The slave market operated from 1711 to 1762 at the corner of Wall and Pearl Streets.
Capital of Capital: Money, Banking, and Power in New York City, 1784–2012 (2014) Moody, John.
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.
In 1792, traders formalized their association with the Buttonwood Agreement which was the origin of the New York Stock Exchange.
Cosmetic damage from the 1920 Wall Street bombing is still visible on the Wall Street side of this building. Federal Hall National Memorial (26 Wall Street), built in 1833–1842.
"Morgan, John Pierpont, (April 17, 1837 – March 31, 1913)," in Dictionary of American Biography, Volume 7 (1934) Caplan, Sheri J.
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 the lower tip of the island.
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 the lower tip of the island.
The Morgans: Private International Bankers, 1854–1913.
Between 1860 and 1920, the economy changed from "agricultural to industrial to financial" and New York maintained its leadership position despite these changes, according to historian Thomas Kessner.
gold market in 1869) as well as modern figures such as Bernard Madoff who "bilked billions from investors". In addition, images of Wall Street and its figures have loomed large.
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, and looked at average prices for these eleven.
The NYSE 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. ==Architecture== Wall Street's architecture is generally rooted in the Gilded Age.
In 1889 the original stock report, Customers' Afternoon Letter, became The Wall Street Journal.
After October 7, 1896, it began publishing Dow's expanded list of stocks.
Encyclopedia of African American History 1896 to the present.
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.
An expansion in 1907–1910 turned it into the eight-story National City Bank Building. 60 Wall Street, built in 1988.
It was previously known as the Irving Trust Company Building and the Bank of New York Building. 14 Wall Street, a 32-story skyscraper with a 7-story stepped pyramid, built in 1910–1912 with an expansion in 1931–1933.
There were some indications that midtown had been becoming the locus of financial services dealings even by 1911.
In 1913, for example, when authorities proposed a $4 stock transfer tax, stock clerks protested.
"Morgan, John Pierpont, (April 17, 1837 – March 31, 1913)," in Dictionary of American Biography, Volume 7 (1934) Caplan, Sheri J.
It was originally the Bankers Trust Company Building. 23 Wall Street, a four-story headquarters built in 1914, was known as the "House of Morgan" and served for decades as the J.P.
Between 1860 and 1920, the economy changed from "agricultural to industrial to financial" and New York maintained its leadership position despite these changes, according to historian Thomas Kessner.
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 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.
Cosmetic damage from the 1920 Wall Street bombing is still visible on the Wall Street side of this building. Federal Hall National Memorial (26 Wall Street), built in 1833–1842.
The Great Bull Market: Wall Street in the 1920s (1968) Sobel, Robert.
A report from The New York Times: The area was subjected to numerous threats; one bomb threat in 1921 led to detectives sealing off the area to "prevent a repetition of the Wall Street bomb explosion". ====Regulation==== September 1929 was the peak of the stock market.
A report from The New York Times: The area was subjected to numerous threats; one bomb threat in 1921 led to detectives sealing off the area to "prevent a repetition of the Wall Street bomb explosion". ====Regulation==== 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 was safe" on Wall Street.
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.
These include: 1 Wall Street, a 50-story skyscraper built in 1929–1931 with an expansion in 1963–1965.
The world in Depression 1929–1939.
It was previously known as the Irving Trust Company Building and the Bank of New York Building. 14 Wall Street, a 32-story skyscraper with a 7-story stepped pyramid, built in 1910–1912 with an expansion in 1931–1933.
During this era, development of the Financial District stagnated, and Wall Street "paid a heavy price" and "became something of a backwater in American life". During the New Deal years, as well as the 1940s, there was much less focus on Wall Street and finance.
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.
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 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%.
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.
These include: 1 Wall Street, a 50-story skyscraper built in 1929–1931 with an expansion in 1963–1965.
Trading volumes climbed; in 1967, according to Time Magazine, volume hit 7.5 million shares 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.
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 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.
In 1975, the SEC threw out the NYSE's "Rule 394" which had required that "most stock transactions take place on the Big Board's floor", in effect freeing up trading for electronic methods.
In 1976, banks were allowed to buy and sell stocks, which provided more competition for stockbrokers.
The economy resumed upward growth after a period in the early 1980s of languishing.
So-called "face-to-face" trading between buyers and sellers remains 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. ====In the New Jersey economy==== 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 NYSE 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. ==Architecture== Wall Street's architecture is generally rooted in the Gilded Age.
A reporter wrote: In 1987, the stock market plunged, and, in the relatively brief recession following, the surrounding area lost 100,000 jobs according to one estimate.
The 1987 Oliver Stone film Wall Street created the iconic figure of Gordon Gekko who used the phrase "greed is good", which caught on in the cultural parlance.
Harvard University Press, 1987.
An expansion in 1907–1910 turned it into the eight-story National City Bank Building. 60 Wall Street, built in 1988.
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.
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 was described as the "largest in city history to prevent a corporation from leaving town". ===21st century=== In 2001, the Big Board, as some termed the NYSE, was described as the world's "largest and most prestigious stock market".
City authorities realize its importance, and believed that it has "outgrown its neoclassical temple at the corner of Wall and Broad streets", and in 1998, offered substantial tax incentives to try to keep it in the Financial District.
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 was described as the "largest in city history to prevent a corporation from leaving town". ===21st century=== 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 the buildings on Wall Street itself saw only little physical damage.
Oxford University Press, 2004.
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 (in 2006) was that the financial services industry makes up 9% of the city's work force and 31% of the tax base.
Another estimate was that in 2007, the financial services industry which had a $70 billion profit became 22 percent of the city's revenue.
An additional estimate from 2007 by Steve Malanga of 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.
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. ====Competing financial centers==== Of the street's importance as a financial center, New York Times analyst Daniel Gross wrote: 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".
During 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.
What had happened during these heady years? Clark wrote: 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".
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 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, made in 2008, was that Wall Street provided a fourth of all personal income earned in the city, and 10% of New York City's tax revenue.
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 was bought by JPMorgan Chase forced by the U.S.
In 2008, the "Wall Street West" employment contributed to one third of the private sector jobs in Jersey City.
In 2009, things looked somewhat gloomy, with one analysis by the Boston Consulting Group suggesting that 65,000 jobs had been permanently lost because of the downturn.
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.
In 2009, the Wall Street employment wages were paid in the amount of almost $18.5 billion in the state.
Cohan argued that it was "obscene" how Wall Street reaped "massive profits and bonuses in 2009" after being saved by "trillions of dollars of American taxpayers' treasure" despite Wall Street's "greed and irresponsible risk-taking".
Washington Post reporter Suzanne McGee called for Wall Street to make a sort of public apology to the nation, and expressed dismay that people such as Goldman Sachs chief executive Lloyd Blankfein hadn't expressed contrition despite being sued by the SEC in 2009.
In 2009, Stone commented how the film had had an unexpected cultural influence, not causing them to turn away from corporate greed, but causing many young people to choose Wall Street careers because of the film.
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".
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. ====Versus Midtown Manhattan==== A requirement of the New York Stock Exchange was that brokerage firms had to have offices "clustered around Wall Street" so clerks could deliver physical paper copies of stock certificates each week.
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. ====Competing financial centers==== Of the street's importance as a financial center, New York Times analyst Daniel Gross wrote: 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".
During 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.
Ramsden believes "risk-taking is vital" and said in 2010: Others in the financial industry believe they've been unfairly castigated by the public and by politicians.
For example, Anthony Scaramucci reportedly told President Barack Obama in 2010 that he felt like a piñata, "whacked with a stick" by "hostile politicians". The financial misdeeds of various figures throughout American history sometimes casts a dark shadow on financial investing as a whole, and include names such as William Duer, Jim Fisk and Jay Gould (the latter two believed to have been involved with an effort to collapse the U.S.
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.
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.
The New York Stock Exchange closed early that day, at 2:52 p.m. In the 2012 film The Dark Knight Rises, Bane attacks the Gotham City Stock Exchange.
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.
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