History of Wall Street

How did Wall Street begin? What is the history of Wall Street? Wall Street takes its name from a wall of brush and mud that was built alongside the street’s original pathway. The Dutch settlers built the wall shortly after establishing a trading post on the island of Manhattan in 1609. In 1626 the Ducth purchased the entire island from the local Indians with trinkets and beads worth the equivalent of $24. After they purchased the island, the Dutch improved the wall to keep their cows in and the Indians out. The path knowns as Wall Street quickly bacame the center for commercial and community activity that connected the docks serving the Hudson River on the west and east rivers allowed for importing of goods between the different mercants who then built their homes and businesses close by.
And of course, soon after homes and businesses were built, a city hall and church were erected. Although stocks and bonds were not known at this time, merchants bought and sold such commodities as tobacco, furs, and molasses.

In 1664, the English gained control of the area and the settlement was renamed New York. In 1789, George Washinton was inaugurated president on the steps of the Federal Hall on Wall Street, and a few months later the first U.S Congress met in the same building. Stocks and bonds were still unheard of.

On March 8, 1817, the constitution of rules for conduct of business was adopted. The organization was named New York Stock & Exchange Board. However, on January 29, 1863, the name was shortened and changed to New York Stock Exchange, a name that has continued to this day.
The changes of the past have paved the roads of the future for both the Dow Jones Industrial Average and Nasdaq Composite. Such changes as trading hours, execution systems, and technical indicators have opened more doors for investors.

Source: Technical Charting for Profits, by Mark Larson

History of Wall Street