Jay Hoster - Early Wall Street: 1830-1940

IMAGES
of America

EARLY WALL STREET
18301940

One of the rarest of the stereoviews issued by E. & H.T. Anthony & Co. shows the New York Stock Exchange, c. 1867, when the white marble of the facade was still pristine. Because of the long exposure times required for early photographs, moving figures show up as ghostly images. (Authors collection.)

ON THE COVER: Curb Market traders are transacting business in the middle of Broad Street in this stereoview. The traders worked outdoors in all kinds of weather; however, the shirtsleeves and straw hats would indicate that this photograph was taken on a warm day. The Curb Market moved indoors in 1921. (Authors collection.)

IMAGES
of America

EARLY WALL STREET
18301940

Jay Hoster

Copyright 2014 by Jay Hoster
ISBN 978-1-4671-2263-4
Ebook ISBN 9781439648636

Published by Arcadia Publishing
Charleston, South Carolina

Library of Congress Control Number: 2014940115

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CONTENTS

ACKNOWLEDGMENTS

Jeffrey T. Darbee read the text and made helpful suggestions. My thanks also go to Kristin Aguilera of the Museum of American Finance for giving me the opportunity to pursue my interest in this field within the pages of the museums magazine Financial History. My wife, Genie, encouraged and supported this project every step of the way and for that I am deeply appreciative.

INTRODUCTION

The geography of Wall Street is compact, but its role in American life has always been immense. Perhaps nowhere are the demands of the present and the future so insistent as on Wall Street. Stock prices are relentlessly relayed around the globe, which are then parlayed into visions of the future, whether a glorious land of dreams fulfilled or a treacherous mire to be prudently avoided. And yet, Wall Street also goes back to an earlier time.

In 1621, the States-General, the legislative body of the Netherlands, made the colony of New Netherland a part of the West India Company. The past can protrude in seemingly unlikely places. Staten Island was named for the States-General, which is more evident when using the Dutch name, Staten-Generaal.

Peter Stuyvesant had fought the Spanish in the West Indies, and as director-general of New Netherland, he had an overriding concern in 1653protecting the growing town of New Amsterdam from British forces expected to be coming south from New England. The result was a wooden stockade that was built across the northern edge of the city. In the 1660s, stone bastions where cannons could be placed were added. This was the wall that gave Wall Street its name.

When the British arrived in 1664, however, it was not by land but by sea, and instead of the bloodshed of war, the transition of power was more of the nature of a corporate takeover. The expansion of British power had been engineered by James, Duke of York, who would later become King James II. James also held the title of Duke of Albany, which afforded an additional opportunity to leave his name on the map.

It was not until 1699 that the wall was completely removed. The stone was repurposed in the building of a new city hall occupying a prime location on Wall Street at the head of Broad Street. In 1735, a case heard there made legal history when a printer named John Peter Zenger went on trial for libel. Zenger had printed within the pages of the New York Weekly Journal scathing critiques of the colonial governor, but his lawyer argued that truth was a sufficient defense against the charge of libel. The law did not actually say that, but the jury acquitted Zenger nevertheless.

The year 1776, which was so noteworthy for events in Philadelphia, was a harsh time in New York. A fire devastated the city, and while George Washington led his troops to victory in the Battle of Harlem Heights, continued British strength caused him to retreat to White Plains. The Battle of Yorktown is sometimes regarded as the end of the Revolutionary War, but the sequence of events it put into motion took time to play out. It was more than two years after Yorktown before the British left New York. On December 4, 1783, Washington said farewell to his officers at Fraunces Tavern.

When New York became the first capital of the United States, city hall was remodeled by Pierre Charles LEnfant to become Federal Hall, and it was there that George Washington took the presidential oath of office on January 30, 1789.

The national capital moved to Philadelphia the following year. For Wall Street, the direction that the future would take was indicated by an event that took place on May 17, 1792, when 24 brokers signed an agreement setting a minimum commission rate and establishing a preference for dealing with each other. Legend has it that the document was signed beneath a buttonwood tree on Wall Street, giving it the name the Buttonwood Agreement, although Corres Hotel has been put forth as a more likely venue.

Formal organization came in 1817 with the founding of the New York Stock & Exchange Board. The name was changed to the New York Stock Exchange in 1863, but it was not until 1865 that the organization had a building of its own. By then, other iconic structures that have defined Wall Street were in place.

The fire of 1776 left Trinity Church in ruins, and the second Trinity was damaged during the winter of 18381839. The building committee decided that the tower of the new building would line up exactly with the center of Wall Street. Richard Upjohn designed a church in the Gothic Revival style that continues to anchor the site at the head of Wall Street.

The location of Federal Hall eventually became the site of the US Custom House designed by Town & Davis in the Greek Revival style. The architects plans called for a dome on the roof, which was never built. That left Alexander Jackson Davis disappointed, but for most people, the buildings finishing touch was the installation of John Quincy Adams Wards statue of George Washington, which was dedicated on a rainy day in November 1883, one hundred years after the British evacuation of New York.

At 55 Wall Street stands the second Merchants Exchange, built following the fire of 1835. In the early 20th century, McKim, Mead & White added a second row of columns when it was converted to a bank headquarters from its prior use as the US Custom House.

In the 1860s, 23 Wall Street was a place to buy a meerschaum pipe, but that address was to become well known in financial history as the home of J.P. Morgan & Co. Change has continued at that site as well, as it is currently part of a condominium development named for a French architect.

All of the images in this book are from my collection and draw on a variety of sources. Many are stereoviews, which were published as a double image mounted on cardboard. They were popular in the latter half of the 19th century and into the 20th century because they produced a three-dimensional effect when viewed in a special holder. Today, their value to historians derives from the fact that the vast majority are actual photographs. A profusion of publishers issued stereoviews, but the favorite for many collectors is E. & H.T. Anthony & Co. Larger format cabinet photographs were able to present a wider view. An example is the photograph taken from Trinitys steeple that is on .