Name Of The Street In The 17th Century

Even motion pictures have paid respect to the place deemed the monetary capitol of the world. There was a movie entitled ‘Wall Street’, another about the ‘Wolf of’ and multiple screen adaptations of this globally famous financial district. One character phrased it rather emphatically: “Well . . . It’s Wall Street sir, lots of money here, lots of opinion makers. For centuries, the words Wall Street equate with money, power and prestige. Here’s the story behind how one street in New York grew to become the financial capital of the world.

The Wall

The actual name of the street, where more financial transactions transpire than any other single location on earth, comes from a protective wall built by the Dutch in the 17th century. Wall Street

During the late 17th century, the road became one of the busiest trading areas in the city, since it ran between the East River and the Hudson River. Even after the British government tore the wall down in 1699, the name remained Wall Street.

Unsavory Early History

In 1711, the first official trading took place on Wall Street, but it wasn’t the kind of trading that happens today. On December 13, 1711 the New York City Common Council turned Wall Street into the first official spot for the sale and renting of slaves. An old wooden structure at the corner of Wall Street and Pearl Street housed transactions that filled the city’s financial couffers for the next 52 years. A rather unsavory start to trading on Wall Street, but it was the first transactions conducted on the legendary street.

Under the Buttonwood Tree

Over the last half of the 18th century, the area around Wall Street became a magnet for people trying to prognosticate the financial future of the New World. At the foot of the street was a huge buttonwood tree. Under this tree, traders and speculators would congregate to discuss business ideas and trade early forms of

The traders thrived off being altogether in one location. It wasn’t quite what we now know as being in 'the pit', but it was the crude beginnings of what is now commonly known as the biggest financial frenzy in the world. There wasn’t the sounding of the bell under the buttonwood tree, but it was the first stages of actual securities transactions on Wall Street.

The First Official New York Stock Exchange

Wall Street was such a noteworthy place as a new nation began its journey, it was chosen as the spot for the first presidential inauguration on April 30, 1787. Five short years later, the traders aspired to formalize their business dealings and signed the Buttonwood Agreement, which was prelude to the New York Stock Exchange.

The agreement provided structure to the transactions and included the first idea of a standard commission on exchanges. Since those who were part of the agreement received a lower rate, the idea of the first Wall Street insider was born. On May 17, 1792 the origin of the world’s most important financial center was born.

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