Why was the Wall Street called the ‘The Pipe of Peace’?

Directions: Read the passage given below and then answer the questions given below the passage. Some words may be highlighted for your attention. Pay careful attention

Wall Street is an eight-block-long street running roughly northwest to southeast from Broadway to South Street, at the East River, in the Financial District of Lower Manhattan in New York City. Over time, the term has become a metonym for the financial markets of the United States as a whole, the American financial services industry (even if financial firms are not physically located there), or New York-based financial interests. Anchored by Wall Street, New York City has been called both the most economically powerful city and the leading financial center of the world, and the city is home to the world's two largest stock exchanges by total market capitalization, the New York Stock Exchange and NASDAQ. Several other major exchanges have or had headquarters in the Wall Street area, including the New York Mercantile Exchange, the New York Board of Trade, and the former American Stock Exchange. The red people from Manhattan Island crossed to the mainland, where a treaty was made with the Dutch, and the place was therefore called the Pipe of Peace, in their language, Hoboken. But soon after that, the Dutch governor, Kieft, sent his men out there one night and massacred the entire population. Few of them escaped, but they spread the story of what had been done, and this did much to antagonize all the remaining tribes against all the white settlers. Shortly after, Nieuw Amsterdam erected a double palisade for defense against its now enraged red neighbors, and this remained for some time the northern limit of the Dutch city. The space between the former walls is now called Wall Street, and its spirit is still that of a bulwark against the people. 

In 2001 the Big Board, as some termed the NYSE, was described as the world's "largest and most prestigious stock mark but when the World Trade Center was destroyed on September 11, 2001, it left an architectural void as new developments since the 1970s had played off the complex aesthetically. The attacks "crippled" the communications network and it was thought to be a recipe for disaster for future transactions. One estimate was that 45% of Wall Street's "best office space" had been lost. The physical destruction was immense. Still, the NYSE was determined to re-open on September 17, almost a week after the attack. During this time Rockefeller Group Business Center opened additional offices at 48 Wall Street. The attack hastened a trend towards financial firms moving to midtown and contributed to the loss of business on Wall Street, due to temporary-to-permanent relocation to New Jersey and further decentralization with establishments transferred to cities like Chicago, Denver, and Boston. After September 11, the financial services industry went through a downturn with a sizable drop in year-end bonuses of $6.5 billion, according to one estimate from a state comptroller's office. Many brokers are paid mostly through commission and get a token annual salary which is dwarfed by the year-end bonus. To guard against a vehicular bombing in the area, authorities built concrete barriers and found ways over time to make them more aesthetically appealing by spending $5000 to $8000 a piece on bollards. 

To prevent a vehicle-delivered bomb from entering the area, Rogers Marvel designed a new kind of bollard, a faceted piece of sculpture whose broad, slanting surfaces offer people a place to sit in contrast to the typical bollard, which is supremely unsittable. The bollard, which is called the Nogo, looks a bit like one of Frank Gehry's unorthodox culture palaces, but it is hardly insensitive to its surroundings. Its bronze surfaces actually echo the grand doorways of Wall Street's temples of commerce. Pedestrians easily slip through groups of them as they make their way onto Wall Street from the area around historic Trinity Church. Cars, however, cannot pass. Wall Street, when used as a metonymy, expands to institutions located around the world. While Wall Street in lower Manhattan is an important location where a lot of financial institutions are located, the globalization of finance has led to financial institutions being found around the globe. Also, in this reference Wall Street if often shortened to simply "The Street". This moniker is often quoted in the media. For example, when reporting a company's earnings, the media may compare a company's revenues to what "The Street" was expecting. In this case, they are comparing the company's earnings to what financial analysts expected revenues would come in as.

Question 1: <p>Why was the Wall Street&nbsp;called the &lsquo;The Pipe of Peace&rsquo;?</p>

A. The Wall Street was the place where the battle came to an end.

B. It was a place where the peace treaty was signed.

C. It was a place where the two most successful stock exchange companies were present.

D. The walls of the place protected the people from the Dutch.

E. The place could not be crossed by the enraged Red Indians because of the walls thus it was called &lsquo;the Pipe of Peace&rsquo;.

Right Answer is: B

SOLUTION

It is mentioned in the passage ‘The red people from Manhattan Island crossed to the mainland, where a treaty was made with the Dutch, and the place was therefore called the Pipe of Peace, in their language, Hoboken’.

Thus option 2 is the correct answer