One of the most important streets in the US – Wall Street – has become a metonym or a word that’s associated with everything that has to do with finance and stocks in the country.
Click start to play today’s Word Search, where you can find “Wall Street” and other related words.
But is Wall Street an actual street? And how did it come to be anyway? Here are 5 facts about one of the most powerful places impacting the economy of the US:
1. It’s an actual street
Wall Street, is in fact, an actual street and not just a figurative term for the stock market. It’s a narrow street located in Lower Manhattan, New York, and runs just across eight blocks.
2. The “Wall” in Wall Street was a real wall
There used to be an actual wall on the location, which formed the border of the city of New York. The Dutch built the wall in the 17th century to protect the newly formed ‘New Amsterdam’ (the old name for New York). The wall, which was just a wooden palisade about 9 feet tall and 2,340 feet long, was made with the purpose of defending the city from the British. The Dutch called it “de Waalstraat”.
3. It became a slave market
Midway through the 17th century, the wooden wall was replaced by a stone fortification and a slave market was officially installed within the area in December, 1711. The city did well because of it, since they charged taxes for every slave bought from the market.
4. It hosted the first US presidential inauguration
On the balcony of Federal Hall, in Wall Street, on April 30, 1789, the first US President, George Washington, took the oath of office. Just a year earlier, the US also passed the Bill of Rights, with the first 10 amendments to the country’s Constitution, in the same location as well.
5. It was one of the only two financial centres in the world
New York’s booming business and the opening of the nearby Erie Canal propelled the city into prosperity, marking it as the money capital of the US, with Wall Street as its undeniable centre. With the end of the 19th century and widespread industrialisation, financial markets became more important. Wall Street held its position as the second-largest financial centre in the world, with only London, UK, surpassing it.
Did you know about the history of this important street? Play today’s Word Search and let us know at games@gulfnews.com.
