Wall Street is one of the biggest hubs in the world for finance and loud obnoxious guys. Insane amounts of money go in and out of it constantly, it’s understood by almost nobody who lives anything close to a normal life. And, like any pillar of our modern society, it has various secrets and surprising facts that you don't typically hear about.
Check out this list of some of the lesser known history and shocking facts about New York City’s financial district. Unfortunately, none of the items on this list will help you make a fortune on trading stocks, but if they somehow do, you owe me a percentage.
1
Wall Street crash
It’s often said that the Wall Street Crash of 1929 resulted in traders jumping out of windows to commit suicide after losing everything. In fact, only four suicides were linked to the crash in 1929.
2
The power of interest
If you could travel back in time to 1956 and invest just $1,000 with Warren Buffett, you would have over 300 million dollars today.
3
Insider trading used to be normal
Before 1934, insider trading was not illegal and was in fact just considered shrewd business. The Securities Exchange Act changed that by introducing the SEC.
4
Wall Street almost left New York
After the events of September 11th, 2001, there was serious talk about moving Wall Street to Chicago, Charlotte, or New Jersey.
5
It once had a secret language
Before computers, traders used codes, jargon, and hand symbols to efficiently convey information about different price moves or assets. Even today, floor traders use a shorthand called ‘traders’s code’.
6
It started in a café
The first location of the New York Stock Exchange was a café called Tontine Coffee House at the corner of Wall Street and Water Street. Surprising, because the atmosphere of a coffee house feels almost completely opposite to what the trading floor is like.
7
Federal Hall has an important history
Federal Hall was the meeting place for the Congress of the Confederation from 1785 to 1789. It was the site of the first Congress, and also where George Washington was sworn in as president.
8
Rage Against the Machine played an illegal concert there
Rage Against the Machine filmed their music video for Sleep Now in the Fire in front of the New York Stock Exchange without a permit. Arrests and detainments were made. Tom Morello and many others ran inside the Stock Exchange but were thwarted when metal riot doors came down.
9
Lots of celebs have rung the bell
Trading begins and ends at the ringing of the Wall Street Bell, which is often rung by somebody famous or important. Some bellringers throughout history include Ronald Reagan, Robert Downey Jr., and Miss Piggy from the Muppets.
10
Some founding fathers are still there today
Trinity Church, the tall gothic revival style church on Wall Street, is home to the remains of many important figures in American history, including Alexander Hamilton.
11
It’s not number one
Though Wall Street is pretty much the first thing that comes to mind when you think of financial hubs in the world, Global Financial Centers Index only ranks it as number two. First place goes to London, England.
12
The actual street is surprisingly small
The term ‘Wall Street’ is generally used to refer to New York’s entire financial district, but the actual Wall Street itself is relatively small: only eight blocks, just under half a mile long.
13
It was named by the Dutch
Wall Street was originally named “de Waal Straat” back when New York was New Amsterdam. It’s believed the name ‘Wall Street’ came from a wall built by the Dutch to defend the area against the British.
14
Oldest street
Stone Street is one of the oldest paved streets in New York City. It incorporates two roads that date all the way back to when NYC was the Dutch colony of New Amsterdam in the 1600s.
15
Oldest restaurant
The financial district is home to New York’s oldest restaurant, Fraunces Tavern. It’s been a restaurant since 1762 and served as a watering hole for many of America’s founding fathers.
16
Underground gold
The Federal Reserve Bank of New York has an underground vault 80 feet below street level that holds gold for various banks and organizations. As of 2019, there were over 497,000 gold bars in there.
17
The bull has a lucky you-know-what
Thousands of people a day visit the bull statue at Wall Street, which stands as a symbol for prosperity and optimism. To get some of that prosperity for themselves, tourists usually rub the bull in a place I can’t mention on this website.
18
A single tree
There’s only one tree on Wall Street. It’s the buttonwood tree that 24 stockbrokers met under in 1792 to sign an agreement that set the first rules for trading stocks and created the New York Stock Exchange. It’s not very impressive looking, but it holds a very important place in Wall Street history.
