Wall Street's Origins
By
Selena Maranjian (TMF Selena)
August 5, 2002
Q. What's the origin of Wall Street?
A. It all started in the early 1600s, when the Dutch formed a colony called New Amsterdam on what is now Manhattan. It was, even then, a region devoted to commercial enterprises, with much trading. When the Dutch feared trouble from English colonies to the north, they built a wall to protect themselves. Unfortunately for the Dutch, the attack came, but by sea. New Amsterdam became New York, and you'll now find Wall Street where the wall used to stand.
New York's commercial spirit flourished, as did the city itself. Philadelphia was also thriving, and America's first stock market was established there in 1790. The New York Stock Exchange (NYSE) came soon after. According to the Exchange, traders met regularly under a buttonwood tree in 1792, and the NYSE formally organized in 1817.
Today the term "Wall Street" often refers to the financial establishment. Much of America's (and even the world's) financial institutions are based in New York on and around Wall Street, but you'll find many elsewhere.
You'll gain more insights into the history of the American stock market from the book Learn to Earn, by Peter Lynch and John Rothchild. For even more information, check out this list of good financial history books from Morningstar.
If you have questions, thoughts, or opinions on this column, share them with others on our Ask the Fool discussion board.
This question and answer is adapted from The Motley Fool Money Guide: Answers to Your Questions About Saving, Spending and Investing. For answers to this and 499 other common money questions, check it out -- it's a handy resource.
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