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WALL  STREET    

By:  Tupper  Allen

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Wall Street: “The Business Pulse of the Nation”

(King’s View of New York Stock Exchange, p. 7) Out of the many streets in America, there is one street, in particular, that many Americans

know about, Wall Street. This street carries a prestigious name and is one that people have

traditionally viewed as the center for all important business transactions in this country. Not only

do Americans hold this street in high esteem, but also everyone around the world is aware of the

important events that occur on The Wall Street. Currently, there are both negative and positive

connotations with this street such as that people working there are excessively wealthy and

greedy, or that these are some of the most important and powerful people in the world who drive

the economy. I am one of those who is guilty of believing and adhering to the different

stereotypes. The current news plays a large role in governing the opinions of the American

public regarding the people on Wall Street. The world of finance and economics appears so

mysterious and complex, that many do not know their secrets. There is much more complexity

and diversity of activity associated with this street than all the pre-conceived notions. Wall Street

is the treasurer of many important events, which have occurred in this country dating back from

its origins until today. The street has a long rich history and at this point in time nothing that

happens on it can really be considered surprising. Some of the stereotypes that are held about this

place are in deed true, but it is the combination of all of them that really defines Wall Street.

The history of the Wall Street dates all the way back to 1653, but at that time it had yet to

be named (Brown, 11). Initially, it all began when the Dutch purchased the island of Manhattan

from the Indians in 1626. As a typical New York transaction, the purchase was “very pricey” at a

total of twenty-four dollars. Nevertheless, the Indians understood the purchase meant that they

 

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would share the land with the Dutch, not give them complete ownership. (Gold, 42-3) As a

result, in 1653, the Dutch decided to build a wall to protect their city of New Amsterdam. The

wall was designed to keep out the neighboring Indians and the British. (Brown, 11). At that time,

Britain was at war with the Netherlands so they felt the need to seek protection from them as

well. Since contractors were particularly expensive, the wall was built by man and extended from

the east river to the north river. Unfortunately, the wall did not withstand much for very long. In

1699, the Wall was destroyed by the British. Even though it was built as a source of protection, it

never really fulfilled its purpose. (Moscow, 106) Despite a relatively short existence, this

overview documents how Wall Street received its name. Later, the British then converted it into

a road (King’s View of New York Stock Exchange, 1 and A Selected Wall Street Chronology,

1).

Wall Street became a popular location for people to build their business and banks

because it was near a seaport and in a major city (King’s View of New York Stock Exchange, 1).

Trading on the street unofficially began in the 1700’s. Men traded beneath a tree, and then,

operated under the terms of the Buttonwood Agreement, which later

becomes part of the stock exchange. (A Brief History of Wall Street)

However, after some business created their establishments on this

street, it suffered a fire in 1776, which was rumored to have

intentionally occurred (A Selected Wall Street Chronology, 1). In

1789, New York City was designated as the first capital of the United States. After becoming the

capital city, the first congress meeting was held there on the corner of Wall Street and Broad, in

the sub treasury building, on March 4th of that year. (Cashin Jr. 30) Additionally, George

Washington was sworn into his presidency at Federal Hall, located on the street as well. This is

 

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also where the “swearing on the bible” tradition began. (National Geographic) The following

year, the street further became the location for the birth of the concept free trade by Alexander

Hamilton. Additionally, this street became the origin of many business terms and concepts,

which are even still used today. Not only was it the start of business in this country, but of

N.Y.S.E, the New York Stock Exchange. It was established in 1817 and originally named the

New York Stock and Exchange Board. (A Selected Wall Street Chronology, 1) In 1825, Wall

Street officially became the “centre for financial and stock transactions” (King’s View of the

New York Stock Exchange, 2). However, once the city and area

progressively became more developed, another fire occurred. The fire lasted in Manhattan for a

total of two days, and during its occurrence, the Merchant Exchange was burned along with 700

other places (A Selected Wall Street Chronology, 1).

Over its history, Wall Street has been through so many crises that it appears the street can

handle anything. Anytime there is a fire or a tragic event, life on the street always seems to come

back and business activities there continue to be prosperous and successful. The city, too, has

always been able to build itself back up. Even though Wall Street is widely known for its

accomplishments and discoveries in business, achievements in technology occurred there as

well. In 1866, Cyrus Field constructed a transatlantic cable in order to connect London and New

York so their economic markets would be able to correspond with one another (A Selected Wall

Street Chronology, 1). Although that was a very positive discovery, an unfortunate event

occurred three years after called Black Friday. Two men attempted to corner the gold market and

the event in turn caused a large economic disruption for the country. As a result, there were

bankruptcies, as well as decreases in stock market prices. Shortly after, there was the economic

Panic of 1873. (Kennedy) Despite the economic crisis, Dow Jones was activated in 1882 and

http://inaugural.senate.gov/history/daysevents/potusswearingin01.cfm

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created a way of measuring the movement of the stock exchange. A few years after on May

26,1896, the first issue of the Wall Street Journal was published and Dow Jones created several

ways to measure a stock’s development (A Selected Wall Street Chronology).

Yet again, another Financial Panic occurred in 1907, but J.P. Morgan prevented the

country from having a serious economic downfall. This event had the potential to be devastating

because companies declared bankruptcy and a recession began. Morgan alleviated the damage by

meeting with officials and helping particular companies. (Tucker) After this incidence, the

country’s leadership felt in 1913 the need to establish the Federal Reserve, which would work to

regulate banking within the U.S. When World War I began, however, its disruptions had an

impact on the American financial society as well. The War impacted the markets throughout the

world, but what it meant for New York City was a tremendous decline in stock prices. In order to

reduce significant fallout, the stock exchange agreed to temporarily stop trading with the rest of

the world. Even though the market recovered from this event and took a strong position after the

war, it continued to suffer in the coming years. In the year 1929, the United States experienced

the worst turn in economic development. On October 28, of that year,

now called “Black Monday”, the market had “the highest one-day

decline in U.S. history” at 22.6%. This was a difficult time for the

United States, and two years later it was recorded that the country had

more than four million people without jobs. (A Selected Wall Street

Chronology) The Great Depression was a challenging time for everyone

in the country and people everywhere suffered hardships. This

catastrophe was one of the most troublesome events that the business as of Wall

Street ever had to recover from.

 

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Although Wall Street is a place slated for economic developments, it has also been

associated with societal developments. In 1943, women were permitted on the trading floor of

the stock exchange for the first time. Then, two years later, at the end of World War II, the

United States and Wall Street resumed success in business and trade. (A Selected Wall Street

Chronology) Although the market has suffered from many economic

problems, each one turned into a learning experience. It is remarkable

how this one street has been the beginning for all of the positive and

negative events that affect the American economy.

Looking at today, Wall Street and its traditions have evolved

significantly far. In 1653, Wall Street was a ditch, and today has

become one of the major financial business locations of the world

(Moscow, 106). New York City has become the largest banking city in

the United States and it is a well-known fact that most of this reputation is based on the historical

Wall Street. Today, almost all banks have some type of presence in New York City. (King’s

View of New Stock Exchange, 3) “There is no place in the business world where more hard

work, closer calculation, keener insight into affairs and philosophical and conservative

conclusions are required in the bankers’ and brokers’ offices of Wall Street” (King’s View of

New Stock Exchange, 7). By suffering through many economic panics, the stock exchange

learned to close at certain times in order to keep the market stabilized and prevent irrational

actions by its members. Wall Street is central to the current economy as well as to its future

development, and impacts in a major way the overall health of this nation and its possible

achievements.

 

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Works Cited

"A Brief History of Wall Street." History of Wall Street. Web. 13 June 2012.

<http://www.HistoryofWallStreet.net/page1.html>.

"A Selected Wall Street Chronology." PBS. Web. 13 June 2012.

<http://www.aselectedwallstreetchronology.org/wgbh/americanexperience/features/timeli

ne/crash/>.

Brown, Gene. "Wall Street ." Park Avenue Publication . 11. Print.

Cashin, Jr., Arthur. A View of Wall Street from the 7th Floor. Lyme, Connecticut: Greenwich

Publishing Group Inc. , 1999. 30. Print.

Gold, Joyce. From Windmills to the World Trade Center. New York : Old Warren Road Press,

1982. 42,43. Print.

Kennedy, Robert C. "Gold at 160. Gold at 130." The New York Times. 2001. Web. 13 June 2012.

<http://www.nytimes.com/learning/general/onthisday/harp/1016.html>.

King's View of New York Stock Exchange 1897-1898. New York: Moses King , 1897. 1-3,7,13.

Print.

Moscow, Henry. The Street Book. New York : Hagstrom Company Inc., 1979. 106. Print.

Tucker, Abigail. "Smithsonian.com." Smithsonian Magazine. Smithsonian Institution, 10 Oct.

2008. Web. 16 June 2012. <http://www.smithsonianmag.com/history-

archaeology/1907_Panic.html>.

"U.S. Presidential Inaugurations: Firsts and Photos." National Geographic. National

Geographic Society, 18 Jan. 2005. Web. 16 June 2012.

<http://news.nationalgeographic.com/news/2005/01/0118_050118_president.html>.

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Part Two: Observations and Interviews

Wall Street:

Before I interviewed anyone, I wanted to get a feel for Wall Street and see the actual

street. I expected the street to be large and filled with different financial institutions. I thought

Wall Street was strictly for business. However, after visiting Wall Street, I had the opportunity to

see everything that it had to offer.

I walked from the beginning of Wall Street to the end, and then to the legendary bull. In

the first block, there was a Capital One, BNY Melon, the New York Stock Exchange, TD Bank,

a gym, and a clothing store. I also noticed that I could spot a large Tiffany’s store from the

corner. I had no idea that there were stores to go shopping at on Wall Street. When I passed the

New York Stock Exchange, there were barricades located all around it in order to protect the

area from the public. I saw many tourists on the street and the majority of them did not speak

English. The road was brick and there were tall neutral colored buildings. On many of the

buildings, there were big American flags hanging off of the side. Most of the people were

dressed conservatively, and there was not exotic apparel that one might see in another part of

New York. The people walking on the street appeared to be less aggressive and fairly relaxed

compared to other people in the city. Similar to the rest of New York, there were street vendors

located on the sidewalk selling drinks and souvenirs.

After walking down about half of Wall Street, the road changed from brick to concrete.

On the side, there was one lane for the parked cards. There were small metal posts located every

few yards guarding the sidewalks from the streets. At the end of Wall Street, there was a large

fountain at a small park. From the park, one can see the view of the Hudson River. It was

interesting to see that the greatest financial street in the United States ends with a fountain in a

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park. I really enjoyed exploring Wall Street and having a chance to see for myself what it

actually is.

Brittany Price:

Brittany Price works at the Starbucks on the corner of Front Street and Wall Street. I

decided she would be a good person to talk too since she would be able to see the different

people that come in and out of Starbucks everyday. Additionally, with the large glass windows,

she is able to observe what goes on in the street and see any events that occur. Brittany has lived

in New York her entire life and worked at this Starbucks for the last two years. She is an African

American woman in her late 20’s or early 30’s. As I was talking to her, she tried to give me the

most accurate answers and had a positive attitude. Brittany had a very kind and relaxed

demeanor, and did not seem to mind taking time out of her day to talk to me.

When interviewing Brittany, I asked her many questions about the type of people she

sees and what Wall Street has to offer. While describing the people, she said, “for the most part,

you see business men and women, but also the tourists.” After about 4 o’clock, tourists are

known to flock to the streets of Wall Street. When asked of the benefits of the area, Brittany

stated how she “likes the networking from this area” because there are so many different people

and businesses that one has the ability to connect with. By working at a Starbucks in such a

central location of Wall Street, Brittany has the opportunity to interact with all different types of

people every day. I asked Brittany about the strong police presence on Wall Street and she said

they particularly came out after September 11, 2001 and with the increase in protestors. The

“Occupy Wall Street” protests are located towards Broad, which also attracted a large police

presence. In regards to the activities in the area, Brittany stated that the main attraction was the

bull and that people walk around to shop and see a few museums.

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Thomas Slyman:

Thomas Slyman works on Wall Street most days out of the week as a security guard. He

is located near the New York Stock Exchange, which is known to attract a lot of visitors on a

daily basis. I decided that Thomas would be a good person to interview because his job takes

place outside and he has a chance to observe everything that occurs on the street. Thomas

appeared to be an all- American middle class man. After working at this location for two years,

Thomas sees day-by-day what happens on the street and how it changes at different times during

the year. He said for the most part, not much has changed on Wall Street during the past two

years. Since he is located near the New York Stock Exchange, there were many police officers

concentrated in that area. Thomas said that ever since September 11, 2001 the police officers

have been located in this area.

I asked Thomas his favorite part of Wall Street and he said it was the “buildings and the

people, and the weather, if its nice out”. He said that many tourists come to the area, particularly

around the holidays. Even though he said it was a “business-oriented” area, he said it still attracts

a large tourist population. In regards to the tourism, Thomas stated that it was a different type in

comparison to other attractions. “Times Square is a different story.” In order to show how Wall

Street differs from the rest of New York City, Thomas described the street as “the financial

capital of the world” and the “money maker”.

After interviewing Thomas, I found it interesting that he wanted to know some

information about me as well. When I told him that I went to school in North Carolina, he

brought up his love for NASCAR. I admitted to not knowing much about it and he said, “You

know that (referring to North Carolina) is where NASCAR started.” I found it interesting that he

had me stand behind a line when talking to him so it would not be caught on the security camera.

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Thomas seemed genuine throughout the entire interview and wanted to answer all my questions.

In conclusion, it seems that he truly enjoys his job and appreciates the area of Wall Street.

Eric Garren:

Eric Garren has worked in the area of Wall Street since June 2012. A current employee of

American Express, he previously worked at JP Morgan Chase. According to Eric, a lot has

changed in the area in the past few years since he has been there. In comparison to previous

times, more people are deciding to move into the Wall Street area and that he was one of them.

He said there has been a lot of construction and that it seems a lot of future development and

growth will happen. With this growth, he said there are more places to go such as restaurants and

stores. When categorizing the groups of people on Wall Street, he said it is mostly the financial

people or the tourists. In regards to the demographics, he said that most financial people are men

and most tourists are international. Eric said that Wall Street has a significant amount of history

associated with it, which is why it is such a large tourist attraction. He said that there is the

Federal Hill National Memorial as well as the New York Stock Exchange. Additionally in that

area, there are many more sights to see that are not directly on Wall Street, which also attract the

tourists.

After describing the general overview of Wall Street, I decided to ask Eric more personal

questions about his experience there. “My favorite part of Wall Street is its history and energy

level. I feel like most of the people who work down here have a drive to succeed in business,

which is a thrilling experience.” Considering Wall Street is the financial center of the United

States, it is understandable that the particular area would attract such people. However, when I

asked Eric about his least favorite part of the street, he said they were, “the tall buildings, lack of

green space, and lack of a neighborhood feel.” His complaints for the area would be associated

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with any place where business thrives at that speed. In comparison to when he first ventured to

Wall Street, he said that his initial perceptions were mostly accurate. He said that many people

had false views of Wall Street, and they are upset by fraud and wealth in the banking world. Eric

described one instance where he was “heckled by protestors last year outside JP Morgan’s

office”, but he worked in the product management function. Although he admitted that there

have been things that have gone wrong on Wall Street, the majority of people who work there are

hard working individuals who want to succeed. Eric stated that Wall Street’s “biggest

contribution is being a piece of New York City history as the world’s central financial capital.”

Furthermore, Eric had a different insight to the area because he works at a major company, and it

was interesting to hear how his viewpoints differed from the other interviewees.

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Key Findings: Wall Street

By studying Wall Street, I have been able to come to several different conclusions about

the area. In the process of ethnographic research, I learned about the area through personal

interviews and observations. While trying to be objective, there are still several parts of the

research that are subjective, including the interviews. As an ethnographer of Wall Street, it is my

responsibility to talk to different types of people and learn more about the area. The responses

were voluntary and appeared to be fairly correct. It is my job to convey the information in a clear

way, while providing an accurate portrayal of the area to the audience. After researching Wall

Street and conducting interviews, I noticed that the majority of people there want to be there. As

a result, most of their feelings regarding the area are very positive. In order to obtain a feel for

the actual events that occur on Wall Street, I interviewed three different people, walked the

streets, and observed almost everything.

Through the research process, I learned that most people have pre-conceived notions of

Wall Street, including me. The majority of people in the United States, even the world, have

heard of the infamous Wall Street. It is known to be a global financial center filled with banks

and the New York Stock Exchange. However, after walking down Wall Street, I noticed that

there is more going on in the neighborhood and it offers non-business opportunities as well. One

common aspect that is typically neglected is all of the history that has occurred on Wall Street.

The majority of people are unaware that the street’s name is derived from a protective wall that

the Dutch built to keep the British and Indians away. Additionally, it is one of the most historic

places in the country where many different traditions began. When George Washington was

sworn in on Wall Street, he officially began the tradition of swearing on the bible. Also, most

everyone associates the bull as a symbol for Wall Street, but it is actually located nearby in

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Bowling Green Park. Not only do many people not acknowledge its history, but also have no

idea what is located on the street. Initially, I expected a large street covered with different banks,

tall buildings, and corporately dressed people. When I went to explore the area, I saw banks, but

interspersed with restaurants, gyms, and stores. The last place I expected to find on Wall Street is

a Tiffany’s store. Additionally, many people were dressed nicely, but there were many people in

casual apparel as well. By being able to explore the area, it seems that even though Wall Street is

the financial center of the country, it can have a non-business oriented side as well as a sense of

community. At the end of the street, there is even a park with benches and a fountain that

provides a relaxing place to visit, which is opposite of the fast-paced, demanding financial world.

Not only is the physical layout of Wall Street surprising, but the people there as well.

Most people on the street were polite and acted less aggressive in comparison to other people in

New York. They seem to have a positive attitude and many people were smiling. Since Wall

Street is such a highly regarded area, there is a strong draw to employment opportunities in the

area. After interviewing employees from a security stand, Starbucks, and American Express, I

learned that they all really enjoyed working on Wall Street. From our conversations, it seems that

they enjoyed the area and wanted to find an occupation in that location. Additionally, it appeared

that they are supportive of Wall Street and all of its financial establishments. With this type of

attitude and view of the area, it helps create a sense of community in which everyone is

neighbors and will support each other.

Furthermore, Wall Street is a central location within New York as well as in the United

States. From afar, most people do not realize all that Wall Street has to offer and see it solely as a

financial center. The street is a neighborhood in which there are other stores and restaurants as

well. Most people are involved with Wall Street because they want to be, whether for

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employment, enjoyment, or tourism. Lastly, with all of the construction and the increased

number of people on Wall Street, it appears that the area is gaining more popularity and

recognition from the New Yorkers.