Wall Street is a famous street running from Broadway to South Street through lower Manhattan and also the financial district of New York City. It is the historic site of many financial institutions which became a symbol of commerce and the American economy. The President Calvin Coolidge once remarked “The business of America is business” .
New York Stock Exchange
Wall Street is the first permanent home of the New York Stock Exchange, the world’s largest stock exchange by market capitalization of its listed companies and one of the principal financial centers of the world. Some people believe that Wall Street businesses are an exclusive circle made up of the powerful, greedy and corrupt and that the interests of these big companies contrast those of smaller businesses.
Wall Street is the historic headquarters of the largest U.S. brokerages and investment banks. Many have since relocated to other areas of Manhattan and the United States. Several major U.S. stock and other exchanges still have headquarters on in the Financial District including the NYSE, NASDAQ, AMEX, NYMEX, and NYBOT.
In March, 1792, twenty-four of New York City’s leading merchants met secretly at Corre’s Hotel and signed a document named the Buttonwood Agreement which called for the signers to trade securities only among themselves, to set trading fees, and not to participate in other auctions of securities. These twenty-four men had founded what was to become the New York Stock Exchange. The Exchange would later be located at 11 Wall Street. Wall Street name comes from the wooden wall Dutch colonists built in this area in 1653 to defend themselves from the British and Native Americans.
The first stock exchange in America was actually founded in Philadelphia in 1790. New York Stock and Exchange Board was formally organized on March 8, 1817. At that time a seat on the exchange cost $25, in 1827 it increased to $100, and in 1848 the price was $400. Members wore top hats and swallowtail coats.
The early 1900s saw the rise of huge fortunes made on Wall Street. In 1901 J.P. Morgan astounded Wall Street by creating a billion dollar merger resulting in the U.S. Steel Corporation. In 1907 a wave of panic hit Wall Street. Eight hundred million dollars in securities were unloaded within a few months. Stock prices plummeted and runs on banks became a daily occurence.
In 1929 stock prices were pushed up beyond the actual worth of the companies , 400% higher than they had been in 1924. The Insiders had made their fortunes and could no longer sustain the con, so the entire market fell apart. Some brokers and investors jumped out of their office windows. The 1929 crash hit the U.S. even harder than the one that was to come in 1987. The fallout from the ’29 crash devastated the country, leading to a long-time economic collapse and depression that was to continue until the start of the Second World War in 1941.
The Wall Street crash from 1987 also called the Black Monday occurred when Dow Jones fell an astounding 508 points . The crash was created by the same Insider specialist group who control every facet of the stock market for their own profit.The stock market is an essential, positive ingredient in its essence, and has become malicious only because some people have taken control of it to make fortunes .