revolution, was the Pitt statue, which on Friday, September 7, 1770, was fixed upon its pedestal amid the acclamations of a great number of the inhabitants. The statue was of fine white marble, having a Roman habit; the right hand holding a scroll, whereon was the sentence " Articuli Magna Chartæ libertatum.” The left hand was extended; the figure being in the attitude of one delivering an oration. On the south of the pedestal was the inscription: "This statue of the Right Honorable William Pitt, Earl of Chatham, was erected as a public testimony of the grateful sense the Colony of New York retains of the many eminent services he rendered America, particularly in promoting the repeal of the Stamp Act, A. D. MDCCLXX" The statue was erected at the junction of Wall and William streets. The financial or modern history of Wall street commenced after the revolutionary war. The Bank of New York was the first banking institution established in this city, and went into operation in 1791, the banking-house being located on the corner of Wall and William streets. It was followed by the Manhattan Company, incorporated in 1799, located at No. 23 Wall street; by the Merchants' Bank, incorporated in 1805, located at No. 25 Wall street; by the United States Bank, located at No. 38 Wall street, about 1805; by the Mechanics' Bank, incorporated in 1810, located at No. 16 Wall street. These were the pioneer banking institutions, which were soon after rapidly increased in number. Insurance companies were in existence in this city still earlier than banks. We believe the first institution of the kind after the revolutionary war was called the Mutual Assurance Company. The system of insurance of those days was somewhat different from the present, and comprehended a premium and also a deposit. Their charges were, for instance, on a policy of £500, premium £1 15s.; deposit at 28 per cent., £7; policy and badge 10s., making a total of £9 5s. Their circular asserts that "if the amount of premiums is found sufficient to pay the losses by fire and the incidental expenses of the office, the whole of the deposit will be returned at the expiration of seven years." We find that in 1815 there were already thirteen insurance companies established in Wall street. The establishment of financial institutions in the street grad ually affected its architectural as well as business character. The Commercial Exchange, established at the Tontine Coffee-house, at one end of the street, and the City Hall at the other, with the intervening section being occupied by new financial institutions, with appropriate edifices and offices, soon gave to Wall street a distinctive character, though at the commencement of the present century this change was still in an embryotic state; for we find in the street at that period many private residences mixed with boarding-houses, tradesmen, porter-houses, grocers, auctioneers, banks, insurance offices, schools, merchants, newspaper offices, &c. The post-office was for many years kept in this street. The establishment was then, however, on a comparatively small scale. In 1686 the mail arrangements were as follows: Arrivals-From New England and Albany, on Wednesdays and Saturdays at 7 P. M. in the winter, and on Tuesdays, Thursdays, and Saturdays at 8 P. M. in summer. From the South, on Saturdays and Wednesdays at 10 A. M. in the winter, and on Mondays, Wednesdays, and Fridays in the summer. The departures were on intervening days. The value of property in the street began to increase rapidly before the commencement of the present century. Some idea of its relative value during the last century may be gathered from several instances of sales at different intervals. In 1700 a house and lot on the southeast corner of Wall and Broad streets, 16x30, sold for £163. In 1706 a house and lot on the north of Wall street, 25x116, sold for £116. 1737 a house and lot on the north of Wall street, 62x102, sold for £110. In 1793 the dwelling and lot of Gen. Alexander Hamilton, on the south of Wall street, 42x108, sold for £2,400. In 1794 a house and lot, 44x51, sold for £2,510. The writer has not thought proper to extend his notice of the street into the present century, for the reason that to keep pace with the march of events and improvements would require too great space for the character of this work, his design being merely to open up to the modern reader the remote and less accessible events which have served to establish its present characteristics. |