• Thought of the Day

    Thought of the Day

    2000: They say it daily up and down the land$ As easy as you take a drink, its true;$ But the difficultest go to understand,$ And the difficultest job a man can do,$ Is to come it brave and meek with thirty bob a week,$ And feel that thats the proper thing for you.

    –John Davidson (1857-1909), Thirty Bob a Week.

Today in Financial History

1915: As Europe's armies mire themselves in a bloody standstill across their muddy trenches, Wall Street has its slowest trading day of the entire 20th century. Only 23,505 shares trade hands on the New York Stock Exchange. Naturally, with no one interested in the stock market, this is also one of the best times to buy in the entire 20th century: By the end of 1915, the Dow Jones Industrial Average has gained 81.66%, its greatest annual gain of all time.

Phyllis S. Pierce, ed., The Dow Jones Averages 1885-1980 (DowJones Irwin, Homewood, IL, 1982), not paginated

1830: Henry Morrison Flagler is born in Hopewell, N.Y., the son of the Rev. Isaac Flagler and Elizabeth Caldwell Harkness Flagler. He becomes a grain merchant and a friend of John D. Rockefeller, who makes Flagler a partner in his Standard Oil Co. Wintering in Florida for his wife's health, Flagler falls in love with the state in the 1870s and acquires massive real estate and railroad holdings. He develops the city of Palm Beach, helps found the city of Miami and connects Key West with the mainland.