Financial History Issue 113 (Spring 2015) - Page 29

This building at One Wall Street occupied a lot measuring only 30 by 40 feet. Completed in 1907, it was noteworthy for the high price of the land on which it was built. Its distinctive shape led to its being called the Chimney Building. It was demolished as part of the site acquisition for the Irving Trust Building, a masterpiece of the Art Deco style that was completed in 1931. The Bank of New York acquired Irving Trust in 1988, and a further merger with Mellon Financial Corporation led to the creation of BNY Mellon. In 2014, BNY Mellon sold One Wall Street to a joint venture led by Macklowe Properties. The Hanover Bank was founded on Hanover Square in the building that is now India House. It became the Hanover National Bank when it joined the national banking system created during the Civil War. The bank moved to the southwest corner of Nassau and Pine Streets in 1877, where it built a six-story building, which was replaced by this structure in the early 20th century. This photograph dates from 1928. The building was demolished in 1931 for an expansion of Bankers Trust. This banner at the American Exchange National Bank at 128 Broadway presented the message, “Fourth Liberty Loan Paves the Road to Berlin and Victory.” Liberty Loans were government bonds that supported the war effort during World War I. The fourth series of Liberty Loans was issued on September 28, 1918. In the 1960s, this building became part of the site of 140 Broadway, a sleekly modern building clad in aluminum and glass. The plaza in front of 140 Broadway has a monument honoring developer Harry B. Helmsley, as well as Isamu Noguchi’s sculpture, Red Cube. This photograph shows how crowded Broad Street could become with Curb traders, although a motorist was evidently of the belief that the street might have uses other than securities trading. The New York Curb Market Agency was formed in 1908 to provide structure for the transactions. The Curb Market moved indoors in 1921.The name was changed in 1929 to the New York Curb Exchange and again in 1953, when it became the American Stock Exchange. Jay Hoster is the author of Early Wall Street, 1830–1940 (Arcadia Publishing), from which this material has been excerpted. All of the images are from the author’s collection. He has previously written articles for Financial History on Fred Schwed Jr.’s Where Are the Customers Yachts? and the development of the term “blue chip.” www.MoAF.org  |  Spring 2015  |  FINANCIAL HISTORY  27