This Day in Financial History - January 6 . . .


1896 - With the nation's gold reserves standing at perilously low levels--the reserves had dwindled to a scant $41 million the previous February--President Grover Cleveland issued a public subscription on this day in 1896. However, the success of the subscription hinged on the public's willingness to place its faith in the government, no small matter since a number of Americans had lost their patience with Cleveland during the gold crisis. Indeed, early in 1895, Cleveland had brokered a deal to sell $62 million at a relatively small premium to J.P Morgan's syndicate. The maneuver outraged the country, as a number of people accused the president of being a bedfellow of the banking community. However, the nation looked past its anger and snapped up the entire run of the subscription, which helped resuscitate the country's ailing finances. Source: www.history.com

1933 - At least one good thing comes out of the Great Crash. For the first time, the New York Stock Exchange begins requiring listed companies to have their annual financial statements prepared by an independent auditor. Source: www.jasonzweig.com





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