A stock certificate from comic book and movie giant Marvel Entertainment Group... [ View
- America’s first national bank, the Bank of the United States, opens in Carpenters’ Hall at the corner of Chestnut and Third Sts. in Philadelphia. The B.U.S. blazes the trail for nearly every bank since: It immediately goes on a wild credit binge, lending out $964,260 in its first two weeks of business (that’s roughly $18 million in today’s money, lent largely to speculators in the emerging U.S. stock market). Then the Bank over-reacts and stops lending almost entirely, causing a credit crunch among stock speculators and helping to precipitate America’s first market crash. Source: David J. Cowen, “The First Bank of the United States and the Securities Market Crash of 1792,” The Journal of Economic History, December, 2000 (Vol. 60, No. 4), pp. 1043-1051; Bray Hammond, Banks and Politics in America: from the Revolution to the Civil War (Princeton Univ. Press, 1991 ed.), p. 125; http://eh.net/ehresources/howmuch/dollarq.php
- Early in December of 1900, Charles Schwab and fellow financier cum entrepreneur, J. P. Morgan
, sat down for dinner and hatched the idea of forming a giant steel conglomeration. Schwab whirled into action, looking for suitable companies to merge into a mighty combine. He quickly hit his target: Andrew Carnegie
. After assuaging Carnegie and Morgan’s egos, and brokering a delicate financial agreement, Schwab announced the formation of United States Steel
on December 12. Source: www.history.com
- The New York Stock Exchange reopens after closing in July amid jitters over the outbreak of World War I. By the end of 1915, the stock market has risen nearly 82% as Western Europe supplies its war effort with American-made goods and weapons. Source: Phyllis S. Pierce, ed., The Dow Jones Averages 1885-1980 (DowJones Irwin, Homewood, IL, 1982), introduction, not paginated; John Steele Gordon, “The Street Comes of Age,” American Heritage, June 2001, pp. 28-29.