The famous 75 Wall Street, a 42-story luxury apartment tower located on the world-renowned Wall Street, is sited on the New York Slave Market. The slave trade in New York started with 11 West African captives who were brought to New Amsterdam, renamed New York in 1626, by Dutch settlers.
Beginning with 11 captives, the New York slave trade grew to become one of the major wheels of the trade for 150 years, and 75 Wall Street is the most recognized place for the auctions.
According to Columbia University, slaves were owned by about 40% of the white people in the area at the time. The slaves were tasked with building a wall that would serve as a defense for the town’s northern frontier.
This wall birthed the famous Wall Street in America’s busiest metropolis. New York was a port city where agricultural produce grown by slaves in the South was bought, refined, packaged, and shipped to other parts of the world.
Money realized from the crops grown was used to fund trips to Africa to obtain more slaves, who were then trafficked back to America. This triangular trading route became lucrative for financiers, according to the BBC.
London capital markets sold debt to expand the inhumane practice of slavery. By the 19th century, U.S. banks and southern states had sold securities to expand slave-run plantations.
Insurance was obtained to mitigate the risks of bringing humans from Africa to America. These policies were to protect against the risks of boats sinking and slaves being lost in America. Insurance giants like New York Life, AIG, and Aetna sold plans to recompense slave owners if their slaves were wounded or murdered, according to the BBC.
By the mid-19th century, raw cotton exports made up well over half of U.S. overseas shipments. Northern mills in Massachusetts and Rhode Island made cloth from what wasn’t sold abroad.
American banks accepted the deposits of southern plantation owners and considered enslaved people as assets when assessing a person’s wealth.
U.S. banks have, in recent years, apologized for their role in slavery. J.P. Morgan Chase, the largest U.S. bank, confirmed in 2005 that its Citizens’ Bank and Canal Bank in Louisiana accepted enslaved individuals as collateral for loans. If plantation owners defaulted on loans, banks became owners of the slaves.
Aside from JP Morgan, Citibank, Bank of America, and Wells Fargo’s predecessors gained from the slave trade. The slave market on Wall Street closed in 1762 but women, men and children continued to be bought and sold throughout the city.
Today, no evidence of the slave market is present except for a small plaque that commemorates the lives of the thousands of slaves who were abducted and sold at the site.
