Lights and Shadows of New York Life / or, the Sights and Sensations of the Great City

by James Dabney McCabe

I. THE STREET.

Wall Street begins on the east side of Broadway, opposite Trinity Church, and terminates at the East River. It is about half a mile from the extreme southern end of the island, and about the same distance from the City Hall. It is a narrow street, about fifty feet in width, and slopes gradually from Broadway to the river. It is lined on both sides with handsome brown stone, yellow stone, granite, marble, iron, and brick buildings, and the Treasury and Custom-House rear their magnificent fronts about midway between the termini of the street. They are diagonally opposite each other. The buildings are covered with a multiplicity of signs, rivalling the edifices of Nassau street, in this respect. Scarcely a house has less than a score of offices within its walls, and some contain at least three times as many. Space is valuable, and rents are high in Wall street, and many of the leading firms in it have to content themselves with small, dark apartments, which a conscientious man would hesitate to call an “office.” The rents paid for such quarters are enormous, and the buildings yield their owners large incomes every year. The streets running into Wall street, on the right and left, are also occupied for several blocks with the offices of bankers and brokers, and are all included in the general term “Wall street,” or “The Street.”

Wall street first appears in the history of the city as a portion of a sheep pasture which was used in common by the inhabitants

of New Amsterdam. Its natural condition was partly rolling upland and partly meadow of a swampy character. The name of the street originated thus: About the middle of the seventeenth century, the English in the New England colonies began to press heavily upon the Dutch in New Netherlands, and kept the worthy burghers of New Amsterdam in a constant dread of an invasion. Influenced by this feeling, the city authorities resolved to fortify the place, and in 1653 constructed a wall or stockade across the island, from river to river just beyond the line of the village. This wall passed directly across the old sheep pasture. Citizens were forbidden to build within 100 feet of the stockade, this open space being reserved for the movements of troops. It soon became a prominent highway, and the eastern portion has since remained so. The anticipated attack on the city was not made, but the wall was kept in good

condition. Houses crept up close to the wall on the city side, and began to appear on the opposite side just under the wall. Thus a new street was formed, through which ran the old stockade. The open space along the wall was originally called The Cingel, signifying “the ramparts.” Soon after the town reached the limit of the military reservation, persons residing here were spoken of as living “long de Wal,” and from this the street came to be called “the Wall street,” which name it has ever since borne. The wall having fallen into decay, was demolished about the year 1699, and its stones were used in the construction of the old City Hall, which stood at the intersection of Wall and Nassau streets, the site now occupied by the Sub-Treasury of the United States. The old building was used for the various purposes of the city government until the close of the Revolution. It contained, besides the council and court rooms, a jail for the detention and punishment of criminals, a debtors’ prison, which was located in the attic, a fire-engine-room, a cage and a pillory. A pair of stocks was set up on the opposite side of the street, wherein criminals were exposed to the indignant gaze of the virtuous public.

At the close of the Revolution, the City Hall was enlarged and improved for the use of the General Government. It thus became the first capitol of the new Republic, and was known as Federal Hall. The first Congress of the United States assembled within its walls in the year 1789, and upon its spacious portico, in the presence of an immense multitude, George Washington took the oath to support and defend the constitution as first President of the United States.

Wall street was originally taken up with private residences, and the old views represent it as well shaded with trees. Even as late as 1830 it presented a very rural appearance between Broadway and William street. Prior to the Revolution, the lower part of the street had been built up with stores as far as Front street, and had become the centre of mercantile affairs in the city, the row of stores on Wall street being the first erected beyond Water street. About the year 1792, the old Tontine Coffee House was erected on the northwest corner of Wall and

Water streets, and this became the favorite rendezvous for the city merchants, by whom, indeed, it was erected and controlled. In 1791 the Bank of New York was located at the corner of William street, and marked the first encroachment upon the strictly private portion of the street. It was also the first effort to make this locality the centre of the financial operations of the city. Other institutions and private bankers soon followed, and the character and architecture of the street began to undergo a change. The work of improvement went on steadily, and the Wall street of to-day is the result. Famous lawyers have also had their offices in this street. Alexander Hamilton’s sign

might once have been seen here, not far from where his humble monument now stands in Trinity Churchyard, and the name of Caleb Cushing is still to be found near a doorway just below Broadway.

“In 1700 a house and lot on the southeast corner of Wall and Broad streets, 16 x 30, sold for £163. In 1706 a house and lot on the north of Wall street, 25 x 116, sold for £116. In 1737 a house and lot on the north of Wall street, 62 x 102, sold for £110. In 1793, the dwelling and lot of General Alexander Hamilton, on the south of Wall street, 42 x 108, sold for £2400. In 1794 a house and lot, 44 x 51, sold for £2510.” At present the ground included in these sites is held at hundreds of thousands of dollars.

The street fairly began its present career in the days of Jacob Little, “the great bear of Wall street.” He opened an office here in 1822, and by dint of such labor as few men are capable of performing, placed himself at the head of American operators. His credit was good for any amount, and his integrity was unimpeachable. He could sway the market as he pleased, and his contracts were met with a punctuality and fidelity which made “his word as good as his bond.” Efforts were made to ruin him, but his genius and far-sightedness enabled him to defeat all his enemies with their own weapons. His gains were enormous, and so were his losses. The civil war brought upon him disasters which he could not surmount, and he died poor in the early part of 1861, leaving behind him one of the names of which New York is proud.

At the corner of Nassau street, and looking down into Broad street, is the Sub-Treasury of the United States, a handsome white marble edifice. It is built in the Doric style of architecture, and its massive flight of steps and imposing portico give to it a striking appearance. It is constructed in the most substantial manner, and has a rear entrance on Pine street. The interior is handsomely arranged, and tasteful but secure iron gratings protect the employees from surprise and robbery. The vaults are burglar proof. This is the principal depository of the Federal Government, and millions of dollars are always in

its vaults. The building was erected for, and was used for some years as, a Custom House.

From the steps of the Treasury one may enjoy a fine view of the entire street, and of Broad street also. About the hour of noon the scene is busy and exciting. The roadway in Wall street is full of struggling vehicles, and long rows of cabs stand in waiting in Broad street for the busy operators within the Exchanges. The side walks are crowded with an eager, hurrying throng. The steps and street around the Stock Exchange, in Broad street, are black with men who are shouting, pushing, and struggling in the effort to turn the transactions of the day to their advantage. Overhead is an intricate maze of telegraph wires, along which flow the quick and feverish pulsations of the great financial heart of the country. The sunlight falls brightly and cheerily over it all, and at intervals the clear, sweet chimes of old Trinity come floating down the street high above the noise and strife below them.

Diagonally opposite the Treasury, and at the corner of William street, is the Custom House, which occupies the irregular square bounded by Wall street, Exchange Place, William street, and Hanover street. It is one of the finest and best arranged edifices in the city.

Just below the Custom House is the handsome marble building of Brown Brothers, one of the model houses of New York, as regards both the firm and the edifice. The Messrs. Brown are regarded as the most reliable and accomplished operators in the street. Across the way, in a dingy granite building, is the office of August Belmont & Co., the American agents of the Rothschilds, and bankers on their own account. Jay Cooke & Co. occupy the fine marble building at the corner of Wall and Nassau streets, opposite the Treasury, and there conduct the New York branch of their enormous business. Fisk & Hatch, the financial agents of the great Pacific Railway, are a few steps higher up Nassau street. Henry Clews & Co. are in the building occupied by the United States Assay Office. Other firms, of more or less eminence, fill the street. Some have fine, showy offices, others operate in dark, dingy holes.

II. THE STOCK EXCHANGE.

The Stock Exchange is located on the west side of Broad street, just out of Wall street. It is a fine white marble edifice, with a portico of iron, painted flashily in black and gold. It extends back to New street, with an entrance on that street. There is also an entrance on Wall street. It contains the “New York Stock Exchange,” “The Mining Board,” and the “Government Board.”

During the spring and summer of 1871 the internal arrangements of the building were very much improved. The refitting cost the brokers $60,000, but they now have the handsomest establishment of its kind in the world.

The main entrance is on Broad street, and from this the visitor passes into a room, the larger portion of which is separated from the Broad street end by an iron railing. This is “The Long Room,” and during the day it is almost always filled with a noisy and not over-nice crowd. It is the scene of the irregular sales of stocks. Any one who can raise $50 can purchase a season ticket to this hall, and once admitted can sell and purchase stocks without being a member of the Regular Board. This arrangement has nearly put an end to the sales of stocks on the side walks, and has given a tinge of respectability to the class known as “Curb-stone Brokers.” A dozen or more different stocks may be sold here at once, and the sale may be continued as long as the seller sees fit. There is no regular organization of the brokers operating here, though these men control the bulk of the sales made in the street. They are noisy and seem half demented in their frantic efforts to make sales.

The “Stock Exchange” occupies the main hall, which is on the floor above the Long Room. This hall is one of the most beautiful apartments in the city. It is seventy-four feet long, fifty-four feet wide, and fifty-two feet four inches high. Its lofty ceiling is arched and decorated with bright red and buff

penciling upon a sky blue ground, while the walls are relieved by broad square pilasters, painted in brilliant bronze, with tall windows and arched tops rising between, and other spaces between the columns covered with drapery in more subdued colors. Up to a few feet from the floor the painting is in a dark-hued bronze. The coloring is in the Moorish style throughout, and the effect of the whole is very fine. At the north end is the platform for the desks of the Vice-President and Secretary, and on each side of this is a black board for recording the quotations of the session. On the same platform is the desk and instrument of the stock telegraph operator. At the south end of the hall is a light gallery capable of holding 200 persons, for the use of visitors. In connection with the hall are several committee, cloak and ante-rooms. In the centre of the ceiling is a huge ventilator, beneath which is suspended the lighting apparatus, containing 100 burners. A chamber five feet in depth underlies the hall and the adjoining lobby, and in it are laid pipes for conducting warm air.

At the base of the walls is an open iron grating covering the

apertures of a shaft leading from the engine-room. Through this shaft warm air is forced into the hall in winter, and cool air in summer, thus securing perfect ventilation.

The Stock Exchange Board is an incorporated company, and is the only lawful association in the city for the transaction of business connected with stocks. It consists of 1050 members, but the control of its affairs is vested in a council of forty members, together with the President, Secretary and Treasurer in their unofficial capacity. The admission fee is $5000, and a seat in the Board becomes the absolute personal property of the broker, who can sell or otherwise dispose of it as he would of his watch or his coat. Candidates are admitted by ballot and with great care, the object being to secure the exclusion of all but men of known integrity, for the Board requires the most scrupulous good faith in the transactions of all its members. Four black balls will prevent the admission of a candidate whether he wishes to enter by purchase or otherwise. Candidates must submit to a close scrutiny of their previous lives, and must show a clear record.

There are two daily sessions of the Board, one in the morning and the other in the afternoon. The securities offered at these meetings are divided into two classes, the Regular and the Free List. No stock or bond can be dealt in until it has been rigidly examined by a committee, and found to be a bonâ fide security.

At half-past ten o’clock in the morning, the Morning Board is called to order by the First Vice-President. The Regular List, which is made up in advance of the meeting, must always be called, and called first. The Free List may be called or not at the option of the Board. The Regular List consists of 1st. Miscellaneous Stocks. 2d. Railroad Stocks. 3d. State Bonds. 4th. City Stocks. 5th. Railroad Bonds.

The session opens with the reading of the minutes of the previous day. Then comes the call of the Regular List. The call of Miscellaneous Stocks awakens but little excitement. Bids follow quickly upon the announcement of the stocks, and the transactions, as they are announced by the

cries of the brokers are repeated by the Vice-President to the Assistant Secretary, who records them in the journal, and they are also recorded by a clerk on a black board in full view of the members. Where there is a doubt respecting a sale or purchase the Vice-President decides, and his decision is final, unless reversed by the votes of a majority of the members present.

The call of railroad securities brings the brokers to their feet, and the real business of the day begins. Offers and bids, shouted in deep bass, high treble, or shrill falsetto, resound through the hall, and in a few minutes the jovial-looking brokers seem to be on the verge of madness. How they yell and shout, and stamp, and gesticulate. The roar and confusion are bewildering to a stranger, but the keen, practised ears of the Vice-President at once recognize the various transactions, and down they go in the Secretary’s book, and on the black board, while the solemn-vizaged telegraph operator sends them clicking into every broker’s office in the city. High over all rings the voice of Peter, the keeper of the gate, calling out members for whom telegrams or visitors have arrived.

The other stocks awaken more or less excitement, and when the Regular List is completed, the Free List is in order, and the Vice-President calls such stocks as the members express a desire to deal in. Then, unless there is a wish to call up some stock hastily passed over on the call of the Regular List, the session closes.

At one o’clock, the afternoon session is held, and the routine of the morning is gone over again. The transactions of both sessions are carefully recorded in the Secretary’s books.

The Vice-President receives a salary of $7000 per annum for his services, which are not light. The Secretary and Assistant Secretary, and Roll-keeper do the rest of the work of the Board. The last named keeps a record of the fines, which yield an exceedingly large revenue to the Board. The brokers are not the most dignified of mortals in their meetings, but are very much given to disorderly conduct and practical jokes. The annual dues of the Exchange are but fifty dollars, but the

average broker pays at least ten times as much in fines. To interrupt the presiding officer during a call of the stocks subjects the offender to a fine of not less than twenty-five cents for each offence; to smoke a cigar within the Exchange costs five dollars; to be absent from special meetings is to incur a fine of not more than five dollars; to stand on a table or chair is punishable with a fine of one dollar; to throw a paper dart or ball at a member during the session of the Board costs ten dollars; and other offences may be punished with fines assessed by the Vice-President at any sum between twenty-five cents and five dollars.

Each day a list of stocks to be put in the market is made out, and no others can be sold during the sessions. The Board can refuse to offer any particular stock for sale, and a guarantee is required of the party making the sale. The members of the Board are men of character, and their transactions are fair and open. They are required to fulfil all contracts in good faith, however great the loss to themselves, on pain of expulsion from the Board, and it is very rare that an expelled member can be reinstated.