Monday, March 31, 2014

On This Day in 1913: the Death of JP Morgan, Philanthropist



JP Morgan, Philanthropist: How did he pay it forward?

April 17, 1837 - March 31, 1913

John Pierpont Morgan may have died 101 years ago, but his New York City philanthropic legacy lives on through a progressive New York City housing movement experiment and a settlement house. 

Morgan, one of the country’s most famous and important financiers in American history, is forever known for his contributions and influence in the development of corporate icons such as General Electric, International Harvester, U.S. Steel, and the railroad corporations among others.

He calmed the storm in the Panic of 1907 by essentially acting as the “central bank”…today, he would be comparable to Warren Buffet.

Lesser known are his contributions as a philanthropist…even over a century after his death we ask the question: How did he pay it forward?

Two of the greatest philanthropic projects Morgan helped blossom into major successful social experiments of his time, are still in existence and flourishing today.  They include:

East Side House Settlement - Morgan was a major donor to this project, founded in 1891 as a settlement house on New York's Upper East Side neighborhood called Yorkville, and home to a massive immigration population explosion in the late 1890’s.



The urban settlement house movement was a reformist social movement, beginning in the 1880s and peaking around the 1920s, with a goal of providing services to the working poor and new immigrants.  These social services included an introduction to American culture, homemaking, daycare, education, and healthcare to improve the lives of the poor in these areas. In the US, by 1913 there were over 400 settlements in 32 states.

The settlement house was the hub of the community.  Immigrant parents took classes to introduce them to New York City, childrearing, and the city’s schools system.  Children had classes in art, painting, athletics and academic pursuits.  Young adults came to the dances at the East Side House…some even meeting their future spouses there!  Mothers had training in homemaking and some even found employment there washing laundry.

East Side House Settlement also worked on getting children out of the city for fresh air in the country at summer camps.  This was of such great interest to Morgan, that one weekend he opened his own estate to the youngsters. 

Settlement houses influenced urban design, architecture and model tenement experiments of the housing reform movement in the late 1800s and early 1900s.

Today the East Side House Settlement, now located in the Bronx, is flourishing and still carries on its mission from over a century ago.

City & Suburban Homes Model Tenements – Morgan’s interest in limited dividend companies, dedicated to providing profit to their investors, as well as creating affordable housing for the working poor, led to his and his descendants becoming donors and their continued involvement on the board of directors of City & Suburban Homes company.  The model tenements were not only an urban design experiment created by some of the members of the East Side House Settlements major donors, but also launched philanthropic interest in the new concept of  “benign capitalism” which is a not wholly philanthropic venture, but a business venture where the stockholders agree to receiving a limited dividend [usually 4% - 7%] and the leftover funds go into continuing building new housing.

Other early supporters, included some of the New York’s socially prominent and important philanthropic families, such as Morgan’s descendants, the Carnegie’s, Vanderbilt’s, Rockefeller’s, Astor’s, Auchincloss, and Gould’s.

One of the most significant projects in the history of the reform housing movement, it was designed in response to the horrific living conditions of working poor areas such as the Lower East Side, at that time, one of the most densely populated neighborhood in the world.  Photographer, Jacob Riis, who published photographs of the horrors of tenement life, and Lillian Wald, one of the most respected social reformers and advocates for the poor, among others, drew public attention to the plight of these families, thus making it a popular cause for well-to-do New Yorkers…either for their own charitable reasons, or because they feared the spread of disease, crime caused by the lamentable unsanitary and overcrowding in these early types of tenements which had a sudden increase of the city’s population caused by massive immigration.  The publicity led to the creation successful reform housing movement.

The City & Suburban Homes York Avenue Estate is one of the most significant projects in the history of the reform housing movements in New York City. Built between 1901 and 1913, the 14 model tenements are a New York City Landmark and were placed on the New York State and the National Registers of Historic Places.

The largest low cost housing development in the world at the time of its construction became the model for all large scale public housing post WWII and remains an excellent example of reform housing.


In a gesture usually reserved for heads of state, when John Pierpont Morgan died on March 31, 1913, in Italy, at the age of 75, the New York Stock Exchange was closed for several hours that day to honor a multifaceted man, whose many ways to “pay it forward” are still being discovered today.


For more information about Wall Street and New York's Financial District, join a Wall Street Walks guided walking tour!

Wednesday, March 26, 2014

Visit the 911 Memorial Museum, Opening May 21, 2014

Visit the 911 Memorial Museum
From a press release today:

The National September 11 Memorial Museum will open to the public on Wednesday, May 21, marking a milestone in the rebuilding of the World Trade Center.

Starting today, you can reserve your tickets to the Museum at www.911memorial.org/visit. Various discounts are offered, including free admission hours every Tuesday from 5 p.m. to 8 p.m. Thanks to the global media company Condé Nast, admission will be free for all visitors on the historic opening day of the Museum on May 21. Admission to the Museum will always be free for 9/11 family members. Rescue and recovery workers who participated in the response on and after 9/11 and are registered with the Memorial are also free. 

As always, Wall Street Walks will be offering guided tours of the 911 Memorial to our private groups. If you'd like to book a tour of Wall Street and/or the 911 Memorial for your group, please click here.

To join one of our daily public tours of Wall Street (all of which end at the 911 Memorial for your convenience), please click here.


For more information about Wall Street and New York's Financial District, join a Wall Street Walks guided walking tour!

Friday, February 14, 2014

Wall Street Walks Featured on Hopper

Wall Street Walks featured on Hopper
Wall Street Walks just got a great write-up on the travel blog Hopper in an article titled "Experience the Real World of High Finance on Wall Street." They even gave us our own page, complete with reviews and travel suggestions! Very cool. Hopper is highly recommended. Click through to read the full article, which covers much more than our walking tours.


For more information about Wall Street and New York's Financial District, join a Wall Street Walks guided walking tour!

Friday, January 24, 2014

Google Outage, Gmail Down. Let's look back on Google as a company while they fix it!

Google in 1998
While Google deals with their outage, we thought we'd take a look back at a little bit of Google history. Above is what the browser looked like in 1998, 2 years after two Stanford University grad students (Sergey Brin & Larry Page) set about creating a better way to deliver information to internet users by way of search engines. Read more on Wikipedia here. Google's homepage in 1998 was pretty cute! We like it.

We also like the performance of Google's stock:
Google stock prices
If you saved up $1000 to buy ten shares of Google stock (GOOG) in 2004, your stock would be worth about $11,000 right now. Current share price is around $1100. As you can see from the graph, there have been ups and downs with this tech stock (traded on the NASDAQ), but in general, it's on an upward trajectory over the long-term. We all use Google products all the time (as we've seen today with the number of freak-outs due to the Gmail outage), so it's no wonder the company keeps performing well.

And now that you've learned a bit about Google's history and stock prices, it's time to get back to using Google and Gmail, as they are both back up. Google is no longer down.

www.google.com
www.google.com

For more information about Wall Street and New York's Financial District, join a Wall Street Walks guided walking tour!

Tuesday, January 7, 2014

New Amsterdam Market Town Hall Meeting January 13


On Monday January 13, Manhattan Community Board One will host a Town Hall Meeting dedicated to one issue only:  the future of the Old Fulton Fish Market, an irreplaceable public site which the Howard Hughes Corporation proposes to demolish and replace with expanded chain-store retail and high-rise luxury housing. Read more here.

Held in the dawn of a new administration, this Town Hall is the people's opportunity to be heard not only about the Old Fulton Fish Market, but also about the future of our waterfront and of other public assets such as libraries and hospitals which are increasingly under threat.

Let yourself be heard!  To attend and receive further details, register by emailing rsvp@newamsterdammarket.org




For more information about Wall Street and New York's Financial District, join a Wall Street Walks guided walking tour!

Tuesday, December 24, 2013

Join the Downtown Post NYC Newsletter List



Click here to join the Downtown Post NYC newsletter email list for all the gossip, happenings and events that the Financial District has to offer! Published by our friend Terese, chock full of great stuff that simply is not covered elsewhere. You can also join by emailing Terese directly to request to be put on the list.

For more information about Wall Street and New York's Financial District, join a Wall Street Walks guided walking tour!

Friday, December 6, 2013

Nelson Mandela Death is Mourned in New York City

The ticker tape parade honoring Nelson Mandela is memorialized on Broadway near Park Place.
With the death of Nelson Mandela, today is a day of mourning and remembrance worldwide. Here in New York City, we've honored Mandela with a ticker tape parade down the Canyon of Heroes- that was in 1990. Like all ticker tape parades before and since, a plaque marking the occasion was embedded on Broadway.

Click here to view our map to locate the marker for the Nelson Mandela ticker tape parade.

You can find the Nelson Mandela ticker tape parade marker on Broadway. Click the link above.


Nelson Mandela death mourned by South Africans, including Wall Street Walks owner Annaline Dinkelmann

The South African flag flies at half-mast at the New York Stock Exchange following the death of Nelson Mandela.



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