Wall Street

 

Click here to see some pictures of Wall Street.

While taking a stroll down the tangled streets of Lower Manhattan, you may notice the unique sound of bustling civilians clunking along the cobblestone streets. You may also notice that these streets run diagonally, intersecting at any random point on any given roadway. People in long, Burberry winter coats rush up the stairs of a subway station, walking through the platinum turntables as they do every day of the week. All of this commotion and hubbub belongs to a street that houses some of the most historical landmarks in the world. This street gives millions of businesses a chance to succeed. This street is the one and only Wall Street.


            Going back nearly four hundred years, Wall Street started out as an empty, marsh area that offered no sign of civilization whatsoever. The people in Manhattan at the time were mostly Dutch merchants who relied on trade for a living. In 1653, these Dutch merchants built a wooden stockade across this rural area to protect themselves from British and Indian attacks. This wooden stockade was the Northern Boundary of New Amsterdam. Soon, a road, used for travel purposes only, was built alongside the wall, to connect the East and Hudson Rivers.


            Later in the year, Peter Stuyvesant, the Dutch governor of New York, was not comfortable with the inadequate protection between the East River and the Hudson River. He, along with help from the Dutch West India Company, decided to add twelve feet of earth and timber to the wooden planks. This twelve foot wall stood for about six years until it was dismantled by the British in 1699. After taking down the wall, the lobster-backs took over the road and approached Manhattan. When the British took over Lower Manhattan, they created a bustling street called Wall Street. This rural area soon became a center of business and finance, much like it is today.


            Wall Street received its name in honor of the wall that originally protected Manhattan. This wall was strengthened over time and gave Dutch merchants a reason to feel safe in their beds at night. However, when the British dismantled the wall they decided to create a business society. This marsh area soon became a thriving center of business. The development of lower Manhattan started with the development of Wall Street. As Wall Street became the center of attention, so did the surrounding areas. Thus came the creation of the incredible architectural structures that are present on Wall Street today.


            Many historical pieces of architecture still exist on Wall Street today. Federal Hall, located on Wall Street, was New York’s second city hall. Built in 1703, George Washington was sworn in as U.S. President here. The Bill of Rights was adopted on September 25, 1789 at Federal Hall in lower Manhattan. Also, the Continental Congress approved the Northwest Ordinance in 1787 and the Stamp Act Congress met several times to talk about “taxation without representation.” Federal Hall was the capitol building when New York was the capitol of the nation.


            Another significant building located on Wall Street is the Federal Reserve Bank of New York City. This bank is a major banking company in New York City. The vault inside the Federal Reserve Bank is the size of a football field filled up with 100 dollar bills. There is an estimated 350 billion dollars in this vault today. The Chase Manhattan Bank Tower was also a popular building located on Wall Street. However, Donald Trump, a thriving real estate agent and multi-millionaire, renovated the Chase Manhattan Building and renamed it. The “Trump Tower” is now the new crown jewel of Wall Street.


            Wall Street is currently the home of the New York Stock Exchange (NYSE). The NYSE created many new businesses and gave them a chance to survive in the world of finance. The NYSE started hundreds of years ago as a small meeting between several Dutch merchants outside Federal Hall. They met daily at the Buttonwood Tree, discussing economy and finance. This tree, located on the side of Wall Street, was the meeting place for these merchants for many years. Under the tree's shelter and privacy, these hopeful merchants decided to go further with their “business” and moved their meetings indoors. They helped their small idea evolve into a thriving company. For the first few years of the company’s life, the members were sworn to secrecy. This concealment is the reason the NYSE thrived.


            As Wall Street changed from a rural area to a thriving business center, lower Manhattan has transformed from a deserted village to a financial district. The heart of lower Manhattan and the financial district of the world, Wall Street has created many new businesses which prospered. People will always remember Wall Street, the important pieces of architecture that can be found on it, the unique sounds of businessmen hurrying to work, and the many chances that Wall Street gave them to help their businesses grow and eventually blossom.

 


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