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166-696: Wall Street is a street which runs through the Financial District of New York City, which due to many financial centers being located on the street is further a metonym for the Economy of the United States . Wall Street may also refer to: Wall Street Wall Street is a street in the Financial District of Lower Manhattan in New York City . It runs eight city blocks between Broadway in

332-524: A "cornerstone" of the NYSE, with a benefit of having all of a deal's players close at hand, including investment bankers , lawyers , and accountants . After Wall Street firms started to expand westward in the 1980s into New Jersey , the direct economic impacts of Wall Street activities have gone beyond New York City. The employment in the financial services industry, mostly in the "back office" roles, has become an important part of New Jersey's economy. In 2009,

498-490: A "phoenix-like resurrection" of the area, with residential, commercial, retail and hotels booming in the "third largest business district in the country". At the same time, the investment community was worried about proposed legal reforms, including the Wall Street Reform and Consumer Protection Act which dealt with matters such as credit card rates and lending requirements. The NYSE closed two of its trading floors in

664-453: A "tug-of-war" between business interests on Wall Street and authorities in Washington, D.C. , the capital of the United States by then. Generally during the 19th century Wall Street developed its own "unique personality and institutions" with little outside interference. In the 1840s and 1850s, most residents moved further uptown to Midtown Manhattan because of the increased business use at

830-517: A $ 4 stock transfer tax , stock clerks protested. At other times, city and state officials have taken steps through tax incentives to encourage financial firms to continue to do business in the city. A post office was built at 60 Wall Street in 1905. During the World War I years, occasionally there were fund-raising efforts for projects such as the National Guard . On September 16, 1920, close to

996-646: A Dutch convoy returning from Portugal, capturing seven merchantmen and destroying three. Tromp gathered a fleet of 96 ships to attack Ayscue, but southerly winds kept him in the North Sea. Turning north to pursue Blake, Tromp caught up with the English fleet off the Shetland Islands , but a storm scattered his ships and there was no battle. On 26 August 1652, an outward-bound Dutch convoy with an escort of director's ships from Zeeland commanded by Michiel de Ruyter , who held

1162-544: A backwater in American life". During the New Deal years, as well as the 1940s, there was much less focus on Wall Street and finance. The government clamped down on the practice of buying equities based only on credit, but these policies began to ease. From 1946 to 1947, stocks could not be purchased " on margin ", meaning that an investor had to pay 100% of a stock's cost without taking on any loans. However, this margin requirement

1328-584: A change in that the then-four-year-old Prince of Orange should be excluded from future government appointments, like the stadtholderate, or the captaincy-general of the States Army . This was at first rejected, but the Dutch eventually accepted, and Peace was declared on 15 April 1654 with the signing of the Treaty of Westminster and ratified by all parties by 22 April. The Dutch were saved from harsh peace. In part to

1494-476: A crash. They made a fortune but turned into the crisis's pantomime villains. Most, though, got burned – the banks are still gradually running down portfolios of non-core loans worth $ 800bn. The first months of 2008 was a particularly troublesome period which caused Federal Reserve chairman Ben Bernanke to "work holidays and weekends" and which did an "extraordinary series of moves". It bolstered U.S. banks and allowed Wall Street firms to borrow "directly from

1660-513: A day which caused a "traffic jam" of paper with "batteries of clerks" working overtime to "clear transactions and update customer accounts". In 1973, the financial community posted a collective loss of $ 245 million, which spurred temporary help from the government. Reforms were instituted; the Securities & Exchange Commission eliminated fixed commissions, which forced "brokers to compete freely with one another for investors' business". In 1975,

1826-488: A downturn with a sizable drop in year-end bonuses of $ 6.5 billion, according to one estimate from a state comptroller's office. To guard against a vehicular bombing in the area, authorities built concrete barriers, and found ways over time to make them more aesthetically appealing by spending $ 5000 to $ 8000 apiece on bollards . Parts of Wall Street, as well as several other streets in the neighborhood, were blocked off by specially designed bollards: ... Rogers Marvel designed

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1992-431: A financial wall in the crisis. Foolishly and recklessly, the banks didn't look at these loans adequately, relying on flawed credit-rating agencies such as Standard & Poor's and Moody's, which blithely certified toxic mortgage-backed securities as solid ... A few of those on Wall Street, including maverick hedge fund manager John Paulson and the top brass at Goldman Sachs, spotted what was going on and ruthlessly gambled on

2158-529: A key magnet for the Wall Street remains the New York Stock Exchange Building . Some "old guard" firms such as Goldman Sachs and Merrill Lynch (bought by Bank of America in 2009), have remained "fiercely loyal to the Financial District" location, and new ones such as Deutsche Bank have chosen office space in the district. So-called "face-to-face" trading between buyers and sellers remains

2324-542: A letter from the States of Holland indicating their sincere desire to reach a peace agreement. However, these discussions, which were only supported by a bare majority of members of the Rump parliament, dragged on without much progress for almost a year. Though the politicians were close to ending the conflict, the naval war continued and, over the winter of 1652–53, the English fleet repaired its ships and considered its tactics. All of

2490-507: A mountain of iron." The Dutch Orangists were jubilant however; they expected that either victory or defeat would bring them to power. The first months of the war saw English attacks against the Dutch convoys. Blake was sent with 60 ships to disrupt Dutch fishing in the North Sea and Dutch trade with the Baltic, leaving Ayscue with a small force to guard the Channel. On 12 July 1652, Ayscue intercepted

2656-474: A move towards transforming itself into an electronic exchange. Beginning in September 2011, demonstrators disenchanted with the financial system protested in parks and plazas around Wall Street. On October 29, 2012, Wall Street was disrupted when New York and New Jersey were inundated by Hurricane Sandy . Its 14-foot-high (4.3 m) storm surge, a local record, caused massive street flooding nearby. The NYSE

2822-562: A new kind of bollard, a faceted piece of sculpture whose broad, slanting surfaces offer people a place to sit in contrast to the typical bollard, which is supremely unsittable. The bollard, which is called the Nogo, looks a bit like one of Frank Gehry's unorthodox culture palaces, but it is hardly insensitive to its surroundings. Its bronze surfaces actually echo the grand doorways of Wall Street's temples of commerce. Pedestrians easily slip through groups of them as they make their way onto Wall Street from

2988-477: A renewed push for capitalism and business , with national efforts to de-regulate industries such as telecommunications and aviation . The economy resumed upward growth after a period in the early 1980s of languishing. A report in The New York Times described that the flushness of money and growth during these years had spawned a drug culture of sorts, with a rampant acceptance of cocaine use although

3154-746: A state of war. In response to the Portuguese failure to expel Rupert, Blake continued to seize merchant ships entering the River Tagus from Brazil. On 24 September 1650 Blake attacked a fleet of 23 merchant vessels from Brazil and their naval escort, sinking the Portuguese Admiral and capturing the Vice-Admiral and ten of the larger merchant ships. The Portuguese court were compelled to insist that Rupert leave Lisbon harbour in September 1650, but after finding Blake waiting for him, Rupert placed his ships under

3320-523: A vast, neural spaghetti of wires, Web sites and trading platforms — the N.Y.S.E. is clearly no longer the epicenter. Nor is New York. The largest mutual-fund complexes are in Valley Forge, Pa. , Los Angeles and Boston , while trading and money management are spreading globally. Since the end of the cold war, vast pools of capital have been forming overseas, in the Swiss bank accounts of Russian oligarchs, in

3486-440: Is estimated that the Dutch lost between 1,000 and 1,700 vessels (the most reliable estimate is from Amsterdam Burgomasters who claimed the Dutch lost 1,200 ) of all sizes to privateers in this war. This accounted for 8% of the total Dutch mercantile fleet, amounted to double the value of England's entire ocean-going merchant fleet. These losses were three to four times as many as the English lost (440 ships in total ), and more than

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3652-520: The Aemilia , of 600 tons and fitted with 57 guns. Admiral Tromp was forced to shift his flag to the 600-ton Brederode , of 54 guns. By 1652, the Dutch Admiralties had only 79 ships at their disposal. Many of these ships were in bad repair, with fewer than 50 being seaworthy . All these ships were inferior in firepower to the largest English first and second rate ships. The numerical deficiency in

3818-598: The Sovereign and others from Charles I's navy. However, the Naseby , Richard , Dunbar , and several others were built during the Commonwealth. These were part of a naval expansion financed by an Act of Parliament on 10 November 1650 which imposed a 15% tax on merchant shipping. Between 1649 and 1651 the English fleet included 18 ships that were each superior in firepower to Dutch Admiral Tromp's new flagship Brederode ,

3984-704: The Battle of Dungeness in December, while it failed to save the English Mediterranean fleet, largely destroyed at the Battle of Leghorn in March 1653. The Dutch had effective control of the Channel, the North Sea, and the Mediterranean, with English ships blockaded in port. As a result, Cromwell convinced Parliament to begin secret peace negotiations with the Dutch. In February 1653, Adriaan Pauw responded favourably, sending

4150-493: The Battle of Lowestoft in 1665, and they also retained numbers of slow and badly armed hired merchant ships in their fleet as late as that battle, when the English fleet was already questioning their use. In mid-March 1653, the States of Holland sent a detailed peace proposal to the English Rump Parliament , where it generated a fierce debate and a slim majority for a response to be made. The response made first to

4316-695: The Boston Consulting Group suggesting that 65,000 jobs had been permanently lost because of the downturn. But there were signs that Manhattan property prices were rebounding with price rises of 9% annually in 2010, and bonuses were being paid once more, with average bonuses over $ 124,000 in 2010. A requirement of the New York Stock Exchange was that brokerage firms had to have offices "clustered around Wall Street" so clerks could deliver physical paper copies of stock certificates each week. There were some indications that midtown had been becoming

4482-688: The Dutch East India Company , which could act as warships or cargo carriers and the last were hired merchant vessels, whose owners had little interest in risking their property. Although captains of the East India Company were generally competent, they were unused to naval discipline, as were the more variable in quality commanders of director's ships and hired merchant ships. After 1648 the Admiralties sold off many of their larger ships, including Dutch Admiral Maarten Tromp 's own flagship,

4648-890: The East Indies and Brazil , giving them control over the enormously profitable trade in spices . They were even gaining significant influence over England's trade with her as yet small North American colonies . The economic disparity between England and the United Provinces increased in part because unlike the English, the Dutch system was based on free trade , making their products more competitive. For example, an English wool trader, who dealt largely with ports in English-speaking America, complained in 1651 that although his English ships would take wool cloth to America to be sold, they could expect to leave American ports with 4,000 to 5,000 bags of wool cloth unsold. Dutch ships, on

4814-716: The Federal Reserve Bank of New York , and commercial banks and insurance companies. Several other stock and commodity exchanges have also been located in Lower Manhattan near Wall Street, including the New York Mercantile Exchange and other commodity futures exchanges, along with the NYSE American . Many brokerage firms owned offices nearby to support the business they did on the exchanges. The economic impacts of Wall Street activities extend worldwide. In

4980-545: The Grand Pensionary Adriaan Pauw , to London in a last desperate attempt to prevent war, but in vain: English demands had become so extreme that no self-respecting state could meet them. War was declared by the English Parliament on 10 July 1652. The Dutch diplomats realised what was at stake: one of the departing ambassadors said, "The English are about to attack a mountain of gold; we are about to attack

5146-651: The Manhattan Institute was that the securities industry accounts for 4.7 percent of the jobs in New York City but 20.7 percent of its wages, and he estimated there were 175,000 securities-industries jobs in New York (both Wall Street area and midtown) paying an average of $ 350,000 annually. Between 1995 and 2005, the sector grew at an annual rate of about 6.6% annually, a respectable rate, but that other financial centers were growing faster. Another estimate, made in 2008,

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5312-745: The Mediterranean , the East Indies and later to the Caribbean. The financially exhausted Dutch Admiralties allowed their squadrons, and particularly their major warships, to deteriorate. In the period up to the First Anglo-Dutch War, the Dutch Republic had four sources of warships. The first was the ships of five autonomous Admiralties ("colleges"), three in the province of Holland, which were supported by local taxes on commerce and contributions from

5478-529: The Persian Gulf to the South China Sea . The English agent at Livorno, Charles Longland , reported to London, that the Dutch had been heavily defeated in home waters but added yet our losses here have been so visible to all Europe, Asia and Africa that they wil not believe but that our condition is as bad at home. After Scheveningen, the Dutch also turned to using smaller warships and commerce raiding with

5644-718: The Sailing and Fighting Instructions , a major overhaul of English naval tactics , containing the first formal description of the line of battle . The success of this new formation was evident in the Battle of the Gabbard in June 1653, when the English fleet not only defeated the Dutch in a long-range artillery duel but suffered so little damage that it could maintain a blockade rather than sending many ships to port for repairs. The Dutch, in contrast, relied less on linear tactics, preferring to close with English ships to board and capture then as late as

5810-581: The Solemn League and Covenant that the Scots had already signed, but had been rebuffed. After the execution of Charles I in 1649, parliament sent an envoy to the Hague to discuss an alliance with the United Provinces, but he was murdered shortly after his arrival in reprisal for the king's death, after which the proposal was left in abeyance until more favourable times. The sudden death on 6 November 1650 of William II ,

5976-647: The Spanish Netherlands and previously the most important port in Northern Europe , would not recover until the late 19th century. This translated into cheaper prices for Dutch products due to a steep and sustained drop in freight charges and insurance rates. Following the outbreak of the First English Civil War in August 1642, Parliamentarians and Royalists placed an embargo on Dutch ships trading with

6142-559: The Spanish Netherlands . They sometimes brought ships into Dutch ports for more thorough examination and, very rarely, confiscated ships and cargoes as contraband . The Execution of Charles I in January 1649 resulted in the formation of the Commonwealth of England , which continued to fight Royalists at home and in some of their colonies , leading to an expansion in the English Navy. At

6308-613: The Texel , and the English had to abandon their blockade, so the Dutch achieved their aim. The death of Tromp was a blow to Dutch morale, which increased the Dutch desire to end the war: similar feelings arose in England. Although many had been enriched by the war trade as a whole had suffered. However, in September, the Dutch fleet, under Witte de With , was able to resume its operations. It successfully disembarked 400 merchant ships and returned with an equivalent number, all carrying valuable goods from

6474-577: The Treaty of Westminster in 1654 where the Dutch were forced to make minor concessions to the Commonwealth. Both sides agreed to the exclusion of the House of Orange from the office of Stadtholder , but failed to resolve underlying commercial issues. In 1665, Dutch objections to the Navigation Acts and English concerns over their rival's trading practices led to the Second Anglo-Dutch War . In

6640-515: The U.S. state of New Jersey , and only two salespeople in New York City; the remaining 33 employees work in a center in Kansas. Wall Street in a conceptual sense represents financial and economic power. To Americans, it can sometimes represent elitism and power politics, and its role has been a source of controversy throughout the nation's history, particularly beginning around the Gilded Age period in

6806-481: The subprime mortgage crisis from 2007 to 2010, Wall Street financing was blamed as one of the causes, although most commentators blame an interplay of factors. The U.S. government with the Troubled Asset Relief Program bailed out the banks and financial backers with billions of taxpayer dollars, but the bailout was often criticized as politically motivated, and was criticized by journalists as well as

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6972-887: The $ 50 billion fraud perpetrated by Bernie Madoff . When large firms such as Enron , WorldCom , and Global Crossing were found guilty of fraud, Wall Street was often blamed, even though these firms had headquarters around the nation and not in Wall Street. Many complained that the resulting Sarbanes-Oxley legislation dampened the business climate with regulations that were "overly burdensome". Interest groups seeking favor with Washington lawmakers , such as car dealers, have often sought to portray their interests as allied with Main Street rather than Wall Street , although analyst Peter Overby on National Public Radio suggested that car dealers have written over $ 250 billion in consumer loans and have real ties with Wall Street . First Anglo-Dutch War The economic damage eventually led to

7138-643: The 1648 Peace of Münster which confirmed their independence from Spain and ended the Eighty Years' War , although the Imperial Diet did not formally accept that the Dutch Republic was no longer part of the Holy Roman Empire until 1728. The peace agreement's provisions included a monopoly over trade conducted through the Scheldt estuary, confirming the commercial ascendancy of Amsterdam ; Antwerp , capital of

7304-497: The 16th century, England had supported the Dutch Republic in the Eighty Years' War against Spain . The separate peace in 1604 between England and Spain strained this relationship, although an Anglo-Dutch treaty of 1625, due to remain in force until 1640 was the basis of officially cordial relations between the two countries, and also formed the basis of Charles I of England 's Dutch policy. The weakening of Spanish power at

7470-556: The Battle Force, although these smaller ships could also be used in mêlée battles, where boarding rather than gunfire might decide the result. Following their victory over the Spanish fleet at the Battle of the Downs on October 21, 1639, and after peace was made with Spain in 1648, the need for major warships lessened, although smaller ones were still required for convoy service, particularly to

7636-457: The Channel to dip their flag in salute, reviving an ancient right the English had long insisted on. Tromp himself was fully aware of the need to give this mark of courtesy, but partly through a misunderstanding and partly out of resentment among the seamen, it was not given promptly, and Blake opened fire, starting the brief Battle of Dover . Tromp lost two ships but escorted his convoy to safety. The States of Holland sent their highest official,

7802-534: The City Wall"). This use of both names for the street also appears as late as 1691 on the Miller Plan of New York. New York Governor Thomas Dongan may have issued the first official designation of Wall Street in 1686, the same year he issued a new charter for New York. Confusion over the origins of the name Wall Street appeared in modern times because in the 19th and early 20th century some historians mistakenly thought

7968-460: The Commonwealth period was in better condition and was still improving. The Commonwealth had won the English Civil War in 1652 with a strong and effective navy that had supported and supplied Cromwell's army in the wars in Scotland and Ireland ; blockaded the Royalist fleet of Prince Rupert in Lisbon ; and organised a system of convoys to protect the commerce of the Commonwealth against the numerous privateers based in European ports. Compared to

8134-449: The Commonwealth would end dissent between the two countries was disabused and, based on the earlier proposal, the States General drew up a draft of 36 articles, the first eleven of which were the subject of intensive discussion. By June the Dutch believed that agreement had been reached on those points, and the English delegation announced their imminent departure, leaving on 2 July. During their three-month stay, other events had convinced

8300-443: The Dutch Republic had many things in common: they were both republican and Protestant and many members of States General sympathised with the aims of the English parliamentarians and, while strongly against its regicide , supported a pragmatic policy of neutrality, in opposition to the Royalist-supporting Stadtholder. The impasse between the two sides ended with the death of William II in November 1650. However his attempts to involve

8466-401: The Dutch Republic, as it was planning war with Spain. Cromwell then proposed a military alliance against Spain, promising to repeal the Navigation Act in return for Dutch assistance in the conquest of Spanish America : this too was rejected. Cromwell then fell back on a proposal of 27 articles, two of which were unacceptable to the Dutch: that all Royalists had to be expelled, and that Denmark,

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8632-446: The Dutch attacked the English fleet near the mouth of the River Thames , but were beaten back with many casualties. The English Parliament, believing the Dutch to be near defeat, sent away twenty ships to strengthen the position in the Mediterranean . This division of forces left Blake with only 42 men of war by November, while the Dutch were making every effort to reinforce their fleet. This division led to an English defeat by Tromp in

8798-425: The Dutch coast, which led to a crippling of the Dutch economy. The Dutch were unable to feed their dense urban population without a regular supply of Baltic wheat and rye ; prices of these commodities soared and the poor were soon unable to buy food, and starvation ensued. The final battle of the war was the hard-fought and bloody Battle of Scheveningen in August, fought because the Dutch were desperate to break

8964-404: The Dutch fleet, the English fleet had larger ships of the first and second rates, but proportionately fewer frigates , as the English fleet was principally designed to fight in major actions, whilst providing convoy escorts or fighting privateers was a secondary task. The first and second rate ships included the ageing Resolution and Victory which dated from James I's reign, along with

9130-414: The Dutch had called it "de Waal Straat", which to Dutch ears sounds like Walloon Street. However, in 17th century New Amsterdam, de Waal Straat (Wharf or Dock Street) was a section of what is today's Pearl Street . The original wall was constructed under orders from Director General of the Dutch West India Company , Peter Stuyvesant , at the start of the first Anglo-Dutch war soon after New Amsterdam

9296-415: The Dutch in the three-day Battle of Portland , which began in 28 February. They captured at least 20 Dutch merchant ships, captured or destroyed at least eight and possibly twelve warships and drove the Dutch from the Channel. Like the battles of 1652, this was chaotic, but the most notable tactical events happened in the first day, when Tromp led the whole Dutch fleet against about two dozen English ships at

9462-417: The Dutch navy was to be made up by arming merchantmen. The strongest restraint on the number of sailing warships was the large crews required, so fleets were limited by the number of seaman that could be induced or compelled to serve. England had a greater population and employed impressment to make up crew numbers, so could generally maintain more fully crewed ships than the Dutch could. The English navy of

9628-426: The Dutch to implement a merchant fleet on similar lines to the Dutch, particularly the effort to build more flyboats. The Dutch too had started on a major shipbuilding programme to remedy the lack of ships of the line evident at the battles of the Kentish Knock, the Gabbard, and Scheveningen . The admiralties were now forbidden by law to sell off these sixty new ships. When in 1665 the Second Anglo-Dutch War started

9794-405: The Dutch was dropped; instead the main concession which he desired bore no role in the original reason for going to war. This was the sole condition that the Dutch had to agree that no Prince of Orange or other member of the House of Orange should hold the office of Stadtholder or any other public office in the Netherlands, a demand that was strongly opposed by Orangists, but not entirely against

9960-513: The Dutch wished to renew the 1625 treaty, their attempt to do so in 1639 was not responded to, so the treaty lapsed. By the middle of the 17th century the Dutch had built by far the largest mercantile fleet in Europe, with more ships than all the other states combined, and their economy, based substantially on maritime commerce, gave them a dominant position in European trade, especially in the North Sea and Baltic . Furthermore, they had conquered most of Portugal's territories and trading posts in

10126-406: The EIC in the East Indies and £3,615 which had to be paid to the heirs of the victims of the Amboyna massacre . The island of Run in the East Indies was to be ceded to the East India Company, although the Dutch never actually returned the island. Lastly, a symbolic gesture; saluting the flag of English warships in the Channel. Cromwell's original political aim of a union that would subordinate

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10292-478: The East Indies, which demonstrated the reopening of the sea routes. Allied with Denmark and maintaining a formidable presence at the Danish Sound, the Dutch effectively put an end to English trade in the Baltic region. Throughout 1653, not a single English vessel passed through the Sound . In the Mediterranean, the Dutch had achieved similar success. Additionally, in the East Indies, the Dutch East India Company had swiftly established maritime dominance, spanning from

10458-446: The English Civil War, the Dutch Stadtholder Frederick Henry had given significant financial support to Charles I of England , to whom he had close family ties. The States General had been generally neutral and refused to become involved with representatives of either king or parliament; it also attempted to mediate between the two sides, an attitude that offended both English Royalists and its parliament. Frederick Henry's influence

10624-408: The English blockade. This was a tactical victory for the English fleet, which captured or destroyed at least a dozen and possibly 27 Dutch warships for the loss of two or three English ones, and captured or killed some 2,000 men including Tromp, who was killed early in the battle, for a loss of 500 English dead. However, despite their heavy losses of men and ships, the Dutch fleet was able to retreat to

10790-549: The English delegates left in the last week of June, they reported that the Dutch were untrustworthy and that the United Provinces were under the control of the Orangist party and thus a threat to the security of the Commonwealth. Although the States of Holland and West Friesland were unwilling, if not unable, to suppress the activities of English Royalists, Orangists that deplored the execution of Charles I, and certain strict Calvinist ministers opposing Cromwell's religious innovations, it would have been more logical for him to ally with

10956-510: The English delegation of Dutch animosity. The Hague was the residence of the young widow of William II, Charles I's daughter Mary Henrietta Stuart , the Princess Royal . Her presence attracted exiled English noblemen not fighting with her brother Charles to The Hague, which had for many years been an Orangist stronghold. The delegation appointed by the Commonwealth, could only leave their lodgings under armed escort, for fear of being assaulted by Royalists or large Orangist mobs in their pay. When

11122-469: The English negotiators were most concerned to ensure Dutch action against English Royalists and restrictions on the Dutch carrying trade between third countries. The armed confrontation between Tromp and Blake off Dover took place before these issues were settled, and the English immediately halted negotiations and refused to reopen them when the Dutch offered concessions, preferring war. In England, after 1648 and more particularly after Charles' execution and

11288-446: The Fed" through a vehicle called the Fed's Discount Window, a sort of lender of last report. These efforts were highly controversial at the time, but from the perspective of 2010, it appeared the Federal exertions had been the right decisions. By 2010, Wall Street firms, in Clark's view, were "getting back to their old selves as engine rooms of wealth, prosperity and excess". A report by Michael Stoler in The New York Sun described

11454-428: The Financial Service cluster, there were three major sectors: more than 60 percent were in the securities industry ; 20 percent were in banking ; and 8 percent in insurance . Additionally, New Jersey has become the main technology infrastructure to support the Wall Street operations. A substantial amount of securities traded in the United States are executed in New Jersey as the data centers of electronic trading in

11620-508: The Fixed Income Clearing Corporation and Emerging Markets Clearing Corporation. Having a direct tie to Wall Street employment can be problematic for New Jersey, however. The state lost 7.9 percent of its employment base from 2007 to 2010 in the financial services sector in the fallout of the subprime mortgage crisis . Of the street's importance as a financial center, New York Times analyst Daniel Gross wrote: In today's burgeoning and increasingly integrated global financial markets —

11786-418: The Netherlands in action against the English Commonwealth in support of the exiled Charles II, which could have led at least to limited hostilities and possibly outright war, and it did lead to a republican reaction. Shortly before his death, William attempted to gain control of Amsterdam by imprisoning six leading members of the States of Holland from the city, but they were released when he died. These six led

11952-493: The Netherlands was outnumbered by those wanting either to cripple Dutch trade without going to war or to provoke a war with the Dutch republic for political reasons. The Dutch considered that the economic provisions of the 36 articles they had drafted could form the basis of a trade agreement without compromising the independence of the United Provinces or their becoming involved in a war with Spain, but it soon became apparent that

12118-553: The Royalist fleet under Prince Rupert from its bases in Ireland and pursued it to the port of Lisbon , where it was protected by the harbour's forts and the Portuguese king's refusal to let Blake enter the port. The Council of State decided to reinforce Blake and authorised him to seize ships from Brazil in reprisal, and to withdraw the English envoy to Portugal, whose departure in July 1650 created

12284-660: The SEC threw out the NYSE 's "Rule 394" which had required that "most stock transactions take place on the Big Board's floor", in effect freeing up trading for electronic methods. In 1976, banks were allowed to buy and sell stocks, which provided more competition for stockbrokers . Reforms had the effect of lowering prices overall, making it easier for more people to participate in the stock market. Broker commissions for each stock sale lessened, but volume increased. The Reagan years were marked by

12450-576: The Shanghai vaults of Chinese manufacturing magnates and in the coffers of funds controlled by governments in Singapore, Russia, Dubai , Qatar and Saudi Arabia that may amount to some $ 2.5 trillion. An example is the alternative trading platform known as BATS , based in Kansas City , which came "out of nowhere to gain a 9 percent share in the market for trading United States stocks". The firm has computers in

12616-614: The Stadholder of the United Provinces, whose popularity had declined since his election in 1647 in the face of growing discontent from the States Party in the United Provinces, changed matters. The States party was the political faction identified most closely with the idea of rule solely by the States General, and was especially powerful in the large commercially oriented province of Holland. To obtain support against William II, it had sought

12782-430: The States General decided on 3 March 1652 to expand the fleet by hiring and equipping 150 merchant ships as ships of war to allow effective convoying against hostile English actions. Although the States of Holland stressed that this measure was intended defensive and it carefully selected its captains and issued prudent instructions about saluting English warship, when news of this decision reached London on 12 March 1652, it

12948-649: The States General to send commissioners to London to negotiate peace terms and Cromwell was receptive, although he was insistent that the Dutch republic must ensure the House of Orange would not become dominant again, and declined to repeal the Navigation Act. Cromwell again put forward his plan for a political union between the two nations to the four Dutch envoys who had arrived in London in late June, but they emphatically rejected this. He also wished to avoid further conflict with

13114-703: The States of Holland and then to the States General in April was critical of the Dutch proposals, but at least allowed discussions to start. Little was achieved until both the Rump Parliament and its short-lived successor the Nominated Parliament had been dissolved, the latter in December 1653. The following month the States General asked for negotiations to be restarted and in May Cromwell agreed to receive Dutch envoys in London. In mid June, Johan de Witt persuaded

13280-631: The Stuart cause. French support for the English Royalists had led the Commonwealth to commence the issuing of letters of marque against French ships and against French goods in neutral ships in December 1649. Dozens of neutral Dutch ships were detained near French ports by English ships operating under letters of marque, and some of these were seized. Dutch concerns were further raised by an English embargo on Dutch trade with Scotland declared soon after. In 1649 and 1650, General-at-Sea Robert Blake drove

13446-535: The U.S. equity market for all major stock exchanges are located in North and Central Jersey . A significant amount of securities clearing and settlement workforce is also in the state. This includes the majority of the workforce of Depository Trust Company, the primary U.S. securities depository ; and the Depository Trust & Clearing Corporation , the parent company of National Securities Clearing Corporation,

13612-567: The Wall Street employment wages were paid in the amount of almost $ 18.5 billion in the state. The industry contributed $ 39.4 billion or 8.4 percent to the New Jersey's gross domestic product in the same year. The most significant area with Wall Street employment is in Jersey City . In 2008, the "Wall Street West" employment contributed to one third of the private sector jobs in Jersey City. Within

13778-401: The act also allowed the seizure of ships violating the prohibition by both the English navy and merchant ships. The act was a temporary war measure hastily enacted and, while it was enacted in general terms to include all countries, it was aimed primarily at the Dutch, and was superseded the following year by a carefully prepared Navigation Act. Writing a century later, Adam Anderson relates of

13944-451: The ally of the Republic, should be abandoned in its war against Sweden. In the end Cromwell accepted that the 25 agreed articles would form the basis for peace. Meanwhile, the English navy tried to gain control over the North Sea, and in the two-day Battle of the Gabbard in June drove the Dutch back to their home ports with the loss of 17 warships captured or destroyed, starting a blockade of

14110-403: The area around historic Trinity Church. Cars, however, cannot pass. The Guardian reporter Andrew Clark described the years of 2006 to 2010 as "tumultuous", in which the heartland of America was "mired in gloom" with high unemployment around 9.6%, with average house prices falling from $ 230,000 in 2006 to $ 183,000, and foreboding increases in the national debt to $ 13.4 trillion, but that despite

14276-541: The area, but increasingly the latter predominated, and New York's financial industry became centered on Wall Street. During the 20th century, several early skyscrapers were built on Wall Street, including 40 Wall Street , once the world's tallest building. The street is near multiple subway stations and ferry terminals . The Wall Street area is home to the New York Stock Exchange , the world's largest stock exchange by total market capitalization , as well as

14442-548: The assistance of Oliver Cromwell. After William II's death, the States Party was in a much stronger position politically, and no longer valued or needed Cromwell's support against the stadholderate. In January 1651, the English Council of State , aware that the Netherlands States General was about to recognise the Commonwealth as the legitimate English government, which it did on 28 January, prepared an embassy to

14608-558: The average. Business writer John Brooks in his book Once in Golconda considered the start of the 20th century period to have been Wall Street's heyday. The address of 23 Wall Street , the headquarters of J. P. Morgan & Company , known as The Corner , was "the precise center, geographical as well as metaphorical, of financial America and even of the financial world". Wall Street has had changing relationships with government authorities. In 1913, for example, when authorities proposed

14774-405: The buildings on Wall Street itself saw only little physical damage. One estimate was that 45% of Wall Street's "best office space" had been lost. The NYSE was determined to re-open on September 17, almost a week after the attack. During this time Rockefeller Group Business Center opened additional offices at 48 Wall Street . Still, after September 11, the financial services industry went through

14940-554: The city had grown well beyond the wall. A new City Hall was built at Wall and Nassau in 1700 using the stones from the bastions as materials for the foundation. Slavery had been introduced to Manhattan in 1626, but it was not until December 13, 1711, that the New York City Common Council made a market at the foot of Wall Street the city's first official slave market for the sale and rental of enslaved Black people and Indians. The market operated from 1711 to 1762 at

15106-496: The city's tax revenue, and 22 percent of the city's total wages, including an average salary of US$ 360,700. The seven largest Wall Street firms in the 2000s were Bear Stearns , JPMorgan Chase , Citigroup , Goldman Sachs , Morgan Stanley , Merrill Lynch and Lehman Brothers . During the recession of 2008–10, many of these firms, including Lehman, went out of business or were bought up at firesale prices by other financial firms. In 2008, Lehman filed for bankruptcy, Bear Stearns

15272-426: The city's tax revenues and 20% of the state's, the downturn has had huge repercussions for government treasuries. New York's mayor Michael Bloomberg reportedly over a four-year period dangled over $ 100 million in tax incentives to persuade Goldman Sachs to build a 43-story headquarters in the Financial District near the destroyed World Trade Center site. In 2009, things looked somewhat gloomy, with one analysis by

15438-590: The clamor of business and trade and the owners complaining that they can't get anything done," according to a historian named Burrows. The opening of the Erie Canal in the early 19th century meant a huge boom in business for New York City, since it was the only major eastern seaport which had direct access by inland waterways to ports on the Great Lakes . Wall Street became the "money capital of America". Historian Charles R. Geisst suggested that there has constantly been

15604-462: The coming of night and the suspension of business was entirely changed last night as hundreds of men worked under the glare of searchlights to repair the damage to skyscrapers that were lighted up from top to bottom. ... The Assay Office, nearest the point of explosion, naturally suffered the most. The front was pierced in fifty places where the cast iron slugs, which were of the material used for window weights, were thrown against it. Each slug penetrated

15770-446: The companies included in Dow's original calculations were American Tobacco Company , General Electric , Laclede Gas Company , National Lead Company , Tennessee Coal & Iron , and United States Leather Company . When the average "peaks and troughs" went up consistently, he deemed it a bull market condition; if averages dropped, it was a bear market . He added up prices, and divided by

15936-564: The corner of Wall and Broad Street , the busiest corner of the Financial District and across the offices of the Morgan Bank , a powerful bomb exploded . It killed 38 and seriously injured 143 people. The perpetrators were never identified or apprehended. The explosion did, however, help fuel the Red Scare that was underway at the time. A report from The New York Times : The tomb-like silence that settles over Wall Street and lower Broadway with

16102-477: The corner of Wall and Broad streets", and in 1998, offered substantial tax incentives to try to keep it in the Financial District. Plans to rebuild it were delayed by the September 11 attacks. The exchange still occupies the same site. The exchange is the locus for a large amount of technology and data. For example, to accommodate the three thousand people who work directly on the exchange floor requires 3,500 kilowatts of electricity, along with 8,000 phone circuits on

16268-533: The corner of Wall and Pearl Streets, and consisted of a wooden structure with a roof and open sides, although walls may have been added over the years; it could hold approximately 50 people. New York's municipal authorities directly benefited from the sale of slaves by implementing taxes on every person who was bought and sold there. In these early days, local merchants and traders would gather at disparate spots to buy and sell shares and bonds, and over time divided themselves into two classes—auctioneers and dealers. In

16434-425: The dealer slipped him a heat-sealed plastic envelope of cocaine and he passed her cash, the transaction was being watched through the sunroof of her car by Federal drug agents in a nearby building. And the customer — an undercover agent himself -was learning the ways, the wiles and the conventions of Wall Street's drug subculture. In 1987, the stock market plunged, and, in the relatively brief recession following,

16600-406: The economy changed from "agricultural to industrial to financial" and New York maintained its leadership position despite these changes, according to historian Thomas Kessner. New York was second only to London as the world's financial capital. In 1884, Charles Dow began tracking stocks, initially beginning with 11 stocks, mostly railroads. He looked at average prices for these eleven. Some of

16766-729: The end of the Thirty Years' War in 1648 also meant that many colonial possessions of the Portuguese and some of the Spanish Empire and their mineral resources were effectively open to conquest by a stronger power. The ensuing rush for empire brought the former allies into conflict, and the Dutch, having made peace with Spain, quickly replaced the English as dominant traders with the Iberian Peninsula , adding to an English resentment about Dutch trade that had steadily grown since 1590. Although

16932-548: The former investment firm of Donaldson, Lufkin & Jenrette was described as a Wall Street firm but had its headquarters on Park Avenue in Midtown . A report described the migration from Wall Street: The financial industry has been slowly migrating from its historic home in the warren of streets around Wall Street to the more spacious and glamorous office towers of Midtown Manhattan. Morgan Stanley, J.P. Morgan Chase, Citigroup, and Bear Stearns have all moved north. Nevertheless,

17098-453: The headquarters of banks. These include: Another key anchor for the area is the New York Stock Exchange Building at the corner of Broad Street . It houses the New York Stock Exchange , which is by far the world's largest stock exchange per market capitalization of its listed companies, at US$ 28.5 trillion as of June 30, 2018. City authorities realize its importance, and believed that it has "outgrown its neoclassical temple at

17264-565: The inland provinces. Each Admiralty was responsible for the design, construction, armament and manning of its own ships and the appointment of flag officers for its squadron. The second was the so-called "director's ships" ( directieschepen ), convoy escorts provided by the burgomasters and merchants of six cities including Amsterdam and Hoorn to protect their Baltic trades. The cities were responsible for providing what were in effect modified and armed merchant ships, appointing their captains and providing crews. The next group were hybrid ships of

17430-475: The interests of Johan de Witt's party . Although this was not part of the formal peace treaty, the two members of the negotiating team from the province of Holland agreed to a secret annexe providing that England would only ratify the treaty after the States of Holland had passed an Act of Seclusion , excluding the House of Orange from holding public office in that province: this legislation was passed in May 1654. There

17596-412: The largest Dutch ship. All the English ships intended to fight in the battle line were more heavily armed than their equivalents in other European navies, sacrificing freeboard and the ability to use their lower guns in adverse weather in exchange for more powerful ordnance . English ships could fire and hit the enemy at a greater range, and favoured the use of round shot over the chain shot which

17762-477: The late 18th century, there was a buttonwood tree at the foot of Wall Street under which traders and speculators would gather to trade securities. The benefit was being in proximity to each other. In 1792, traders formalized their association with the Buttonwood Agreement which was the origin of the New York Stock Exchange . The idea of the agreement was to make the market more "structured" and "without

17928-506: The late 19th century. Wall Street became the symbol of a country and economic system that many Americans see as having developed through trade, capitalism, and innovation. The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry , or New York–based financial interests. Wall Street has become synonymous with financial interests, often used negatively. During

18094-467: The leniency of Cromwell, but also because he feared a longer war, along with the massive economic damage to the English maritime economy. The Dutch nevertheless realized few of the objectives in their 36 articles, and had to make a few minor concessions - the acceptance of the Act of Navigation which excluded their merchants from all commerce between England and its colonies, an indemnity of £85,000 for losses of

18260-436: The locus of financial services dealings even by 1911. But as technology progressed, in the middle and later decades of the 20th century, computers and telecommunications replaced paper notifications, meaning that the close proximity requirement could be bypassed in more situations. Many financial firms found that they could move to Midtown Manhattan , only four miles (6 km) away, and still operate effectively. For example,

18426-402: The lower tip of the island. The Civil War greatly expanded the northern economy, bringing greater prosperity to cities like New York which "came into its own as the nation's banking center" connecting "Old World capital and New World ambition", according to one account. J. P. Morgan created giant trusts and John D. Rockefeller 's Standard Oil moved to New York City. Between 1860 and 1920,

18592-439: The manipulative auctions", with a commission structure. Persons signing the agreement agreed to charge each other a standard commission rate; persons not signing could still participate but would be charged a higher commission for dealing. In 1789, Wall Street was the scene of the United States' first presidential inauguration when George Washington took the oath of office on the balcony of Federal Hall on April 30, 1789. This

18758-502: The more committed republicans, particularly those in Holland. The execution of Charles outraged the Orangists, and the Dutch republicans that had attempted to save Charles' life, but the execution did not prevent the States General from continuing a policy of broad neutrality, dealing unofficially with the English parliament while allowing Royalist envoys into the country. The Commonwealth and

18924-516: The more immediate cause of the war was the actions of the English navy and privateers against Dutch shipping. In 1651, 140 Dutch merchantmen were seized on the open seas. During January 1652 alone, another 30 Dutch ships were captured at sea and taken to English ports. Protests to England by the States General of the United Provinces were of no avail: the English Parliament showed no inclination toward curbing these seizures of Dutch shipping. During

19090-484: The more numerous Portuguese, dissatisfied by Dutch rule, from reconquest. In Holland itself the war took its toll – shipping businesses had ceased trading and work was hard to find. In Amsterdam fifteen hundred houses were untenanted, many observed a large number of roaming beggars and grass was growing in the streets. The condition of the country had left the Dutch no choice but to accept Cromwells terms. Peace negotiations continued until March 1654 when Cromwell demanded

19256-463: The number and quality of financial jobs in the city. One estimate was that Wall Street firms employed close to 200,000 persons in 2008. Another estimate was that in 2007, the financial services industry which had a $ 70 billion profit became 22 percent of the city's revenue. Another estimate (in 2006) was that the financial services industry makes up 9% of the city's work force and 31% of the tax base. An additional estimate from 2007 by Steve Malanga of

19422-538: The number of stocks to get his Dow Jones average . Dow's numbers were a "convenient benchmark" for analyzing the market and became an accepted way to look at the entire stock market . In 1889 the original stock report, Customers' Afternoon Letter , became The Wall Street Journal . Named in reference to the actual street, it became an influential international daily business newspaper published in New York City. After October 7, 1896, it began publishing Dow's expanded list of stocks. A century later, there were 30 stocks in

19588-594: The opposing side. Since the vast majority of English ports were held by Parliament and the Royalist navy was weak, few Dutch ships were seized although the number steadily rose from 1644 to 1646, causing considerable tension. Despite these embargoes and their extension to Ireland and English colonies in Royalist hands, as late as 1649 the States General, and particularly the maritime provinces of Holland and Zeeland, wished to maintain their lucrative trade with England. Until 1648, Dutch naval vessels also inspected convoys of English ships which, as neutrals, were able to trade with

19754-509: The original records of New Amsterdam , the Dutch always called the street Het Cingel ("the Belt"), which was also the name of the original outer barrier street, wall, and canal of Amsterdam . After the English conquest of New Netherland in 1664, they renamed the settlement "New York" and in tax records from April 1665 (still in Dutch) they refer to the street as Het Cingel ofte Stadt Wall ("the Belt or

19920-577: The other hand, would leave American ports with barely 1,000 bags of wool cloth unsold. Because of this disparity, English trade with her traditional markets in the Baltic, Germany, Russia and Scandinavia withered. During the Wars of the Three Kingdoms , the States General was officially neutral, a policy that antagonised both Parliamentarians and Royalists but which the powerful province of Holland considered most advantageous. The Dutch also benefitted from

20086-496: The overall percent of actual users was most likely small. A reporter wrote: The Wall Street drug dealer looked like many other successful young female executives. Stylishly dressed and wearing designer sunglasses, she sat in her 1983 Chevrolet Camaro in a no-parking zone across the street from the Marine Midland Bank branch on lower Broadway. The customer in the passenger seat looked like a successful young businessman. But as

20252-571: The peace but it was also a relief - Cromwell proclaimed 23 May 1654 to be a day of Thanksgiving . The English made some small gains out of the peace treaty, while not making any concessions to the Dutch, but the strong commercial position of the Dutch Republic remained largely intact and the rivalry between the two nations was not resolved. Especially in their emerging overseas colonies, hostilities continued between Dutch and English trading companies, which had warships and troops of their own. The English soon took advantage of their new ships seized from

20418-513: The period that "It had been observed with concern, that the merchants of England for several years past had usually freighted the Hollanders shipping for bringing home their own merchandize, because their freight was at a lower rate than that of English ships. The Dutch shipping were thereby made use of even for importing our own American products; whilst our shipping lay rotting in our harbours; our mariners also for want of employment at home, went into

20584-463: The proclamation of the Commonwealth, the army assumed a more prominent political role compared with parliament. The neutralisation of Rupert's fleet and its bases, the defeat of the Irish Royalists at Rathmines and Drogheda in 1649 and of the Scots at the Battle of Dunbar in 1650 made the Commonwealth more assertive in its relations with the Dutch, both on trade and on William II's support for

20750-722: The protection of Portuguese coastal forts, where he remained until December, when he escaped to the West Indies. The threat of the Royalist fleet had been neutralised by forcing it into retreat. Its strongholds in the Isles of Scilly , the Isle of Man and the Channel Islands were captured in 1651. This was followed in 1652 by the recovery of England's colonial possessions in the West Indies and North America by General George Ayscue . Infuriated by

20916-420: The province of Holland to assume the leadership of the republican movement, which would recognize the Netherlands as a free republic without a Stadholder. The resulting First Stadtholderless period began when William II died in 1650, although it was not until January 1651 that the last of the seven provinces agreed to it. As early as 1643, Oliver St John had urged fellow Protestants in the Netherlands to sign

21082-546: The public. Analyst Robert Kuttner in the Huffington Post criticized the bailout as helping large Wall Street firms such as Citigroup while neglecting to help smaller community development banks such as Chicago's ShoreBank . One writer in the Huffington Post looked at FBI statistics on robbery, fraud, and crime and concluded that Wall Street was the "most dangerous neighborhood in the United States" if one factored in

21248-424: The rank of commandeur , broadly equivalent to commodore was sighted by Ayscue, with a more numerous squadron of warships and armed merchant ships. Ayscue attempted to attack the convoy with around nine of his strongest and fastest warships, but De Ruyter counter-attacked and, in the Battle of Plymouth , surrounded the English warships which were not supported by their armed merchant ships. The convoy escaped, Ayscue

21414-453: The rear of the fleet, hoping to overpower them before the bulk of the English fleet could come to their aid. However, the outnumbered English ships extemporised a line ahead formation and managed to keep the Dutch at bay through coordinated heavy gunfire. Whether as a direct result of the Battle of Portland or the accumulation of experience gained over some years, in March 1653, Robert Blake wrote

21580-508: The republic headed by Oliver St John, with two envoys extraordinary. When it arrived in The Hague on 7 March 1651, the English delegation made it clear that their aim was to "enter into a more strict and intimate alliance and union' with the republic" to be effected by "a Confederation of the two Commonwealths". and based on proposal put in 1648 by a parliamentary envoy that the Dutch had declined to consider. Any Dutch expectation that recognising

21746-403: The result that, by November Cromwell, despite military success in the North Sea, was anxious to make peace as the Dutch were capturing numerous English merchant ships. Despite this the Dutch Republic was also unable to sustain a prolonged naval war as English privateers inflicted serious damage on Dutch shipping. At the time the Dutch merchant fleet was three times larger than the English, and it

21912-429: The ruling republican regents to overcome the pro-Stuart Orangists than go to war, were economic issues not more pressing. Following the departure of St John, the States General sent a delegation to London to continue discussions. However, after the Battle of Worcester in September 1651, the radical element in the English parliament became stronger and the group including Cromwell that genuinely favoured an alliance with

22078-506: The same time, the war played havoc with English trading and shipping. To broadly study their commercial condition, the first Commission of Trade to be established by an Act of Parliament was erected on 1 August 1650. In October 1650, as part of the act to subdue their Royalist colonies and prevent Royalists from fleeing England, Parliament prohibited foreign ships from visiting or trading with any English plantations in America, without license;

22244-427: The sea battles fought in 1652 were chaotic, with boarding and capturing enemy ships a favoured tactic, particularly of the Dutch. Squadrons or even individual ships fought without regard to the rest of the fleet, although the English fleet instructions of 1650 emphasised the importance of supporting other ships of the same squadron, particularly the flagship. In the first major battle of 1653, the English fleet challenged

22410-558: The service of the Hollanders." The English accused the Dutch of profiting from the turmoil of the English Civil War. The Dutch fleet in the Eighty Years' War had three tasks: as a Battle Force against major Spanish fleets, to convoy Dutch merchant ships and protect its fishing fleet and to actively oppose privateers , particularly those of Dunkirk . In that war, the two latter tasks were more important than major fleet actions, and they required more numerous but smaller warships than

22576-466: The setbacks, the American economy was once more "bouncing back". What had happened during these heady years? Clark wrote: But the picture is too nuanced simply to dump all the responsibility on financiers. Most Wall Street banks didn't actually go around the US hawking dodgy mortgages; they bought and packaged loans from on-the-ground firms such as Countrywide Financial and New Century Financial, both of which hit

22742-519: The size of the army, which he commanded and using his supporters in six provinces to outvote Holland, the most prosperous province, in the States General. Following the end of the Eighty Years' War and the execution of his father-in-law, Charles I, William attempted to support the English Royalist cause to an extent that gave concern to even his own followers, and which involved him in disputes with

22908-472: The stone an inch or two [3–5 cm] and chipped off pieces ranging from three inches to a foot [8–30 cm] in diameter. The ornamental iron grill work protecting each window was broken or shattered. ... the Assay Office was a wreck. ... It was as though some gigantic force had overturned the building and then placed it upright again, leaving the framework uninjured but scrambling everything inside. The area

23074-404: The surrounding area lost 100,000 jobs according to one estimate. Since telecommunications costs were coming down, banks and brokerage firms could move away from the Financial District to more affordable locations. One of the firms looking to move away was the NYSE. In 1998, the NYSE and the city struck a $ 900 million deal which kept the NYSE from moving across the river to Jersey City ; the deal

23240-485: The total Dutch losses for the other two Anglo-Dutch wars in the 17th century. This was the greatest single maritime disaster suffered by the Dutch world Entrepôt during its great age. In addition, as press-ganging was forbidden, enormous sums had to be paid to attract enough sailors to man the fleet. The Dutch were unable to defend all of their colonies and it had too few colonists or troops in Dutch Brazil to prevent

23406-410: The trade prohibition imposed by the Commonwealth. Over a hundred other Dutch ships were captured by English privateers between October 1651 and July 1652. Moreover, the death of Dutch Stadtholder William II, who had favoured an expansion of the army at the expense of the navy, had led to a change in Dutch defence policy towards protecting the great trading concerns of Amsterdam and Rotterdam. Accordingly,

23572-504: The trading floor alone, and 200 miles (320 km) of fiber-optic cable below ground. Finance professor Charles R. Geisst wrote that the exchange has become "inextricably intertwined into New York's economy". Wall Street pay, in terms of salaries and bonuses and taxes, is an important part of the economy of New York City , the tri-state metropolitan area , and the United States . Anchored by Wall Street, New York City has been called

23738-575: The treatment of the English delegation in The Hague and emboldened by their victory against Charles II and his forces at the Battle of Worcester on September 3, 1651, the English Parliament , as noted above, passed the first of the Navigation Acts in October 1651. It ordered that only English ships and ships from the originating country could import goods to England. This measure, as also noted above,

23904-531: The wall after their 1664 takeover (a cause of the Second Anglo-Dutch War ), as did the Dutch from 1673 to 1674 when they briefly retook the city during the Third Anglo-Dutch War , and by the late 1600s the wall encircled most of the city and had two large stone bastions on the northern side. The Dutch named these bastions "Hollandia" and "Zeelandia" after the ships that carried their invasion force. The wall started at Hanover Square on Pearl Street, which

24070-454: The west and South Street and the East River in the east. The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry , New York–based financial interests, or the Financial District. Anchored by Wall Street, New York has been described as the world's principal fintech and financial center . The street

24236-470: The work on the fort by constructing a breastwork, and the farmers are to be summoned to haul the sod." The first Anglo-Dutch War ended in 1654 without hostilities in New Amsterdam, but over time the "werken" (meaning the works or city fortifications) were reinforced and expanded to protect against potential incursions from Native Americans , pirates, and the English. The English also expanded and improved

24402-399: The world's most economically powerful city and leading financial center . As such, a falloff in Wall Street's economy could have "wrenching effects on the local and regional economies". In 2008, after a downturn in the stock market, the decline meant $ 18 billion less in taxable income, with less money available for "apartments, furniture, cars, clothing and services". Estimates vary about

24568-506: Was also the location of the passing of the Bill of Rights . Alexander Hamilton , who was the first Treasury secretary and "architect of the early United States financial system", is buried in the cemetery of Trinity Church , as is Robert Fulton famed for his steamboats . In the first few decades, both residences and businesses occupied the area, but increasingly business predominated. "There are old stories of people's houses being surrounded by

24734-523: Was an adverse reaction from several of other Dutch provinces, but their provincial assemblies could neither overcome their own internal divisions nor coordinate opposition with other provinces. However, although they did not enact their own Exclusion legislation then, in practice they did not oppose it. Only after the Second Anglo-Dutch War did four other provinces besides Holland adopt the Perpetual Edict (1667) sanctioning Exclusion. England celebrated

24900-399: Was bought by JPMorgan Chase forced by the U.S. government , and Merrill Lynch was bought by Bank of America in a similar shot-gun wedding. These failures marked a catastrophic downsizing of Wall Street as the financial industry goes through restructuring and change. Since New York's financial industry provides almost one-fourth of all income produced in the city, and accounts for 10% of

25066-568: Was built using the labor of both Black slaves and white colonists. In fact Stuyvesant had ordered that "the citizens, without exception, shall work on the constructions… by immediately digging a ditch from the East River to the North River, 4 to 5 feet deep and 11 to 12 feet wide..." And that "the soldiers and other servants of the Company, together with the free Negroes, no one excepted, shall complete

25232-499: Was closed for weather-related reasons, the first time since Hurricane Gloria in September 1985 and the first two-day weather-related shutdown since the Blizzard of 1888 . Wall Street's architecture is generally rooted in the Gilded Age . The older skyscrapers often were built with elaborate facades, which have not been common in corporate architecture for decades. There are numerous landmarks on Wall Street, some of which were erected as

25398-514: Was described as the "largest in city history to prevent a corporation from leaving town". In 2001, the Big Board , as some termed the NYSE, was described as the world's "largest and most prestigious stock market". When the World Trade Center was destroyed on September 11, 2001 , the attacks "crippled" the communications network and destroyed many buildings in the Financial District, although

25564-585: Was incorporated in 1653. Fearing an over land invasion of English troops from the colonies in New England (at the time Manhattan was easily accessible by land because the Harlem Ship Canal had not been dug), he ordered a ditch and wooden palisade to be constructed on the northern boundary of the New Amsterdam settlement. The wall was built of dirt and 15-foot (4.6 m) wooden planks, measuring 2,340 feet (710 m) long and 9 feet (2.7 m) tall and

25730-470: Was lessening with the growth of strongly republican sentiment among the ruling class, and he could not involve the Netherlands in direct support for Charles I, particularly as his country was still at war with Spain. After the death of Frederick Henry in March 1647, his son, the Stadtholder William II of Orange , attempted to extend the power of the stadtholderate particularly through maintaining

25896-481: Was originally known in Dutch as Het Cingel ("the Belt") when it was part of New Amsterdam during the 17th century. An actual city wall existed on the street from 1653 to 1699. During the 18th century, the location served as a slave market and securities trading site , and from 1703 onward, the location of New York's city hall, which became Federal Hall . In the early 19th century, both residences and businesses occupied

26062-439: Was particularly aimed at hampering the shipping of the highly trade-dependent Dutch and often used as a pretext simply to take their ships; as General Monck put it: "The Dutch have too much trade, and the English are resolved to take it from them." Agitation among the Dutch merchants was further increased by George Ayscue 's capture in early 1652 of 27 Dutch ships trading with the Royalist colony of Barbados in contravention of

26228-460: Was popular in other navies. The commercial tensions between England and the Netherlands were intensified when the English Parliament passed the Navigation Act 1651 . This limited Dutch trade with any of the English colonies in America unless the shipping was done in "English bottoms" i.e. English ships. Indeed, any cargo to English ports or the ports of English colonies from anywhere in the world

26394-624: Was reduced four times before 1960, each time stimulating a mini-rally and boosting volume, and when the Federal Reserve reduced the margin requirements from 90% to 70%. These changes made it somewhat easier for investors to buy stocks on credit. The growing national economy and prosperity led to a recovery during the 1960s, with some down years during the early 1970s in the aftermath of the Vietnam War . Trading volumes climbed; in 1967, according to Time Magazine , volume hit 7.5 million shares

26560-515: Was relieved of his command and de Ruyter gained prestige in his first independent command. Tromp had also been suspended after the failure in Shetland, and Vice-Admiral Witte de With was given command. The Dutch convoys being at the time safe from English attack, De With saw an opportunity to concentrate his forces and gain control of the seas. At the Battle of the Kentish Knock on 8 October 1652

26726-401: Was required to be carried in English ships. Furthermore, the Navigation Act forbade all trade with those English colonies that retained connections and sympathy for the royalist cause of Charles I . To have accepted the terms of the Navigation Act was seen by the Dutch as agreeing to subordinate Dutch trade to the English trading system. This insulted Dutch pride and damaged their economy, but

26892-461: Was safe" on Wall Street. A few days later, on October 24, stock values plummeted. The stock market crash of 1929 ushered in the Great Depression , in which a quarter of working people were unemployed, with soup kitchens, mass foreclosures of farms, and falling prices. During this era, development of the Financial District stagnated, and Wall Street "paid a heavy price" and "became something of

27058-509: Was seen as a provocative move. The Commonwealth began to prepare for war, but as both nations were unready, war might have been delayed if not for an unfortunate encounter between the fleets of Dutch Lieutenant-Admiral Maarten Tromp and General at Sea Robert Blake in the English Channel near Dover on 29 May 1652. An ordinance of Cromwell required all foreign fleets in the North Sea or

27224-423: Was subjected to numerous threats; one bomb threat in 1921 led to detectives sealing off the area to "prevent a repetition of the Wall Street bomb explosion". September 1929 was the peak of the stock market. October 3, 1929, was when the market started to slip, and it continued throughout the week of October 14. In October 1929, renowned Yale economist Irving Fisher reassured worried investors that their "money

27390-405: Was that Wall Street provided a fourth of all personal income earned in the city, and 10% of New York City's tax revenue. The city's securities industry, enumerating 163,400 jobs in August 2013, continues to form the largest segment of the city's financial sector and an important economic engine, accounting in 2012 for 5 percent of private sector jobs in New York City, 8.5 percent (US$ 3.8 billion) of

27556-456: Was the shoreline at that time, crossed the Indian path that the Dutch called Heeren Wegh , now called Broadway , and ended at the other shoreline (today's Trinity Place), where it took a turn south and ran along the shore until it ended at the old fort . There was a gate at Broadway (the "Land Gate") and another at Pearl Street, the "Water Gate." The wall and its fortifications were eventually removed in 1699—it had outlived its usefulness because

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