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. Early the next yearthe traders moved into the Tontine Coffee House, whichwas located on the northwest corner of Water and WallStreets.This site had been the locale for the infamous RoyalAfrican Trading Company, where the English bought andsold enslaved Africans.Without question, the New York financial market hasseen a multitude of changes since the crash of 1929.Withthe late-1990s boom cycle, the great crash has receded fur-ther into our cultural memory.But it was a full twenty-fiveyears before the Dow Jones Industrial Average surpassedthe summer highs of that fateful year.Even more telling, it 26 WALL STREET | The Architecture of Capitalismwasn t until 1968 that the daily volume on the floor of theexchange surpassed the 16 million shares traded on BlackThursday.Today, 16 million shares are traded quite oftenon one company in the course of a day; the NYSE trades 16million in each day s first few minutes.Take a peek down Broad Street.It runs from Wall downto the tip of Manhattan.It was originally a canal dug by theDutch in 1660 and filled in by their British successors in1676.slaveryNew York City was no stranger to slavery.It was, in fact, thelargest slaveholding city in all the colonies until 1750, and thenumber-one place for slave importation and auctions.Slaves arrived in the city as early as 1626, brought in smallnumbers from the Dutch West Indies.But on September 15, 1655,the Witte Paert docked with three hundred African slaves.Thissignaled New York City s beginning as a large-scale port of desti-nation for the transatlantic slave trade.Many slaves were thenshipped from New York to the Chesapeake, but by 1664, the citywas 20 to 25 percent black.Under the Dutch, slaves were provided with some medical care,food, and housing.The Dutch gave half freedom to some; thismeant a degree of freedom in finding housing and employment,but even half-free blacks were required to work for the Dutch WestIndia company when labor was needed, and children were companyproperty.A few were allowed to settle outside the city on landgrants, as a buffer between European settlers and Indians, and afew were free outright.Slaves could testify in court in cases in-volving whites and were allowed to serve in the militia duringemergencies.In 1663, a group of half-free blacks petitioned forfreedom in return for service to the Dutch under threat of Englishinvasion.The Dutch agreed and gave some full freedom in 1664,but seven hundred remained in slavery. The Architecture of Capitalism | WALL STREET 27The British recognized all residents slave property after theirconquest in 1664.They then made it more difficult each year forblacks to be free, restricted slaves freed by the Dutch, and elimi-nated half-free status.In 1677, British law dictated that all blacksbrought to trial were presumed to be slaves, and in 1706, it de-creed that conversion to Christianity did not affect slaves status.The British needed labor.From 1730 to 1750 the black populationgrew faster than the white.By 1746, one in five New Yorkers wasblack, but that number declined to 16 percent at the time of theRevolution.In King s County at that time one-third of the residentswere black, and more than half of whites owned slaves.In the city, owners typically had two or three slaves who livedand worked in the master s home.Slaves also worked as coopers,tailors, bakers, tanners, carpenters, sailmakers, and masons andwere able to hire out their own labor.New York City had 3,137slaves by 1771.Under the British occupation, slaves fled to NewYork City in hopes of freedom.After 1781 the British evacuatedmany blacks, some of whom ended up as slaves in the West Indies.In 1784, the New York legislature granted freedom to slaves aban-doned by departing Loyalists (property forfeiture).Others werefreed for service to patriot causes.In 1785, the New York Manumission Society began to work forthe gradual abolition of slavery.The majority of both houses of theNew York legislature wanted to abolish the institution, but couldnot decide on the future status of freed slaves; few wanted blacksto have equal civil rights.French fleeing Haiti near the end of theeighteenth century brought their slaves and increased New YorkCity s slave population [ Pobierz całość w formacie PDF ]
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. Early the next yearthe traders moved into the Tontine Coffee House, whichwas located on the northwest corner of Water and WallStreets.This site had been the locale for the infamous RoyalAfrican Trading Company, where the English bought andsold enslaved Africans.Without question, the New York financial market hasseen a multitude of changes since the crash of 1929.Withthe late-1990s boom cycle, the great crash has receded fur-ther into our cultural memory.But it was a full twenty-fiveyears before the Dow Jones Industrial Average surpassedthe summer highs of that fateful year.Even more telling, it 26 WALL STREET | The Architecture of Capitalismwasn t until 1968 that the daily volume on the floor of theexchange surpassed the 16 million shares traded on BlackThursday.Today, 16 million shares are traded quite oftenon one company in the course of a day; the NYSE trades 16million in each day s first few minutes.Take a peek down Broad Street.It runs from Wall downto the tip of Manhattan.It was originally a canal dug by theDutch in 1660 and filled in by their British successors in1676.slaveryNew York City was no stranger to slavery.It was, in fact, thelargest slaveholding city in all the colonies until 1750, and thenumber-one place for slave importation and auctions.Slaves arrived in the city as early as 1626, brought in smallnumbers from the Dutch West Indies.But on September 15, 1655,the Witte Paert docked with three hundred African slaves.Thissignaled New York City s beginning as a large-scale port of desti-nation for the transatlantic slave trade.Many slaves were thenshipped from New York to the Chesapeake, but by 1664, the citywas 20 to 25 percent black.Under the Dutch, slaves were provided with some medical care,food, and housing.The Dutch gave half freedom to some; thismeant a degree of freedom in finding housing and employment,but even half-free blacks were required to work for the Dutch WestIndia company when labor was needed, and children were companyproperty.A few were allowed to settle outside the city on landgrants, as a buffer between European settlers and Indians, and afew were free outright.Slaves could testify in court in cases in-volving whites and were allowed to serve in the militia duringemergencies.In 1663, a group of half-free blacks petitioned forfreedom in return for service to the Dutch under threat of Englishinvasion.The Dutch agreed and gave some full freedom in 1664,but seven hundred remained in slavery. The Architecture of Capitalism | WALL STREET 27The British recognized all residents slave property after theirconquest in 1664.They then made it more difficult each year forblacks to be free, restricted slaves freed by the Dutch, and elimi-nated half-free status.In 1677, British law dictated that all blacksbrought to trial were presumed to be slaves, and in 1706, it de-creed that conversion to Christianity did not affect slaves status.The British needed labor.From 1730 to 1750 the black populationgrew faster than the white.By 1746, one in five New Yorkers wasblack, but that number declined to 16 percent at the time of theRevolution.In King s County at that time one-third of the residentswere black, and more than half of whites owned slaves.In the city, owners typically had two or three slaves who livedand worked in the master s home.Slaves also worked as coopers,tailors, bakers, tanners, carpenters, sailmakers, and masons andwere able to hire out their own labor.New York City had 3,137slaves by 1771.Under the British occupation, slaves fled to NewYork City in hopes of freedom.After 1781 the British evacuatedmany blacks, some of whom ended up as slaves in the West Indies.In 1784, the New York legislature granted freedom to slaves aban-doned by departing Loyalists (property forfeiture).Others werefreed for service to patriot causes.In 1785, the New York Manumission Society began to work forthe gradual abolition of slavery.The majority of both houses of theNew York legislature wanted to abolish the institution, but couldnot decide on the future status of freed slaves; few wanted blacksto have equal civil rights.French fleeing Haiti near the end of theeighteenth century brought their slaves and increased New YorkCity s slave population [ Pobierz całość w formacie PDF ]