Twitter IPO at NYSE today

Twitter IPO at NYSE

The IPO of Twitter stock (TWTR) is proving to be a popular topic of conversation... even Jim Cramer discussed the IPO at length on Mad Money last night, comparing it to the Facebook IPO. Many of the Wall Street area workers are snapping pics of the New York Stock Exchange and that giant Twitter banner as they head into the office. Presumably all of those people are then posting the images to Twitter? I know we did.

We are interested to see how this stock plays out- it represents the confluence of two topics we are inherently interested in: Wall Street and social media.

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

The Buttonwood Agreement in 1792 Gave Birth to the New York Stock Exchange

By early 1792, Wall Street was enjoying its first bull market. Several merchants, encouraged by the increased activity, kept a small inventory of securities on hand that would be sold over the counter like any other of their wares. Today’s over-the-counter market got its name from this early form of trading. Business was booming. Some days as many as 100 bank shares would be traded. Things were at times very chaotic and businessmen realized that it needed to be organized.

On May 17, 1792, twenty-four men signed a document they called “The Buttonwood Agreement”. In the agreement they agreed to trade securities only amongst themselves, to maintain fixed commission rates, and to avoid other auctions. The Buttonwood Agreement turned trading into a member’s only activity. The Buttonwood Agreement signers are considered to be the original members of the New York Stock Exchange. Trading took place outside, under the tree, until the Tontine Coffee House was completed the following year in 1793. The Tontine Coffee House was located at the northwest corner of Wall and William Streets.

The Buttonwood tree stood outside at about 68 Wall Street today. The tree stood on Wall Street until June 14, 1865 when it fell over during a storm. The news was treated like the death of a family member, and it was was widely reported in all the local media.

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.

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.

Jesse Lauriston Livermore, the Great Bear of Wall Street

June 26th marks the 135th birthday of Jesse Lauriston Livermore, the “Great Bear of Wall Street.” Known as one of the greatest traders of all time, Livermore’s life and career were a dedication to the study and mastery of stock and commodity movement and prices.

For Jesse, life began in rural Massachusetts where he was the child of a poor farmer, seemingly doomed to repeat the same fate as his father. At 14, with his mother’s blessing and her $5, he ran away from home to escape the hardship of life on a farm.

His stock market success started that same year in “bucket shops,” gambling halls where Livermore made over $1000 (over $20,000 by 2012 standards) placing bets on stock prices before he ever actually bought or sold a single share. Once he began trading in legitimate markets, Livermore both earned and lost millions upon millions of dollars.

Jesse Livermore is quoted as saying that his losses were the result of not listening to his own advice. At the height of his fortune, his worth was in the billions by today’s standards. Although his death was over 70 years ago, Livermore’s book, “How to Trade in Stocks,” is still listed among the top books ever written on finance and Wall Street.

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!

Wall Street Walks Tour Stop at the New York Stock Exchange

This video shows Wall Street Walks tour guide Annaline Dinkelmann speaking to her walking tour group outside the New York Stock Exchange on Wall Street in New York City. On a typical summer day, Wall Street is packed with tourists, bankers, NYSE employees and security. At the end of the video you can see Federal Hall, which is the building with the tall steps leading up to it. This building is on the site of what once was the U.S. Capitol building, as well as the site of George Washington's inauguration as the first President of the United States. The Wall Street area is steeped in American history, and tour guide Annaline is an expert in the ins and outs of the Financial District of NYC.

To find out more, please visit the Wall Street Walks website and book a ticket for a guided tour. You can also find Wall Street Walks on Facebook, Twitter and YouTube.

Muriel Siebert: The First Woman of Finance

Muriel Siebert is the first woman to own a seat on the New York Stock Exchange. After encountering significant ridicule and sexism in the financial industry, she was finally elected to membership on the NYSE in 1967, paying $445,000 for her seat. Earlier that year, Siebert founded her own firm, giving her another first: the first woman to own an NYSE member firm.

As an advocate of women's rights and a proponent of women in industry, Muriel Siebert continues to pave the way for progressive thinkers. You can learn more about the legendary women of Wall Street on the guided walking tours provided by Wall Street Walks.

A perfect gift for your mother on Mother's Day, the schedule of Wall Street Walks' "Women of Wall Street" guided walking tours can be found here. Victoria Hoodhull, Hetty Green and Muriel Siebert are just a few of the many powerful women that are covered in depth on this walking tour.

There are tours starting at 1pm on both May 7th and 8th. Tickets can be purchased here.