New York Stock Exchange

Wall Street History: Vanderbilt, Rockefeller, Gould, and Morgan

January 31, 2022 by James S. Kaplan 1 Comment

The period after the Civil War was one of significant economic and technological expansion in the nation and one in which corporations headquartered in Lower Manhattan and Wall Street would obtain a significant hegemony over the American economy.

This was a time in which individual entrepreneurs were running private businesses located on Wall Street. Men such as Cornelius Vanderbilt, Jay Gould, John D. Rockefeller and J.P. Morgan were major figures in the country and attained economic power and wealth on a scale previously unknown in United States history.

Much of their wealth was derived exploiting natural resources and technological innovations (notably steam engines, railroads, and oil). It was also largely dependent on the economy’s western expansion and African-American and immigrant labor. These men, who some call “Titans of Industry” and others “Robber Barons,” generally consolidated independent businesses into national enterprises, large monopolies, and multinational corporations. Many of these were headquartered in Lower Manhattan. [Read more…] about Wall Street History: Vanderbilt, Rockefeller, Gould, and Morgan

Wall St History: 19th Century Growth of Investment Banking

January 24, 2022 by James S. Kaplan 3 Comments

With the demise of the Philadelphia based Bank of the United States, the financial center of the country shifted to the privately owned state chartered financial firms on Wall Street.

As the nation recovered from the severe depression in the Panic of 1837, President James K. Polk’s policy of Manifest Destiny took root and significant westward settlement of Indigenous land expanded in the 1840s. Fortified by the Erie Canal and its Canal Fund, Wall Street financial institutions became strongly influenced by four factors: the invention of the telegraph; the development of railroads; the discovery of gold and other precious minerals in the West (particularly the California Gold Rush of 1849); and the arrival of significant numbers of Jewish and Irish immigrants in the city of New York. [Read more…] about Wall St History: 19th Century Growth of Investment Banking

A History of Wall Street: Tontine Coffee House & The Buttonwood Agreement

January 3, 2022 by James S. Kaplan 2 Comments

Many New Yorkers, and many Americans generally, consider Wall Street – to be the world’s most famous and important street. Many tourists are surprised to find that Wall Street, once described as “a short street with the river at one end and a Church at the other,” is only seven blocks long.

Originally named for a palisade wall built by the Dutch in the 1640s (and torn down by the English in 1699), the street was an important east-west thoroughfare until the American Revolution. At that time the entire city of New York, home to about 15,000 people, was south of City Hall Park.

One of the current ironies is that Wall Street today has returned to its residential roots. The financial institutions which became famous there now are located in midtown Manhattan or elsewhere. [Read more…] about A History of Wall Street: Tontine Coffee House & The Buttonwood Agreement