Market Square is the largest square in the capital of Portugal, located on the embankment of the Tagus River. Before the devastating earthquake of 1755, the royal palace of Ribeira was located here, so the square was called the Palace Square. During the subsequent reconstruction of the city on the site of the ruins, Praça do Comércio - Market Square was created. In its center is a bronze equestrian statue of King José I, the work of the Portuguese sculptor Joaquim Machado de Castro. In 1873, the Arc de Triomphe was opened as a symbol of the restoration of the city after the earthquake. The arch is crowned with allegorical figures of Glory, Genius and Valor; sculptures of prominent Portuguese and figures representing the Tagus and Douro, the two largest rivers of Portugal, are installed on its facade. Today, the Commerce Square with the adjoining pier Cais das Colunas is a favorite vacation spot for visitors and residents of Lisbon.