The Yale Series of Younger Poets is an annual event of Yale University Press aiming to publish the debut collection of a promising American poet. Established in 1918, the Younger Poets Prize is the longest-running annual literary award in the United States.
95-513: Each year, the Younger Poets Competition accepts submissions from American poets who have not previously published a book of poetry. Once the judge has chosen a winner, the Press publishes a book-length manuscript of the winner's poetry as the next volume in the series. All poems must be original, and only one manuscript may be entered at a time. Contest requirements were first articulated in
190-524: 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,
285-490: 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
380-509: 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
475-517: 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
570-544: 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
665-476: 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
760-513: 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,
855-488: 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
950-431: 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
1045-590: 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
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#17328697432521140-474: 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
1235-562: 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
1330-515: A partner in his father's Wall Street brokerage firm. Day enlisted in the U.S. Navy in 1898, but developed crippling arthritis and spent the remainder of his life as a semi-invalid. Upon mustering out of the Navy, he returned to his business career, but his illness forced him to retire in 1903 and seek to improve his health in Arizona and Colorado. He soon returned to New York City, however, and began publishing
1425-477: 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
1520-454: 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
1615-416: 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 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
1710-523: 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
1805-679: Is a street in the Financial District of Lower Manhattan in New York City . It runs eight city blocks between Broadway in 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
1900-665: Is home to the New York Stock Exchange , the world's largest stock exchange by total market capitalization , as well as 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
1995-695: 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
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#17328697432522090-601: The Dutch West India Company , Peter Stuyvesant , at the start of the first Anglo-Dutch war soon after New Amsterdam 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
2185-651: 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,
2280-650: 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 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
2375-515: 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
2470-496: The Yale Alumni Weekly and contributing essays and drawings to various publications. Day's most famous work is the autobiographical Life with Father (1935), which detailed humorous episodes in his family's life, centering on his domineering father, during the 1890s in New York City. Scenes from the book, along with its 1932 predecessor God and My Father , and its 1937 sequel Life with Mother , published posthumously, were
2565-481: 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
2660-647: 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
2755-541: 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
2850-584: 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 —
2945-508: 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 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
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3040-507: 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 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
3135-660: 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
3230-576: 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
3325-535: 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,
3420-514: 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
3515-403: 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
3610-558: 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
3705-455: The basis for the 1939 play by Howard Lindsay and Russel Crouse , which became one of Broadway's longest-running non-musical hits. In 1947—the year the play ended on Broadway— William Powell and Irene Dunne portrayed Day's parents in the film of the same name , which received Oscar nominations for cinematography, art direction, musical score and best actor (Powell). It also became a popular television sitcom , airing from 1953 to 1955. Day
3800-405: 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
3895-496: 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
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3990-426: 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
4085-590: 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
4180-462: 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
4275-446: 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
4370-539: The contest to American citizens younger than 30. However, current rules allow poets of any age who have not published a book of poetry to be considered. Although the contest was briefly opened to any writer of English-language poetry under Auden's judgeship, it has remained limited to American citizens ever since. The Younger Poets Series was established in 1919 by Clarence Day , whose brother George Parmly Day founded Yale University Press with his wife Wilhelmine in 1908. The competition's first judge, Charlton Miner Lewis ,
4465-564: 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
4560-477: 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
4655-532: The day they were written, still telling men's hearts of the hearts of men centuries dead." Day's brother George Parmly Day (1876–1959) was the longtime treasurer of Yale University and co-founder, with Clarence, of the Yale University Press . His brother Julian Day (1878–1947) was a stockbroker and soldier who served in the British Army during World War I, serving at Gallipoli and Palestine . He rose to
4750-425: 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,
4845-416: The early 19th century, both residences and businesses occupied 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
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#17328697432524940-406: 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
5035-414: The first decades of the twentieth century." A long-time contributor to The New Yorker , Day sometimes wrote using the pseudonym B.H. Arkwright. Brendan Gill 's memoir Here at The New Yorker reprints a cartoon by Day originally published in that magazine. According to Gill, editor Harold Ross balked at publishing the drawing because it depicted a naked woman with one exposed breast. Day simply removed
5130-548: 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,
5225-485: 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 the corner of Wall and Pearl Streets, and consisted of a wooden structure with
5320-607: The founders in 1833 of the New York Sun . His uncle Benjamin Henry Day Jr. was the inventor of the Ben Day printing process . Day attended St. Paul's School and graduated from Yale University in 1896, where he edited the campus humor magazine The Yale Record . He became also a member of the Yale Club of New York. In 1897, Day joined the New York Stock Exchange , and became
5415-453: 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
5510-477: 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
5605-456: 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
5700-505: The late-19th century. The anglophilic publishers were heavily influenced by English poetry , especially the contemporary Georgian poetry , and the competition itself was directly influenced by the similar "Adventures All" poetry series of Oxford University Press . The contest solidified its importance in American literature under the judgeship of Stephen Vincent Benét . Benet was judge from 1933 to 1942, followed by Archibald MacLeish from 1944 to 1946. Margaret Walker 's For My People
5795-436: 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,
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#17328697432525890-402: 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,
5985-439: 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
6080-604: The nipple—retaining the breast with a broken line in the nipple's place—and Ross published it. Day's "In the Green Mountain Country" recounted the 1933 death and funeral of U.S. president Calvin Coolidge . His essay collection The Crow's Nest received a favorable review in The Nation by the prominent U.S. academician Carl Van Doren ; a revised edition with new essays, poems and drawings was published after Day's death under
6175-463: 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
6270-538: 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
6365-432: The origins of the name Wall Street appeared in modern times because in the 19th and early 20th century some historians mistakenly thought 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
6460-496: 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
6555-410: The prize's stature, judged the award from 2003 to 2010. Rae Armantrout is the current judge. The year column provides the date of the competition. The winning poetry collections are published the following year. Clarence Day Clarence Shepard Day Jr. (November 18, 1874 – December 28, 1935) was an American author and cartoonist, best known for his 1935 work Life with Father . Day
6650-546: 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
6745-671: The rank of major in the Imperial Camel Corps , was wounded in battle in 1918 and received the Military Cross and Order of the Nile . He lived in London much of his life. Day died in New York City of pneumonia shortly after the publication of Life with Father , after it became a best-seller but before its success on Broadway. He was survived by his wife Katherine Briggs Dodge Day and their daughter Wendy. Wall Street Wall Street
6840-466: 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
6935-592: 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 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
7030-472: 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
7125-511: The summer of 1920. The series had already published four books, all written by Yale students, and the judges sought to attract a nationwide pool of applicants. A promotional statement gave the following, somewhat vague eligibility requirements: "Anyone is eligible provided he (or she) is young and comparatively unknown. The age limit is understood to be about thirty." A formal set of rules was adopted in 1924. In addition to specifying page limits and other manuscript requirements, these new rules limited
7220-404: 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
7315-439: The title After All . Day achieved lasting fame in literary circles for his comment "The world of books is the most remarkable creation of man. Nothing else that he builds ever lasts. Monuments fall, nations perish, civilizations grow old and die out; and, after an era of darkness, new races build others. But in the world of books are volumes that have seen this happen again and again, and yet live on, still young, still as fresh as
7410-504: 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
7505-498: 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 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
7600-527: 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 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
7695-399: 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
7790-488: The world's principal fintech and financial center . The street 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
7885-521: Was a prominent professor in Yale's English department. The inaugural competition took place after the end of World War I , just as an influx of young veterans returned from fighting in Europe and entered college. Modernist poetry emerged in this period, but early entries in the series reflected the neoclassical tastes of the older generation adjudicating the competition, all men who had received degrees from Yale in
7980-563: Was a vocal proponent of giving women the right to vote, and contributed satirical cartoons for U.S. suffrage publications in the 1910s. According to James Moske , an archivist with the New York Public Library , who arranged and cataloged the library's Clarence Day Papers, a survey of Day's early short stories and magazine columns reveals "he was fascinated by the changing roles of men and women in American society as Victorian conceptions of marriage, family, and domestic order unraveled in
8075-506: 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
8170-671: Was born in New York City to Lavinia (née Stockwell) Day and stockbroker Clarence Shepard Day Sr. His father owned a Wall Street brokerage firm and was a banker, a railroad director, and Governor of the New York Stock Exchange . Clarence Sr.'s firm was established in 1854 and had offices at 21 and 40 Wall Street , next to Federal Hall , and was a member of the Metropolitan Club , Union League Club , American Yacht Club (New York) , and New England Society of New York . His grandfather Benjamin Day and great-uncle Moses Yale Beach were
8265-399: 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
8360-499: 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
8455-514: 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
8550-624: 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
8645-461: 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
8740-423: 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
8835-523: Was subsequently published in England. Between 1969 and 1977, overseen by Stanley Kunitz , included volumes by Carolyn Forché and Robert Hass ; Hass later became the Poet Laureate of the United States . The judgeship of W. S. Merwin , from 1998 to 2003, was fraught with controversy, as he refused to select a winner the first year that he was judge. Louise Glück , who is widely considered to have revived
8930-454: 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
9025-435: Was the last volume selected by Benet. Auden assumed the judgeship after MacLeish. The contest is regarded by some to have been at its height from 1947 to 1959, when W. H. Auden was its judge. His then-young poets included Adrienne Rich , James Wright , W. S. Merwin , John Ashbery , and John Hollander . The period was also notable for the two-time refusal of Sylvia Plath 's manuscript Two Lovers , and Colossus , which
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