History of Wall Street
December 24, 2007When I am strolling through the internet I found the interesting history of the Wall Street. Despite widely held beliefs that Wall Street is based on the existence of a wall, maps of New Amsterdam show two different names for this street, and with one name ‘cingel,’ an earthen wall is indeed indicated. However, the name ‘De Waal Straat’ (see map) refers not to a wall, but to an important group of people that helped establish New Amsterdam: the Walloons.
By 1630 the total population of New Netherland was about 300, many being French speaking Walloons. It is estimated about 270 lived in the area surrounding Fort Amsterdam, primarily working as farmers. The Dutch word for Walloon is Waal.
During the 17th century, Wall Street formed the northern boundary of the New Amsterdam settlement. In the 1640s basic picket and plank fences denoted plots and residences in the colony. Later, on behalf of the West India Company, Peter Stuyvesant, in part using African slaves, led the Dutch in the construction of a stronger stockade. By the time war had developed with the English, a strengthened 12-foot wall of timber and earth was created by 1653 fortified by palisades. The wall was created, and strengthened over time, as a defense against attack from various Indian tribes, New England colonists, and the British. In 1685 surveyors laid out Wall Street along the lines of the original stockade. The wall was dismantled by the British in 1699. And while the original name referred to the Walloons, the French speaking Belgians that helped populate these settlements in the beginning, the name was now easily taken to refer to the wall that once was here.
As late as the 1840s, thousands of pigs roamed Wall Street consuming garbage. It was an early sanitation system. In the late 18th century, there was a buttonwood tree at the foot of Wall Street under which traders and speculators would gather to trade informally. In 1792, the traders formalized their association with the Buttonwood Agreement. This was the origin of the New York Stock Exchange.
In 1889, the original stock report, Customers’ Afternoon Letter, became the The Wall Street Journal, named in reference to the actual street, it is now an influential international daily business newspaper published in New York City. For many years, it had the widest circulation of any newspaper in the United States, although it is currently second to USA Today. It is owned by Dow Jones & Company.