Wall Street: In the kingdom of big money
There is no other place in the USA that brings to mind more associations with big money and power than Wall Street.
Everyone knows that money makes this world go round. This is why during my stay in New York City I went for a stroll around Wall Street to take a few photographs and whip up a post about this place. After all, luxury and money are a close-knit duo. Get ready for some history and a few fun facts that any future wolf of Wall Street should know.
Buttonwood Agreement
Officially, the stock exchange was founded in 1817, but stock had been traded in the vicinities of Wall Street much earlier. Merchants and agents would meet under the buttonwood growing in the area in the olden days. After the spectacular crash of the business of NYC merchant William Duer, they made the Buttonwood Agreement in 1792. The document was aimed at protecting the burgeoning system of securities trading against speculations and controlling it more. The agreement paved the way for the establishment of the stock exchange.
Wall Street
The origins of the name of the street where the stock exchange is located are very interesting. In the 17th century Wall Street delineated the northern border of the then New Amsterdam (later renamed to New York City). At first, the street was lined with a wooden fence, later, nearly a 4-metre tall wall that was supposed to protect the city against attacks of Native Americans, the inhabitants of New England and the British. As such, the existing street name originates from the wall that had been standing there. According to another theory, the origins of the name are different – allegedly it was an association with Walloons or French-speaking Belgians living in New Amsterdam.
The largest stock exchange in the world
The daily turnover of the New York Stock Exchange isover USD 46.1 billion, and 8,000 deals for buying and selling stocks are made every second. In 2015, 1,867 companies were listed on the NYSE including giants such as General Electrics, General Motors or Hewlett-Packard, and the stock exchange capitalization was at USD 16.61 billion. The NYSE is in business Monday to Friday from 15:30 to 22:00 CET. Someone else – a politician, celebrity or show business star opens the NYSE every day.
Charging Bull
In December 1987, the Charging Bull appeared in the NYSE vicinities. The statue was to symbolise the power of the American nation which would help the USA recover from the financial crisis. The author of the sculpture Arturo Di Modica did not obtain a permit for his artwork and installed the monument under a huge Christmas tree at night. This was a gift from him for all New Yorkers.
The statue soon became very popular so the authorities which removed the monument because of its illegal installation, after a while offered the bull a home in the nearby Bowling Green Park. The bull became a mascot of stock brokers and those who dear to touch its testicles will get rich.
