Install our Wall Street is often associated with high-stakes trading, billionaire CEOs, and lucrative bonuses. However, there's more to this iconic street than meets the eye. In this article, we'll delve into some little-known aspects of Wall Street that will surprise even the most seasoned finance professionals.
1. The Original Wall Street was a Cow Path
In the 17th century, Wall Street was literally a cow path. Yes, you read that right! The street was used as a route for cattle to be driven from New York Harbor to Brooklyn, where they would be sold at market.
It wasn't until 1653 that the Dutch West India Company built the first street pavement on Wall Street, paving the way for the modern-day financial hub we know today.
2. The New York Stock Exchange (NYSE) is Home to a Secret Apartment
Beneath the NYSE's iconic floor lies a secret apartment that's been used by its employees and members since 1869. The apartment, which features a fireplace and a small kitchen, was originally designed as a place for guests to wait during rainstorms.
Today, only a handful of people know about this hidden gem, making it one of the most exclusive and intriguing secrets on Wall Street.
3. The Federal Reserve is Not Just a Bank
The Federal Reserve, also known as the 'Fed,' is often misunderstood as simply being a bank. However, its role goes far beyond that. As the central bank of the United States, it regulates monetary policy, sets interest rates, and oversees the entire financial system.
With its vast powers and influence, the Fed plays a critical role in maintaining economic stability and preventing financial crises.
4. Wall Street's Most Iconic Landmark is a Fake
The Charging Bull statue on Wall Street is an iconic symbol of the street's energy and vitality. However, did you know that it was actually created by artist Arturo Di Modica as a gift to the city?
Di Modica, an Italian immigrant, designed the bull in 1989 as a way to celebrate the 'greatest comeback story in the history of Wall Street.' Despite its fame, the statue remains a relatively low-key fixture on the street.
5. The First Computer Trade Went Down on Wall Street
In 1967, the first computer trade took place on Wall Street when IBM sold its mainframe computers to the US government for $1 billion. This historic transaction marked the beginning of a new era in high-speed trading and set the stage for the modern-day financial markets.
This little-known fact highlights the significant impact that technology has had on the world of finance, transforming it into the fast-paced, high-stakes industry we know today.