In 1644 the early residents of New Amsterdam built a fence along the northern limit of the settlement to keep the cattle and pigs from roaming around the residences. Subsequently, in 1653, they improved "the wall" to a 12 foot stockade, thereby undertaking one of the region's first capital projects. By then the purpose of the wall was defense against Native Americans and the British. The British demolished the wall in 1699, but the street along its route retained the name: Wall Street. Wall Street eventually became a prestige address for businesses and the wealthy. As time went on, a good deal of business was transacted in and around Wall Street, much of it in the Tontine Coffee House at what is now Pearl and Wall Streets. In 1792, 24 leading merchants gathered there and hammered out standards and rules for business trading, especially securities. They eventually signed the agreement under the legendary Buttonwood Tree. It became known as the Buttonwood Agreement, and became the basis of the New York Stock Exchange.