New York City Newsletter (May 27th)

Your news, upcoming events, AI art, historical facts and more!

New York City Newsletter
May 27, 2024

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Welcome to The New York City Newsletter!

In today’s edition:

Upcoming New York Rangers game
Liberty Sets Attendance Record
A deep dive into the life of J.P. Morgan
And more…

Quote of the Week

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New York City Trivia

Here is your trivia question of the week. The answer will be shown in next week’s newsletter. Which do you think it is? No cheating!

Birthplace of hip-hop culture?

A) Harlem

B) The Bronx

C) Brooklyn

D) Queens

Answer to Last Week’s Trivia: The New York City bridge that celebrated its 100th anniversary in 1983 is A) The Brooklyn Bridge.

The Best Stories of the Week

💼 Business

OpenAI Strikes a Deal to License News Corp Content. (link)

How Baked by Melissa's founder turned a tiny New York City apartment kitchen business into a cupcake empire. (link)

Business zoning overhaul approved by key City Council committee. (link)

Cheeze-In Diner open in New York City. (link)

🏦 Finance

New York City Lawmakers Aim For Quicker Casino Licensing To Gain Economic Benefits. (link)

Solving N.Y.'s housing crunch: A plan to finance homes for city workers. (link)

New York Fed reports on community development financial institutions. (link)

🏒 Sports

Judge strikes down NY county's ban on female transgender athletes after roller derby league sues. (link)

Liberty Sets Attendance Record at Caitlin Clark’s New York Debut. (link)

New York Knicks Endure Painful End to Brilliant Season. (link)

Stewart helps New York top Indiana 91-80 despite strong game from Caitlin Clark, who scored 22. (link)

Upcoming Events

Here are some events that are happening in our city this week. There is a good mix between sports, entertainment, conferences, concerts, and more.

Sports

⚾️ New York Mets vs. Los Angeles Dodgers
Citi Field Flushing, NY
Monday May 27 | 4:10 PM | (more info)

⚾️ New York Mets vs. Los Angeles Dodgers
Citi Field Flushing, NY
Tuesday May 28 | 7:10 PM | (more info)

🏒 Eastern Conf Final: Panthers at Rangers Rd 3 Hm Gm 3
Madison Square Garden New York, NY
Thursday May 30 | 8:00 PM | (more info)

🎯Bet365 U.S. Darts Masters
The Theater at MSG New York, NY
Friday May 31 | 7:00 PM | (more info)

Music & Concerts

🎷 Vince Giordano and the Nighthawks
Birdland Theater 315 West 44th Street New York,
Monday May 27 | 5:30 PM | (more info)

🎷 Caelan Cardello Trio
Birdland Theater 315 West 44th Street New York,
Tuesday May 28 | 5:30 PM | (more info)

🎤 Bella Dose - L-Pop US Tour
Gramercy Theatre New York, NY
Thursday May 30 | 7:00 PM | (more info)

🎸 The Heart of Rock and Roll
James Earl Jones Theatre New York, NY
Saturday June 1 | 2:00 PM | (more info)

Family

🎨 Creative Kid's Birthday - Art Class by Classpop!
Shot of Art NYC 28 W 36th St. 10-th floor New York, NY
Friday, May 31 · 7 - 8:30pm EDT | (more info)

Image of the Week

Every week, I have a habit of making some AI art about our city.

This week, I typed in “New York Cityscape with a fusion of different historical eras.” and this is what I got.

Let me know what ideas you have for this. I really enjoy making these types of photos.

New York City History

1927: Completion of the Holland Tunnel.
The Holland Tunnel, completed in 1927, stands as a monumental engineering achievement and a significant historical landmark for New York City. Designed to provide a vehicular connection between Manhattan in New York and Jersey City in New Jersey, the tunnel was one of the earliest examples of a mechanically ventilated underwater tunnel system. Its completion not only showcased innovative engineering techniques but also dramatically improved transportation and commerce between the two cities.

Spanning approximately 8,500 feet, the Holland Tunnel was named after its chief engineer, Clifford M. Holland, who pioneered the project's design but sadly passed away before its completion. The tunnel's design addressed the critical issue of vehicle emissions in confined spaces, incorporating a ventilation system that was revolutionary at the time. This system used 84 giant fans in four ventilation buildings to continually replace the air inside the tunnel, ensuring it remained safe for motorists.

Upon its opening, the Holland Tunnel was celebrated with grandeur, marking a new era in urban transportation. It facilitated easier commutes, commercial exchanges, and was a boon for the regional economy, enhancing connectivity across the Hudson River. Today, it remains an essential artery for New York and New Jersey, symbolizing progress and resilience in urban infrastructure.

Famous New Yorkers In History

J.P. Morgan (1837–1913): Influential banker and financier.

Early Life and Education (1837–1857)

J.P. Morgan was born into a wealthy family in Hartford, Connecticut, in 1837. His father, Junius Spencer Morgan, was a successful financier, which set the foundation for J.P. Morgan's future in finance. He received an education in Boston and then continued his studies in Europe, which included learning about the banking sector and becoming fluent in French and German.

Beginning of Financial Career (1858–1869)

After completing his education, Morgan began his career in the banking industry by working at his father's bank in London. He then moved to New York City to join the American banking firm Drexel, Morgan & Co. This period was crucial as he gained significant experience and established himself in the New York financial community.

Establishment of J.P. Morgan & Co. (1870–1880)

Morgan took a significant step by reorganizing the firm he worked for into J.P. Morgan & Co., marking the beginning of what would become one of the most powerful banking houses in the world. His company became instrumental in reorganizing railroads during this time, setting the stage for his later dominance in railroad financing.

King of American Railroads (1881–1890)

During this decade, J.P. Morgan emerged as the most powerful railroad financier in the United States. His strategy involved taking over troubled railroads, restructuring them, and then combining them to eliminate competition, which greatly improved their efficiency and profitability.

Financial Crises and Solutions (1891–1900)

Morgan played a critical role in stabilizing American financial markets during several economic crises. His most notable intervention was during the Panic of 1893, when he led a syndicate that propped up the gold reserves of the U.S. Treasury, averting a severe economic collapse.

Steel Magnate and Industrial Consolidation (1901–1905)

Morgan significantly impacted the industrial landscape by orchestrating the creation of U.S. Steel, the world's first billion-dollar corporation. This move epitomized his ability to leverage financial capital to consolidate industries, reducing competition and creating more stable and controlled market environments.

Art and Philanthropy (1906–1910)

Beyond his banking and industrial interests, Morgan became one of America’s most important art collectors and philanthropists. His contributions to the Metropolitan Museum of Art in New York and his extensive private collections were part of his broader cultural and philanthropic efforts.

Morgan's Influence in New York (1911–1913)

As a leading figure in New York’s financial and social scenes, Morgan's influence was profound. His decisions could sway markets, and his support or lack thereof could determine the fate of various business ventures. His presence in New York also underscored the city’s status as the financial capital of the country.

Final Years and Legacy (1913)

J.P. Morgan passed away in 1913, leaving behind a legacy as one of the most powerful and influential financiers in American history. His death marked the end of an era in American finance, where singular figures like Morgan could wield personal power that affected the national economy.

Posthumous Influence (After 1913)

Even after his death, the institutions Morgan established continued to play significant roles in American and global finance. His methods of corporate finance and consolidation set the standards for future mergers and acquisitions.

Key Achievements:

Founded J.P. Morgan & Co., influencing the course of American and global finance.
Played a crucial role in averting the financial panic of 1893 by supporting U.S. gold reserves.
Established U.S. Steel, pioneering strategies for corporate consolidation.
Major benefactor to arts and education, particularly through contributions to the Metropolitan Museum of Art.
His strategies and financial practices set foundational principles for modern corporate finance.

J.P. Morgan’s biography portrays a titan of finance whose impact extended beyond the banking hall into the realms of industry, art, and philanthropy. His innovative approaches to business and finance not only transformed American capitalism but also helped shape the global financial landscape. Morgan's legacy is especially evident in New York, where his influence helped solidify the city's status as a global financial hub.