Field Trips To Wall Street

No street has been more important to a city than Wall Street has been to New York. The street was named for a wall that protected Manhattan from enemies and warring Indians. Wall street has become the center of business in the city of New York, and has come to be known as the financial center of the world.

The massive bronze statue of a bull, the symbol of Wall Street, has long been a mascot for traders on Wall Street and is located at Wall Street and Broadway. The statue's nose is a lighter color than the rest of the bull from being polished by the hands of passers-by seeking to earn their fortunes.

As you explore Wall Street, don't forget that the greater financial district offers a wealth of fantastic sites, including: the Chase Manhattan Bank and Plaza located on Liberty Street; The Marine Midland Bank at the corner of Nassau and Liberty Streets; The Chamber of Commerce on Liberty Street; and The Federal Reserve Bank at the triangle formed by Liberty and Maiden Streets.

Federal Hall
It is here, on the steps of Federal Hall, that George Washington took his oath of office in 1789. Thousands of New Yorkers attended the swearing in and roared their approval when the Chancellor of New York shouted, "Long live George Washington, President of The United States." The current structure was built between 1834 and 1842 and served as the United States Custom House. It represents one of the finest examples of classical designs in the entire city of New York. On display are the Bill of Rights Room, Rotunda, and an interactive computer exhibit about the Constitution of the United States of America.

Federal Reserve Bank
The Federal Reserve Bank, an impressive building on Liberty Street, was designed by York & Sawyer and was completed in 1924. Inspired by the palaces of the Italian Renaissance, this facility occupies a full block and is covered with wrought iron ornamentation. It is one of twelve regional Reserve Banks which, along with their board of governors in Washington, D.C., comprise the Federal Reserve System. The "Fed," as the system is commonly called, is an independent governmental entity created by Congress in 1913 to serve as the central bank of the United States. It is responsible for formulating and executing monetary policy, supervising and regulating depository institutions, providing an elastic currency, assisting the federal government's financing operations and serving as the banker for the U.S. government.

The New York Federal Reserve Bank issues US currency to other banks. In addition, it has important roles in operating the nation's payment systems. It houses hundreds of billions of dollars of gold and securities within its vaults. Beneath the Federal Reserve Bank is a vault that is used for storing gold which is owned by various nations. Each nation's gold is housed in a separate compartment guarded by 90-ton doors.
The New York Fed is also responsible for intervening in foreign exchange markets to achieve dollar exchange rate policy objectives and to counter disorderly conditions in foreign exchange markets. Dollars are sold in exchange for foreign currency if the goal is to counter upward pressure on the dollar. If the objective is to counter downward pressure, dollars are purchased through the sale of foreign currency. The Federal Reserve Bank of New York also serves as fiscal agent in the United States for foreign central banks and official international financial organizations. It acts as the primary contact with other foreign central banks.

New York Stock Exchange
The New York Stock exchange began as a simple gathering area around a buttonwood tree which grew at 68 Wall Street. It was here, in 1792, that 24 traders agreed to deal only with each other. At that time, admission to the exchange cost $25 dollars. Today it can cost one million dollars and a rigorous test of suitability is required. Through the public viewing gallery, visitors can watch the hustle and bustle of the traders on the trading floor.

Over the years, the stock exchange has seen numerous "bear markets" (slumps) and "bull markets" (booms). On October 29, 1929, the stock market suffered one of its worst market crashes. Contrary to popular belief, traders did not jump out windows in panic. Throughout the years, the advance of technology has produced many changes at the stock exchange. The ticker tape machine, introduced in the 1870's, printed out up-to-the-minute details of purchase prices on ribbons of paper tape. The microchip has turned a once-local market into a global one. Using the advanced SuperDot computer, who's wiring is carried overhead in pipes made of gold, over 200 million shares are traded each day for more than 2,000 companies.

Trinity Church
Trinity Church is home to one of the oldest Anglican parishes which was founded in 1697. Located at Broadway and Wall Street, it is the actually the third church built on this site. When this structure was built, it was one of the grandest churches in its day, and marked the beginning of the best period of Gothic Revival Architecture in America. Richard Upjohn designed the church in 1846. The inspiration for the sculpted brass doors, a Robert Hunt design, came from Ghiberti's Doors of Paradise in Florence, Italy.

Long buried beneath the grime of New York City, the rosy sandstone of Trinity Church has been revealed after careful restoration. The 280 ft (26-m) tall steeple, tallest structure in New York until the 1860's, is still an impressive sight even among its towering neighbors. Members of the church have included many prominent individuals including statesman Alexander Hamilton, steamboat inventor Robert Fulton, and William Bradford, founder of New York City's first newspaper in 1725, all of whom are buried in the church graveyard.