Wall Street

Abstract

Abstract A history of Wall Street beginning in 1791 and ending in the present, the book traces the development of the major financial markets from the New York Stock Exchange's origins in the outdoor curb market through developments in the 1990s. The history is divided into four main periods – 1791 through the Civil War, the Civil War to 1929, 1929 to 1954, and the late 1950s to the present. In each period, the book traces the development of Wall Street by examining how it issued new securities and traded existing ones on the exchanges. It also examines the role of major personalities such as Jay Gould, J. P. Morgan, and Michael Milken in new developments in finance. A major area of focus is the securities and banking laws initiated in the 1930s and their impact upon the Street's future role in raising and trading securities. Also discussed are the major milestone deals in each period and how they affected future trends. The major theme throughout is the often uneasy relationship between Wall Street and Washington, especially during the 1930s and again in the 1990s when several major scandals erupted.