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Elaborate marble facade of NYSE as seen from the intersection of Broad and Wall Streets
Elaborate marble facade of NYSE as seen from the intersection of Broad and Wall Streets

Wall Street is a street in lower Manhattan, New York City, USA. Manhattan Island, in New York Harbor, is much the largest part of the Borough of Manhattan, one of the Five Boroughs which form the City of New York The City of New York The United States of America —commonly referred to as the It runs east from Broadway downhill to South Street on the East River, through the historical center of the Financial District. Broadway, as the name implies is a wide avenue in New York City. South Street in Manhattan is noted for its seaport also called the South Street Seaport. The East River is a tidal Strait in New York City. It connects Upper New York Bay on its south end to Long Island Sound on its north end The Financial District of New York City (sometimes called FiDi) is a neighborhood on the southernmost section of the borough of Manhattan which Wall Street was the first permanent home of the New York Stock Exchange, over time Wall Street became the name of the surrounding geographic neighborhood. The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. [1] Wall Street is also shorthand (or a metonym) for "influential financial interests" in the U. In Rhetoric, metonymy (mɨˈtɒnɨmi is the use of a word for a concept or object associated with the concept/object originally denoted by the word S. [2] as well as for the financial industry in the New York City area.

Several major U. S. stock and other exchanges remain headquartered on Wall Street and in the Financial District, including the NYSE, NASDAQ, AMEX, NYMEX, and NYBOT. The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. The NASDAQ (acronym of National Association of Securities Dealers Automated Quotations) is an American Stock exchange. The American Stock Exchange ( AMEX) is an American Stock exchange situated in New York. The New York Mercantile Exchange (NYMEX is the World 's largest physical Commodity Futures exchange, located in New York City. The New York Board of Trade (NYBOT is a wholly-owned subsidiary of IntercontinentalExchange (ICE Many New York-based financial firms are no longer headquartered on Wall Street, but are in midtown Manhattan, the outer boroughs of the city, Long Island, Westchester County, Fairfield County, Connecticut, or New Jersey. See also Manhattan Midtown Manhattan, or simply Midtown, is an area of Manhattan, New York City home to world-famous commercial Long Island is an island located in southeastern New York, USA, its western shores directly across from Manhattan, from which the island stretches Westchester County is a primarily Suburban county located in the U Named after the extremely large area of salt-marshes and swamps both on the coast and inland Fairfield County is located in the southwestern corner of the U New Jersey ( is a state in the Mid-Atlantic and Northeastern regions of the United States.

Contents

History

View in Wall Street from corner of Broad Street, 1867. The building on the left was the U.S. Customs House at the time but is today the Federal Hall National Memorial.
View in Wall Street from corner of Broad Street, 1867. The building on the left was the U.S. Customs House at the time but is today the Federal Hall National Memorial. The United States Bureau of Customs and Border Protection (CBP known as U Federal Hall, located at 26 Wall Street in New York City, was the first capitol of the United States of America and the site of George Washington

The name of the street derives from the fact that during the 17th century, Wall Street formed the northern boundary of the New Amsterdam settlement. A street name or odonym is an identifying name given to a Street. In the 1640s basic picket and plank fences denoted plots and residences in the colony. [3] Later, on behalf of the Dutch West India Company, Peter Stuyvesant, in part using African slaves,[4] led the Dutch in the construction of a stronger stockade. Dutch West India Company ( Dutch: Geoctroyeerde Westindische Compagnie or GWC; English: Chartered West India Company was a company of Peter Stuyvesant (originally Pieter or Petrus, Peter is never mentioned in historical records (c The Netherlands ( Dutch:, ˈnedərlɑnt is the European part of the Kingdom of the Netherlands, which consists of the Netherlands the Netherlands A strengthened 12-foot (4 m) wall [5] of timber and earth was created by 1653 fortified by palisades. palisade is a steel or wooden Fence or wall of variable height usually used as a defensive structure [5] [3] The wall was created, and strengthened over time, as a defense against attack from various Native American tribes, New England colonists, and the British. History See also History of New England New England's earliest inhabitants were Algonquian -speaking Native Americans including the The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located In 1685 surveyors laid out Wall Street along the lines of the original stockade. [5] The wall was dismantled by the British in 1699. And while the original name referred to the Walloons, the French speaking Belgians that helped populate this settlement in the beginning, the name was now easily taken to refer to the wall that once was here.

In the late 18th century, there was a buttonwood tree at the foot of Wall Street under which traders and speculators would gather to trade informally. In Finance, a trader is someone who buys and sells Financial instruments such as stocks, bonds and derivatives. Speculation, in a financial context is making an investment that increases the overall risk in a portfolio In 1792, the traders formalized their association with the Buttonwood Agreement. The Buttonwood Agreement, which took place on May 17, 1792, started the New York Stock & Exchange Board (now called the NYSE which is short for New York Stock This was the origin of the New York Stock Exchange. The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. [6]

In 1889, the original stock report, Customers' Afternoon Letter, became the The Wall Street Journal, named in reference to the actual street, it is now an influential international daily business newspaper published in New York City. A newspaper is a written Publication containing News, information and Advertising, usually printed on low-cost paper called Newsprint. The City of New York [7] For many years, it had the widest circulation of any newspaper in the United States, although it is currently second to USA Today. A Newspaper 's circulation is the number of copies it distributes on an average day The United States of America —commonly referred to as the USA TODAY is a national American daily Newspaper published by the Gannett Company. [8] It is owned by Rupert Murdoch's News Corp.. News Corporation (often abbreviated to News Corp) (,,) is one of the world's largest media conglomerate companies by Market capitalisation

Decline and revitalization

The Manhattan Financial District is one of the largest business districts in the United States, and second in New York City only to Midtown. Manhattan Island, in New York Harbor, is much the largest part of the Borough of Manhattan, one of the Five Boroughs which form the City of New York The Financial District of New York City (sometimes called FiDi) is a neighborhood on the southernmost section of the borough of Manhattan which See also Manhattan Midtown Manhattan, or simply Midtown, is an area of Manhattan, New York City home to world-famous commercial In the late 19th and early 20th centuries, the corporate culture of New York was a primary center for the construction of skyscrapers (rivaled only by Chicago). Chicago (ʃɪˈkɑːgoʊ is the largest City by population in the state of Illinois and the American Midwest of the United States. The Financial District, even today, actually makes up a distinct skyline of its own, separate from but not soaring to quite the same heights as its midtown counterpart a few miles to the north. See also Manhattan Midtown Manhattan, or simply Midtown, is an area of Manhattan, New York City home to world-famous commercial

September 16, 1920: a bomb exploded in front of the headquarters of J.P. Morgan Inc. at 23 Wall Street, killing 38 and injuring 300 people.
September 16, 1920: a bomb exploded in front of the headquarters of J.P. Morgan Inc. at 23 Wall Street, killing 38 and injuring 300 people. The Wall Street bombing was a terrorist incident that occurred at 1201 p JPMorgan Chase & Co ( is the largest Banking institution in the United States by deposits and market capitalization and is one of the oldest operating 23 Wall Street or "The Corner" is an office building formerly owned by J

Built in 1914, 23 Wall Street was known as the "House of Morgan" and for decades the bank's headquarters was the most important address in American finance. 23 Wall Street or "The Corner" is an office building formerly owned by J JPMorgan Chase & Co ( is the largest Banking institution in the United States by deposits and market capitalization and is one of the oldest operating At noon, on September 16, 1920, a bomb exploded in front of the bank, killing 38 and injuring 300. Events 1400 - Owain Glyndŵr is declared Prince of Wales by his followers Year 1920 ( MCMXX) was a Leap year starting on Thursday (link will display 1920 of the Gregorian calendar Shortly before the bomb went off a warning note was placed in a mailbox at the corner of Cedar Street and Broadway. While theories abound about who was behind the Wall Street bombing and why they did it, after twenty years investigating the matter, the FBI rendered the file inactive in 1940 without ever finding the perpetrators. The Wall Street bombing was a terrorist incident that occurred at 1201 p

A solemn crowd gathers outside the NYSE after the crash.
A solemn crowd gathers outside the NYSE after the crash. The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City.

1929 brought the "Great Crash" of the stock market, ushering in the Great Depression. The Wall Street Crash of 1929, also known as the ’29 Crash, the Crash of 1929, the Great Crash of 1929, the Great Crash of October 1929 During this era, new development of the Financial District had stagnated. The construction of the World Trade Center was one of the few major projects undertaken during the last three quarters of the 20th century and, financially, it was not originally, as successful as planned. The World Trade Center in New York City, United States (sometimes informally the WTC or Twin Towers) was a complex of seven buildings in Lower Manhattan Some point to the fact that it was actually a government-funded project, constructed by the Port Authority of New York and New Jersey with the intention of spurring economic development in downtown. The Port Authority of New York and New Jersey ( PANYNJ) is a bi-state Port district, established in 1921 (as the Port of New York Authority) through New York ( is a state in the Mid-Atlantic and Northeastern regions of the United States and is the nation's third most populous New Jersey ( is a state in the Mid-Atlantic and Northeastern regions of the United States. All the tools necessary to international trade were to be housed in the complex. However, at the beginning much of the space remained vacant.

Nonetheless, some large and powerful firms did purchase space in the World Trade Center. Further, it attracted other powerful businesses to the immediate neighborhood. In some ways, it could be argued that the World Trade Center changed the nexus of the Financial District from Wall Street to the Trade Center complex. When the World Trade Center was destroyed in the September 11, 2001 attacks, it left somewhat of an architectural void as new developments since the 1970s had played off the complex aesthetically. The attacks, however, contributed to the loss of business on Wall Street, due to temporary-to-permanent relocation to New Jersey and further decentralization with establishments transferred to cities like Chicago and Boston.

Wall Street itself and the Financial District as a whole are crowded with highrises by any standard of measure. Further, the loss of the World Trade Center has actually spurred development in the Financial District on a scale that hasn't been seen in decades. This is in part due to tax incentives provided by the federal, state and local governments to encourage development. A new World Trade Center complex, centered on Daniel Liebeskind's Memory Foundations plan, is in the early stages of development and one building has already been replaced. Daniel Libeskind, (born May 12 1946 in Łódź, Poland) is an American Architect, Artist, and Set designer of Memory Foundations is the name given by Daniel Libeskind to his site plan for the World Trade Center which was selected by the Lower Manhattan Development Corporation The centerpiece to this plan is the 1,776-foot (541 m) tall Freedom Tower. 1 World Trade Center, or the Freedom Tower, is the main building of the new World Trade Center complex currently under construction in Lower Manhattan in New residential buildings are already sprouting up, and buildings that were previously office space are being converted to residential units, also benefiting from the tax incentives. Better access to the Financial District is planned in the form of a new commuter rail station and a new downtown transportation center centered on Fulton Street. Fulton Street is a busy street located in Lower Manhattan. It is in New York City 's Financial District, a few blocks north of Wall Street.

Wall Street today

View up Wall Street from Pearl Street
View up Wall Street from Pearl Street
Steam stack on Wall Street crossing William Street
Steam stack on Wall Street crossing William Street

To say that a corporation is a "Wall Street company" today does not necessarily mean that the company is physically located on Wall Street. A corporation is a separate legal entity usually used to conduct business It more likely means that the firm deals with financial services; such a firm could be headquartered in many places across the globe. Financial services refer to services provided by the finance industry. Today, much of Wall Street's workforce tends to be made up of professionals working in the fields of law or finance who work for medium- to large-sized corporations. Many of the nearby businesses are local companies and chain stores that cater to the tastes of professionals and to the needs of the workforce. Most people who work in the Financial District commute from suburbs in Long Island, Connecticut, Pennsylvania, New Jersey, and the lower Hudson Valley. Long Island is an island located in southeastern New York, USA, its western shores directly across from Manhattan, from which the island stretches Connecticut ( is a state located in the New England region of the northeastern United States of America. The Commonwealth of Pennsylvania ( often colloquially referred to as PA (its abbreviation by natives and Northeasterners is a state located in the Northeastern New Jersey ( is a state in the Mid-Atlantic and Northeastern regions of the United States. For the Magazine, see Hudson Valley (magazine

Wall Street's culture is often criticized as being rigid. This is a decades-old stereotype stemming from the Wall Street's establishment's protection of their interests, and the link to the WASP establishment. White Anglo-Saxon Protestant, commonly abbreviated to the Acronym WASP, is a sociological and cultural Ethnonym More recent criticism has centered on structural problems and lack of a desire to change well-established habits. Wall Street's establishment resists government oversight and regulation. At the same time, New York City has a reputation as a very bureaucratic city, which makes entry into the neighborhood difficult or even impossible for middle class entrepreneurs.

Since the founding of the Federal Reserve banking system, the Federal Reserve Bank of New York in the Financial District has been the point where monetary policy in the United States is implemented (although it is decided in Washington, D.C. by the Federal Reserve Bank's Board of Governors). A banker or bank is a Financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money The Federal Reserve Bank of New York is the most important of the twelve Federal Reserve Banks of the United States. Monetary policy is the process by which the Government, Central bank, or monetary authority of a country controls (i the Supply of Money, Washington DC ( formally the District of Columbia and commonly referred to as Washington, the District, or simply D As such, New York State is today unique in that it is the only state that constitutes its own district of the Federal Reserve Banking system. This is perhaps partly owed to population distribution in the United States of the time, however. Until the 1960s, New York was the most populated state in the U. S. ; it now ranks third, behind California and Texas. California ( is a US state on the West Coast of the United States, along the Pacific Ocean. Texas ( is a state geographically located in the South Central United States and is also known as the Lone Star State. The NY Federal Reserve's president is the only regional Bank president with a permanent vote and is traditionally selected as its vice chairman. The bank has a gold vault 80 feet (25 m) beneath the street. This depository is the largest in the world, larger even than Fort Knox. The United States Bullion Depository, commonly called Fort Knox is a fortified vault building located near Fort Knox Kentucky which is used to store a large

Buildings

For a more complete list of buildings, see List of buildings in Lower Manhattan.
Federal Hall, Wall Street.
Federal Hall, Wall Street.

Wall Street's architecture is generally rooted in the Gilded Age, though there are also some art deco influences in the neighborhood. In American history, the Gilded Age refers to major growth in population in the United States and extravagant displays of wealth and excess of America's upper-class during Art Deco was a popular international design movement from 1925 until 1939 affecting the decorative arts such as Architecture, Interior design, and Industrial Landmark buildings on Wall Street include Federal Hall, 14 Wall Street (Bankers Trust Company Building), 40 Wall Street (The Trump Building), and the New York Stock Exchange at the corner of Broad Street. Federal Hall, located at 26 Wall Street in New York City, was the first capitol of the United States of America and the site of George Washington 40 Wall Street is a 70-story Skyscraper originally known as the Bank of Manhattan Trust building, but then became known by the numerical address when its founding The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. Broad Street is located in the Financial District in the New York City borough of Manhattan, stretching from South Street to

Personalities

Over the years, certain elite persons associated with Wall Street have become famous, even legendary, thereby joining the ranks of the investirati. Although their reputations are usually limited to members of the stock brokerage and banking communities, several have gained national and international fame. A stock broker or stockbroker is a qualified and regulated professional who buys and sells shares and other securities through Market makers or A banker or bank is a Financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money Some earned their fame for their investment strategies, financing, reporting, legal or regulatory skills, while others are remembered for their greed. One of the most iconic representations of the market prosperity is the Charging Bull sculpture, by Arturo Di Modica. Charging Bull (sometimes called the Wall Street Bull or the Bowling Green Bull) is a 3200&thinsp kg (7000  pound Arturo Di Modica (born 1960 is an Italian-American artist born in Vittoria, Sicily, best known for his sculpture Charging Bull (also Representing the bull market economy, the sculpture was originally placed in front of the New York Stock Exchange, and subsequently moved to its current location in Bowling Green. In Investing, Financial markets are commonly believed to have market trends that can be classified as primary trends secondary trends (short-term and secular trends The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. Bowling Green is a small public park in Lower Manhattan at the foot of Broadway next to the site of the original Dutch fort of New Amsterdam.

Cultural influence

Wall Street vs. Main Street

As a figure of speech contrasted to "Main Street," the term "Wall Street" can refer to big business interests against those of small business and the working or middle class. Main Street is the generic Street name (and often the official name of the primary retail street of a Village, Town, or small City It is sometimes used more specifically to refer to research analysts, shareholders, and financial institutions such as investment banks. The idea of "Main Street" conjures up images of locally owned businesses and banks. While the phrase "Wall Street" is commonly used interchangeably with the phrase "Corporate America", it is also sometimes used in contrast to distinguish between the interests, culture, and lifestyles of investment banks and those of Fortune 500 industrial or service corporations. Corporate America is an informal phrase describing the world of Corporations within the United States not under government ownership Please do not add the complete list of fortune 500 companies The list is copyrighted by Fortune which makes money by selling the content

Perceptions

Trinity church from Wall Street.
Trinity church from Wall Street.

The older skyscrapers often were built with elaborate facades; such elaborate aesthetics haven't been common in corporate architecture for decades. The World Trade Center, built in the 1970s, was very plain and utilitarian in comparison (the Twin Towers were often criticized as looking like two big boxes, despite their impressive height). The World Trade Center in New York City, United States (sometimes informally the WTC or Twin Towers) was a complex of seven buildings in Lower Manhattan The World Trade Center in New York City, United States (sometimes informally the WTC or Twin Towers) was a complex of seven buildings in Lower Manhattan

Wall Street, more than anything, represents financial and economic power. To Americans, Wall Street can sometimes represent elitism and power politics and cut-throat capitalism, but it also stirs feelings of pride about the market economy. Wall Street became the symbol of a country and economic system that many Americans see as having developed not through colonialism and plunder, but through trade, capitalism, and innovation. (Fraser 2005)

In literature and popular culture

Herman Melville's classic short story Bartleby the Scrivener is subtitled A Story of Wall Street and provides an excellent portrayal of a kind and wealthy lawyer's struggle to reason with that which is unreasonable as he is pushed beyond his comfort zone to "feel" something real for humanity. Herman Melville (August 1 1819 &ndash September 28 1891 was an American novelist Short story writer Essayist and poet "Bartleby the Scrivener: A Story of Wall Street " is a Novella by American author Herman Melville (1819-1891

In William Faulkner's novel The Sound and the Fury, Jason Compson hits on other perceptions of Wall Street: after finding some of his stocks are doing poorly, he blames the Jews. William Faulkner (born William Cuthbert Falkner) ( September 25, 1897 – July 6, 1962) was an American Author A novel (from Italian novella, Spanish novela, French nouvelle for "new" "news" or "short story The Sound and the Fury is one of the most celebrated novels of the Twentieth century, written by American author William Faulkner, which makes use PLEASE TAKE NOTE************

The film Wall Street exemplifies many popular conceptions of Wall Street, being a tale of shady corporate dealings and insider trading. Wall Street is a 1987 American film directed by Oliver Stone and features Charlie Sheen as a young stockbroker desperate Insider trading is the trading of a Corporation 's Stock or other securities (e [9]

In the film National Treasure a clue to finding the Templar Treasure leads Benjamin Franklin Gates (Nicolas Cage), Dr. National Treasure is the first movie in the National Treasure franchise and is a 2004 Adventure film from Walt Disney Pictures written National Treasure is the first movie in the National Treasure franchise and is a 2004 Adventure film from Walt Disney Pictures written Nicolas Cage (born Nicholas Kim Coppola; January 7, 1964) is an Academy Award -winning American actor Abigail Chase (Diane Kruger), Riley Poole (Justin Bartha) and Patrick Henry Gates (Jon Voight) to Wall Street, and more spefically, to the Trinity Church. Diane Kruger (born July 15, 1976 in Algermissen near Hildesheim, Germany) is a German actress and former Riley Poole is a fictional character from the American film series National Treasure. Justin Lee Bartha (born July 21, 1978) is an American Actor, known for his co-starring role as Riley Poole in the Jonathan Vincent Voight (born December 29 1938 is an Academy Award -winning American film Actor. Trinity Church, at 79 Broadway in New York City, is a historic full service Parish church in the Episcopal Diocese of New York.

TNA Wrestler Robert Roode is billed from "Wall Street in Manhattan, New York"

Transportation

Because Wall Street was historically a commuter destination, it has seen much transportation infrastructure developed with it in mind. Robert "Bobby" Roode (January 1 1977 is a Canadian professional wrestler, currently wrestling for Total Nonstop Action Wrestling Today, Pier 11 at the foot of the street is a busy ferry terminal, and the New York City subway has three stations under Wall Street itself:

Similar institutions

Wall Street Sign
Wall Street Sign

The financial clout of Wall Street is most rivaled only by:

In North America, the nearest rivals are:

See also

References

Cited references

  1. ^ Profile of Manhattan Community Board 1, retrieved July 17, 2007.
  2. ^ Merriam-Webster Online, retrieved July 17, 2007.
  3. ^ a b [The History of New York State, Book II, Chapter II, Part IV. ] Editor, Dr. James Sullivan, Online Edition by Holice, Deb & Pam. Retrieved 20 August 2006.
  4. ^ White New Yorkers in Slave Times New York Historical Society. Retrieved 20 August 2006. (PDF)
  5. ^ a b c Timeline: A selected Wall Street chronology PBS Online, 21 October 2004. Retrieved 20 August 2006
  6. ^ Today in History: January 4 - The New York Stock Exchange The Library of Congress. Retrieved 19 August 2006.
  7. ^ DOW JONES HISTORY - THE LATE 1800s 2006 Dow Jones & Company, Inc. Retrieved 19 August 2006.
  8. ^ The Wall Street Journal redesigns itself Robert Fulford. 20 April 2002. Retrieved 19 August 2006.
  9. ^ IMDb entry for Wall Street Retrieved 19 August 2006.

Bibliography

External links

Dictionary

Wall Street

-proper noun

  1. The physical street in lower Manhattan and the financial institutions located (or formerly located) there.
  2. (idiomatic): American financial markets, financial institutions as a whole, or by extension, big-business interests.
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