4988-592: 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
5104-547: 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,
5220-467: 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
5336-403: 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
5452-551: 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 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
5568-563: 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
5684-405: 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
5800-644: The city and practice their faiths. Stuyvesant was in particular antisemitic , loathing both the Jewish ethnicity and religion . Peter Stuyvesant was born around 1610 in Peperga or Scherpenzeel , Friesland , in the Netherlands , to Balthasar Stuyvesant, a Reformed Calvinist minister, and Margaretha Hardenstein. He grew up in Peperga, Scherpenzeel, and Berlikum . At the age of 20, Stuyvesant went to
5916-566: The city had grown well beyond the wall. A new City Hall was built at Wall and Nassau in 1700 using the stones from the bastions as materials for the foundation. 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
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#17327727585096032-496: 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
6148-426: 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
6264-602: 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
6380-481: The colony had left the colony in terrible condition. Only a small number of villages remained after Kieft's wars, and many of their inhabitants had been driven away and returned home, leaving only 250 to 300 men able to carry arms. Kieft himself had accumulated a fortune of over 4,000 guilders during his term in office, and become an alcoholic. Certain that righting New Netherland was the work which God had saved him for, Stuyvesant told its people "I shall govern you as
6496-422: The colony stopped sheltering runaways from New Netherland. In 1657, the GWC's directors wrote to Stuyvesant, telling him that they were not going to be able to send him all the tradesmen that he requested and that he would have to use slaves as well. Although it is commonly thought that Stuyvesant was New Netherland's largest slaveholder, he only owned two slaves, purchasing them as part of the farm he bought from
6612-483: The colony, he spent the remainder of his life on his farm, Stuyvesant Farm , of sixty-two acres outside the city, called the Great Bouwerie, beyond which stretched the woods and swamps of the village of Nieuw Haarlem . A pear tree that he reputedly brought from the Netherlands in 1647 remained at the corner of Thirteenth Street and Third Avenue until 1867 when it was destroyed by a storm, bearing fruit almost to
6728-486: The colony." Stuyvesant's decision was again rescinded after pressure from the directors of the company. As a result, Jewish immigrants were allowed to stay in the colony as long as their community was self-supporting. However, Stuyvesant would not allow them to build a synagogue, forcing them to worship instead in a private house. In 1657, the Quakers , who were newly arrived in the colony, drew his attention. He ordered
6844-462: 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
6960-399: The commissary of the patroonship Rensselaerwijck , which surrounded Fort Orange (present-day Albany). Stuyvesant claimed he had power over Rensselaerwijck, despite special privileges granted to Kiliaen van Rensselaer in the patroonship regulations of 1629. When Van Slechtenhorst refused, Stuyvesant sent a group of soldiers to enforce his orders. The controversy that followed resulted in
7076-449: 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
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#17327727585097192-498: The company assigned him to be their commercial agent on a small island just off of Brazil , Fernando de Noronha , and then five years later transferred him to the nearby Brazilian state of Pernambuco . In 1638, he was moved again, this time to the colony of Curaçao , the main Dutch naval base in the West Indies , where, just four years later, aged 30, he became the acting governor of that colony, as well as Aruba and Bonaire ,
7308-575: 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
7424-477: 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
7540-533: The corner of Wall and Pearl Streets, and consisted of a wooden structure with a roof and open sides, although walls may have been added over the years; it could hold approximately 50 people. New York's municipal authorities directly benefited from the sale of slaves by implementing taxes on every person who was bought and sold there. 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
7656-425: 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,
7772-426: The dilemma of domestic dissatisfaction, small size, and overwhelming external pressures with inadequate military support from the Company that was fixated on profits. Stuyvesant became involved in a dispute with Theophilus Eaton , the governor of English New Haven Colony , over the border of the two colonies. In September 1650, a meeting of the commissioners on boundaries took place in Hartford, Connecticut , called
7888-507: The early instruction of youth." In 1661, New Amsterdam had one grammar school, two free elementary schools, and had licensed 28 schoolmasters. As director-general of New Netherland, Stuyvesant greatly increased the colony's involvement with slavery . During the late 1640s, authorities in the neighboring English colonies of Connecticut and Maryland encouraged New Netherland slaves to escape there, refusing to return them. In 1650, Stuyvesant threatened to offer freedom to Maryland slaves unless
8004-406: 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
8120-499: 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,
8236-410: The founding of the new settlement, Beverwijck . In an effort to remedy the neglect on the town, previously under Kieft's administration, Stuyvesant took measures to improve the appearance and safety of the town, with numerous regulations to achieve this end that were routinely issued by his office. Building codes were established for houses and other structures, including fences in an effort to control
8352-453: 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
8468-563: The last. The house was destroyed by fire in 1777. He also built an executive mansion of stone called Whitehall . In 1645, Stuyvesant married Judith Bayard ( c. 1610 –1687) of the Bayard family . Her brother, Samuel Bayard, was the husband of Stuyvesant's sister, Anna Stuyvesant. Petrus and Judith had two sons together: He died in August 1672 and his body was entombed in the east wall of St. Mark's Church in-the-Bowery , which sits on
8584-486: 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
8700-511: 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
8816-436: 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,
8932-402: 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,
9048-439: 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
9164-572: The modern-day Financial District of lower Manhattan . It was co-signed by land grantee and secretary of the New Netherland Council Cornelis van Ruijven (alternative spelling Ruyven). The lot was given and granted to van Ruijven. The deed conveys a tract of land on Manhattan island in the Sheep Pasture. It was bounded by present-day Broad Street to William Street , and Beaver Street to Exchange Place . In
9280-530: The name "New Amsterdam" was officially declared on 2 February 1653. Stuyvesant made a speech for the occasion, saying that his authority would remain undiminished. Stuyvesant was then ordered to the Netherlands, but the order was soon revoked under pressure from the States of Holland and the city of Amsterdam. Stuyvesant prepared against an attack by ordering the citizens to dig a ditch from the North River to
9396-463: 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
9512-538: 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
9628-517: The original records of New Amsterdam , the Dutch always called the street Het Cingel ("the Belt"), which was also the name of the original outer barrier street, wall, and canal of Amsterdam . After the English conquest of New Netherland in 1664, they renamed the settlement "New York" and in tax records from April 1665 (still in Dutch) they refer to the street as Het Cingel ofte Stadt Wall ("the Belt or
9744-505: 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
9860-471: The public torture of Robert Hodgson, a 23-year-old Quaker convert who had become an influential preacher. Stuyvesant then made an ordinance, punishable by fine and imprisonment, against anyone found guilty of harboring Quakers. That action led to a protest from the citizens of Flushing , which came to be known as the Flushing Remonstrance , considered by some historians to be a precursor to
9976-560: 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
10092-469: 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
10208-561: The seventeenth-century Dutch word for "farm" – was the source for the name of the Manhattan street and surrounding neighborhood named " The Bowery ". The contemporary neighborhood of Bedford–Stuyvesant, Brooklyn includes Stuyvesant Heights and retains its name. Also named after him are the hamlets of Stuyvesant and Stuyvesant Falls in Columbia County, New York , where descendants of the early Dutch settlers still live and where
10324-399: The site of Stuyvesant's family chapel. The last acknowledged descendant of Peter Stuyvesant to bear his surname was Augustus van Horne Stuyvesant, Jr., who died a bachelor in 1953 at the age of 83 in his mansion at 2 East 79th Street. Rutherfurd Stuyvesant , the 19th-century New York developer, and his descendants are also descended from Peter Stuyvesant; however, Rutherford Stuyvesant's name
10440-478: 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
10556-536: The summer of 1655, he sailed down to the Delaware River with a fleet of seven vessels and about 300 men and took possession of the colony of New Sweden , which was renamed "New Amstel." In his absence, Pavonia and Staten Island were attacked by Native Americans on 15 September 1655 in what became known as the Peach War . In 1660, Stuyvesant was quoted as saying that "Nothing is of greater importance than
10672-404: 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
10788-511: 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
10904-614: The wall after their 1664 takeover (a cause of the Second Anglo-Dutch War ), as did the Dutch from 1673 to 1674 when they briefly retook the city during the Third Anglo-Dutch War , and by the late 1600s the wall encircled most of the city and had two large stone bastions on the northern side. 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
11020-402: 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 the Financial District. Anchored by Wall Street, New York has been described as the world's principal fintech and financial center . The street
11136-589: The widespread problem of wandering livestock about the town. As the housing and other structures in New Amsterdam were built almost entirely from wood and stood very close together the possibility of a spreading fire was very great. As governor, Stuyvensant forbid the construction of wooden chimneys, and imposed a tax of a beaver skin, or its trade equivalent, on every householder to finance the cost of two hundred and fifty leather fire buckets and hooks and ladders, which he had sent from Holland. He also established
11252-414: 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 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
11368-399: 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
11484-553: Was a Dutch colonial administrator who served as the director-general of New Netherland from 1647 to 1664, when the colony was provisionally ceded to the Kingdom of England . He was a major figure in the history of New York City and his name has been given to various landmarks and points of interest throughout the city (e.g. Stuyvesant High School , Stuyvesant Town , Bedford–Stuyvesant neighborhood , etc.). Stuyvesant's accomplishments as director-general of New Netherland included
11600-460: 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
11716-399: 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
11832-470: 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 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
11948-524: Was changed from Stuyvesant Rutherford in 1863 to satisfy the terms of the 1847 will of Peter Gerard Stuyvesant . His descendants include: According to historian Eleanor Bruchey: Stuyvesant and his family were large landowners in the northeastern portion of New Amsterdam, and the Stuyvesant name is currently associated with four places in Manhattan 's East Side, near present-day Gramercy Park :
12064-504: 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
12180-527: 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
12296-599: 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 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
12412-485: 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, the location of New York's city hall, which became Federal Hall . In the early 19th century, both residences and businesses occupied
12528-637: 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
12644-471: Was replaced with a wooden peg . Stuyvesant was given the nicknames "Peg Leg Pete" and "Old Silver Nails" because he used a wooden stick studded with silver nails as a prosthesis . The West India Company saw the loss of Stuyvesant's leg as a "Roman" sacrifice, while Stuyvesant himself saw the fact that he did not die from his injury as a sign that God was saving him to do great things. A year later, in May 1645, he
12760-469: 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
12876-778: Was selected by the company to replace Willem Kieft as Director-General of the New Netherland colony, including New Amsterdam , the site of present-day New York City . Stuyvesant had to wait for his appointment to be confirmed by the Dutch States-General . During that time he married Judith Bayard, who was the daughter of a Huguenot minister and hailed from Breda . Together, they left Amsterdam in December 1646 and, after stopping at Curaçao, arrived in New Amsterdam by May 1647. Kieft's administration of
12992-423: 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
13108-405: 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
13224-412: Was that more tolerance led to more trade and benefited everyone. Freedom of religion was further tested when Stuyvesant refused to allow the permanent settlement of Jewish refugees from Dutch Brazil in New Amsterdam (without passports), and join the handful of existing Jewish traders (with passports from Amsterdam). Stuyvesant attempted to have Jews leave the colony "in a friendly way". As he wrote to
13340-468: Was the economic rivalry with England regarding trade. Secondarily there were small scale military conflicts with neighboring Indian tribes, involving fights between mobile bands on the one hand, and scattered small Dutch outposts on the other. With a large area and limited population, defense was a major challenge. Stuyvesant's greatest success came in dealing with the Delaware River colony of New Sweden , which he invaded and annexed in 1655. Relations with
13456-509: Was the shoreline at that time, crossed the Indian path that the Dutch called Heeren Wegh , now called Broadway , and ended at the other shoreline (today's Trinity Place), where it took a turn south and ran along the shore until it ended at the old fort . There was a gate at Broadway (the "Land Gate") and another at Pearl Street, the "Water Gate." The wall and its fortifications were eventually removed in 1699—it had outlived its usefulness because
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