• Thought of the Day

    Thought of the Day

    2000: Save when you can and not when you have to.

    –John D. Rockefeller, in Ron Chernow, Titan: The Life of John D. Rockefeller, Sr. (New York: Random House, 1998), p. 53.

Today in Financial History

1986: Ivan Boesky, one of Wall Street's top arbitrageurs and traders, settles with the government on charges of securities fraud, implicating Michael Milken of Drexel

Jesse Kornbluth, Highly Confident: The Crime and Punishment of Michael Milken (William Morrow & Co., New York, 1992), pp. 110-115.

1972: John A. Prestbo, ed., The Market's Measure: An Illustrated History of America Told through the Dow Jones Industrial Average (Dow Jones, New York, 1999), p. 81; http://www.djindexes.com

1929: Stocks bounce off the absolute bottom of the Great Crash, as a wave of good news hits the market. General Motors announces a special dividend of 30 cents per share, Standard Oil of Kansas reinstates its dividend, and the New York Federal Reserve Bank announces that it is cutting interest rates from 5% to 4.5%. The Dow Jones Industrial Average soars 18.59 points, or 9.36%, one of its best days of all time.

Barrie A. Wigmore, The Crash and Its Aftermath: A History of Securities Markets in the United States, 1929-1933 (Greenwood Press, Westport, CT and London, 1985), p. 25

1765: Robert Fulton is born in a stone farmhouse in Little Britain (now Quarryville), Pa., the son of Robert Fulton, Sr., a local public servant, and Mary Smith Fulton. Young Fulton works as a portrait painter, then becomes obsessed with the engineering challenges of navigation. He invents the world's first practical steamboat in 1807, and for the first time humans can safely travel substantial distances without relying on animals or wind.