Why is it called Wall Street?

‘Wall Street’ is a street in New York City, near the southern end of Manhattan Island. It is the home of the New York Stock Exchange and the largest center of stock trading and finance in the world.

History

Before New York was New York, it was a Dutch colony called New Amsterdam, which only took up a small area of southern Manhattan Island. As part of the city’s defenses, a wall was built near the center in the 17th century. The street along the wall was called Wall Street and remained so long after the walls were torn down and the city continued to grow. Over time, businessmen began to meet near the old wall, at a buttonwood tree near the intersection of Wall Street and Broad Street. By 1792, most of the young city’s investors would meet here to trade Revolutionary War bonds, bonds issued by various state and local governments, and a small amount of stock from the growing businesses in the area.

Wall Street and the US

Wall Street also had an important governmental function: in 1700, a new city hall for New York City was built on Wall Street. As the American Revolution approached, this building was also where freedom of the press was established (with a lawsuit by the British government against a newspaper printer for libel, he was found not guilty because what he published was true), and where delegates from 9 of the colonies met to draft a letter to King George and the British Parliament in response to the Stamp Act, with the famous claim “No taxation without representation”. After the Revolutionary War, City Hall became Federal Hall, and served as the capital of the United States from 1785 to 1789 (where, among other things, the Bill Of Rights was signed). After this, it became a customs house, and later part of the Treasury. It is now a national monument.

Growing businesses

In 1817, businessmen who had continued to meet near the tree to trade Revolutionary and U.S. bonds (along with small amounts of stocks) pooled their resources to rent an empty building across the street from their old meeting place so they could continue to meet even when it was cold and raining. This building became the first home of the New York Stock Exchange.

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