The Panic of 1873

A year ago this week, Occupy Wall Street began as a relatively small protest in a park in New York City’s Wall St. Area. It is now an international movement that stands against financial greed and the “corrosive power” of major banks they feel led to our recent economic collapse.

A place not unaccustomed to financial panic and discord, Wall Street was also one of the earliest areas hit in the beginning of the original Great Depression in 1873. That year, the New York Stock Exchange was forced to close its doors for the very first time on September 20 during what was known as the Panic of 1873.

Much like our most recent economic disaster, the Panic of 1873 was sparked by the collapse of a large financial institution: Jay Cooke & Company, a brokerage firm and a major investor in railroad construction. Their failure led to a chain reaction and the country suffered economic despair for years, resulting in history’s worst financial crisis until the second Great Depression came along in the 1930’s.

New York City History

Settled in 1625, as New Amsterdam, New York City’s history is some of the richest and most vibrant in the entire United States. The actual birthplace of the American government, New York has seen an incredible amount of US, and worldwide firsts, two of which were recorded exactly 130 years ago this week.

On Monday, September 4, 1882, Thomas Edison switched on his large generator plant in downtown Manhattan and at 3 PM that afternoon, Pearl Street was lit with electricity for the first time ever.

The next morning, September 5, 10,000 workers joined together to march through New York City in the very first Labor Day Parade. The procession featured banners including: “To the Workers Should Belong the Wealth” and “Children in School, Not in Factories.”

Come join us for a Wall Street Walks tour and learn even more about the vibrant history of New York City. Our new fall schedule features tours at 11:00 AM on Mondays, Wednesdays and Saturdays, and 11:00 AM and 1:00 PM on Fridays. Click here to get your tickets now: https://www.wallstreetwalks.com/tours_main.html

Another Big Week For Car Companies

Before it was phased out in 2004, Oldsmobile produced over 35 million cars in its 107-year history. A staple of the Detroit Motor City industrial scene, over 14 million Oldsmobiles were built in their Lansing, Michigan factory. Opened on August 21, 1897, General Motors closed the division on April 29, 2004, presaging a decline into a 2009 bankruptcy for the iconic car company. Not to worry, though! GM bounced back and last year they were the world’s number one car manufacturer.

Another General Motors division, Cadillac Motor Company, was founded 5 years and 1 day after Oldsmobile on August 22, 1902. Named after the founder of the city of Detroit, Cadillac laid the foundation for mass automobile production by creating interchangeable parts for its cars. Just ten years later, they launched the first production automobile with an electric self-starter – a “car with no crank.” Faring much better than its older sister, Oldsmobile, Cadillac is still breaking new ground in the automotive industry and continues to be the “Standard of the World.”

Except of course, in New York, where every savvy urbanite knows that your feet are really your best vehicle for getting around town. The city is packed with so much energy and there is always something new to discover, even if you’ve lived in Manhattan your entire life. There’s so much to encounter, experience and learn from just from wandering these magical streets of ours.

The next time you’re downtown, check out one of our Wall Street Walks tours and let us show you what we’ve discovered then share with us some discoveries of your own! 

Computers and Finance and Vegetable Shortening … Oh My!

What a week this is for history in all of these industries. Let’s start off with the “yummiest” … Crisco.

Prior to 1911, kitchens across America relied on animal lard for all of their frying and cooking needs. That is until August 15 of that year when Proctor & Gamble unveiled its all-vegetable solution to lard – Crisco – changing the way housewives cooked and baked for years to come.

Also this week, we’ve got more financial milestones to report, but unlike last week, they’re all good news! August 17 marks the first time the Dow Jones Industrial average closed above 2,700, which happened back in 1987. That was just five short years after the New York Stock Exchange set a record of 132,690,000 shares traded on August 18, 1992. By the early 90s, the Dow had set another record … a high of 3612.13 on August 19, 1993 – over 10,000 points shy of its current all-time high of 14,164.53 that was set 14 years later in 2007.

Our other fun history facts this week revolve around the world of computers, starting with the launch of the very first artificial intelligence software. IBM introduced its product on August 16, 1988, and set the world on fire. By August 14, 1984, they were releasing their PC DOS version 3.0 and twelve short years later on August 13, 1996, Microsoft gave us Internet Explorer 3.0. And as you well know, our world, communication and access to information has never been the same.

With a Little Bit of Effort, We Can All Get Along

You’ve seen the commercials. The young, hip guy says, “I’m a Mac,” then the other, not as hip, not as young guy says, “I’m a PC.” It’s a great example of the ongoing battle that’s ruled the computer world for decades, but did you know that Microsoft (creators of the PC) actually invested in Apple Computers one time? It’s true.

Steve Jobs and Bill Gates got together via satellite to announce the investment at the Macworld Expo on August 6, 1997. The money was used to develop and ship Mac versions of Microsoft Office, Internet Explorer and other development tools.

Another interesting corporate story also happened this week, way back in 1981, when Coca-Cola pledged to invest $34 million dollars into black-owned businesses, and promised to put an African-American on its board of directors, on August 10. Coca-Cola president, Donald Keough and Rev. Jesse Jackson, founder and head of People United to Save Humanity (PUSH), made the announcement, which ended the organization’s 1-month nationwide call to boycott Coke products.

So what is the moral of our two corporate stories? Apparently, with a little bit of effort, we can all get along – at least for a little while.

A Great Week in Car History

What a great week in car history! Let’s start with July 30, 1863, when Henry Ford famously said, “If I’d listened to what my customers wanted, I’d have given them a faster horse.” Also this week, on August 1, 1941, Jeep rolled out its first ever model and on August 3, Firestone Tire and Rubber Company will celebrate its 112^th Anniversary.

Thanks to the brilliance that was Henry Ford’s mind and the ingenuity of inventors and engineers who continued his legacy, America saw the birth of a car industry that would revolutionize the way we did everything! From, getting ourselves around town, to increasing travel beyond our city limits, to expanding our knowledge and access to the world around us, cars have become a way of life, a method for bandying social status, and for many people, a tangible portrayal of their own personalities.

Here in Manhattan, however, you’ll notice we use our cars mostly to sit in traffic. That’s why Wall Street Walks hits the town on our feet to get the most out of what this amazing city has to offer! Be sure to check out one of our incredible tours while you’re in town this summer. Happy August!

The Curb Market

Way before the New York Stock Exchange moved into it’s current home at 11 Wall Street, trading was done in an outdoor space at 30 Broad Street known as The Curb Market and the traders were known as the New York Curb Market.

For almost ten years traders bought and sold shares outside until they moved indoors on July 27, 1921, to a building in Lower Manhattan. Led by, Edward McCormick, the Curb Market’s chairman, brokers ceremoniously marched up Wall Street to their newly completed building on Trinity Place behind Trinity Church.

In 1929, the New York Curb Market changed its name to the New York Curb Exchange and soon became the top international stock market. Years later in 1953, they renamed themselves once again and became the American Stock Exchange. 

A Big Week in New York History

This week is a big one in New York history. Back in 1916, Wall Street lost its Witch, Hetty Green, on July 3. Green was the first female tycoon in the US and was known around town as the “Witch of Wall Street.” An heiress to a multi-million dollar fortune, she was infamous for her stinginess and was rumored to go so far as to never use hot water and to ask her laundress to only wash the dirtiest parts of her dresses to save on soap.

On Wednesday, we celebrate the Fourth of July in honor of the adoption of the Declaration of Independence and our official separation from Great Britain on July 4, 1776. If you’re in the city, pay tribute to our country on a 90-minute tour of historic Wall Street and Ground Zero, or a 2-hour tour of Wall Street and the 9/11 Memorial. Afterwards, make your way to the West Side to stake out your claim to watch the stupendous fireworks display along the Hudson from 16^th Street all the way up to midtown. 

July 7, New York celebrates the 249^th birthday of its first multi-millionaire, one-time opium smuggler, John Jacob Astor. Born in Waldorf, Germany, Astor migrated to the US after the Revolutionary War. Arriving at age 21, with no money to speak of, he soon made a fortune in the fur trade. By the time of his death in 1848, John Jacob Astor was the richest man in the country.

Two noteworthy New York events happened on July 8^th. The first is another birthday – John D. Rockefeller was born in 1839. He is the senior of the Rockefeller dynasty and is one of New York’s most acclaimed philanthropists. With only $2000, Rockefeller formed his first partnership in 1859, and just four years later they were running their own oil refinery. In 1870, when Rockefeller organized The Standard Oil Company at the age of 31, the business had a capital of $1 million.

Also on July 8, we commemorate the first edition of the Wall Street Journal. Volume 1, Number 1 was published in 1889 and the price was two cents. Today it is #1 most-read newspapers, with a daily circulation of over 2,000,000 copies worldwide. Though it’s named after the street in New York’s financial district, the WSJ headquarters are now located on Sixth Avenue near Rockefeller Center.

Summer in New York City

Summer in New York is such an exciting time. The days are long, the nights are cool and the city is bursting at the seams with exciting, fun outdoor activities to suit every taste imaginable.

If you’re in the city and looking for a way to celebrate the warm weather – may we suggest a Wall Street Walks tour? Not only is it amazing to stroll around the bustling streets of New York, you can visit the celebrated landmarks where America was born. Learn how an 18th century bazaar became the greatest financial center of the world. Walk in the footsteps of America’s forefathers and stand in the shadow of the rebirth of Ground Zero.

Another one of our favorite NY summertime activities is the River To River Festival held in locations across Lower Manhattan. Kicking off on June 17, the 2012 River To River Festival will host hundreds of events including live music, theater, dance and other cultural happenings through July 15.

This summer, treat yourself to a real downtown New York experience. Explore the rich and exciting history of the Wall Street Area then enjoy one of the great River To River Festival shows. Make a day of it … you’ll be glad you did!

Fraunces Tavern, an Historical Landmark and a Stop on the Wall Street Walks Tour

Fraunces Tavern, located at 54 Pearl Street in New York City, was built in 1719 as a residence for a merchant named Stephan Delancey. In 1762, it was converted in a tavern which proved to be very popular as well as historically significant. The history of Fraunces Tavern is interwined with George Washington, the Revolutionary War and the budding U.S. Government that arose just after the war.

After nearly 250 years of serving travelers in New York City, you can still sit down and enjoy a meal at Fraunces Tavern. If you'd like to learn more about this American treasure, book a ticket on a Wall Street Walks guided walking tour of the Financial District of New York.