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Wall Street (view source)

Revision as of 02:02, July 13, 2007

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New page: right|thumb|Wall Street during the stock market crash of 1929 Wall Street is a famous road across southern Manhattan where the New York Stock Exchange is loca...
[[Image:panic29.gif|right|thumb|Wall Street during the stock market crash of 1929]]
Wall Street is a famous road across southern [[Manhattan]] where the [[New York Stock Exchange]] is located. The term "Wall Street" figuratively refers to banks and investment companies, even though they are not located on that particular street.

In the 1600s Dutch settlers built a wall in [[Manhattan]] to guard against Indians and pirates. A nearby path became a commercial center because the path joined the East River on one side with the Hudson River on the other. Soon merchants built shops and warehouses along the path, and then a city hall and church were constructed. New York City became national capitol from 1785 until 1790. Federal Hall, where [[George Washington]] was inaugurated, was located on Wall Street.

In March, 1792, 24 leading merchants met at Corre's Hotel to launch a securities (stock) business in order to win business back from auctioneers, and on May 17, 1792, they signed the Buttonwood Agreement requiring them to trade securities only among themselves and avoid the auctioneers. This became the New York Stock Exchange, later built at 11 Wall Street.
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