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EconCalendar for September
September 1, 1954
SOCIAL SECURITY AMENDED
September 1, 1954 saw the passage of a new amendment to the Social Security Act. As a result, the nation's Social Security rolls swelled by another seven million people. Most of the new seven million were self-employed farmers.
September 2, 1789
DEPARTMENT OF TREASURY FORMED
On this day in 1789 the United States Department of Treasury is officially created. Immediately after its formation the department was assigned the task of repaying the war debt that was created from the American Revolution.
September 3, 1969
DEATH CAUSES STOCKS TO FALL
The death of Ho Chi Minh on this day in 1969 caused the Stock Market to dip 10.37 points to close at 825.30. Fears that the death would imperil the peace process caused investors to sell. These fears turned out to be true for the war churned on for many more years.
September 4, 1888
EASTMAN GETS PATENT FOR 'KODAK' CAMERA
After several years of tinkering and experimenting, George Eastman, a junior bank clerk from upstate New York, finally developed a camera that could be used by the general public. He received his patent on this day in 1888, along with the now famous trademark "Kodak."
September 5, 1882
UNION LEADERS GET THEIR "LABOR DAY"
"Labor Day," now a well-known holiday observed throughout the business world, began literally as a day to honor laborers. The first "Labor Day" in 1882 showed the growing power of the union movement; "Labor Day" became an officially recognized holiday two years later.
September 6, 1900
SPEEDY ELECTRIC CAR HITS THE TRACK
In 1900, long before the days of the modern hybrid vehicles, Andrew Riker's electric car set a speed record on a five-mile track in Rhode Island. Electric cars remained a fixture on racetracks until the 1920s, when advances in gas engines pushed them from the forefront. High gasoline prices have since renewed interest in developing electric cars.
September 7, 1997
GET RICH QUICK STAYS RICH
The Millionaire Next Door, a guide on how to become rich in the American economic system continues its run at the top slot on the New York Times Business Best Seller list.
September 8, 2003
RECORDING INDUSTRY STRIKES BACK AGAINST ILLEGAL ONLINE MUSIC
The Recording Industry Association of America filed law suites against 251 individuals across the country, accusing them of illegal sharing of copyrighted music online. The group alleged millions of dollars in losses due to the online sharing of music files.
September 9, 1901
BUSINESS EXPANDS
The New York Stock Exchange trading floor may seem like a pretty cramped place to do business but until this day in 1901 the floor was only half the size it is today. On this day in 1901 the cornerstone was laid for a new building to host the exchange. The new building is the same one still used today.
September 10, 1984
CANDIDATE PROMISES HIGHER TAXES
On this day in 1984 Democratic presidential nominee Walter Mondale unveils a plan to cut the nation's huge deficit. The plan would save $175 million but also came with tax hikes. Even though the increased taxes would affect the corporations and wealthy people the public still did not embrace his plan. Reagan swept the election winning every state except Mondale's home state of Minnesota.
September 11, 1789
HAMILTON NAMED FIRST TREASURY SECRETARY
On this day in 1789 American President George Washington names Alexander Hamilton as the nation's first secretary of the treasury. Hamilton first task would be stabilizing the nations economy and paying back the mountainous debt resulting from the Revolutionary War.
September 12, 1996
ANOTHER RECORD BREAKING DAY
On this day in 1996 the Dow Jones had another record-breaking day. The Dow closed the day at 5,771.94 points but at one point was as high as 5,778 points.
September 13, 1996
RAZORS AND BATTERIES
On this day in 1996 the Gillette Company merged with battery giant Duracell. This was just another merger by Gillette to diversify their business. Gillette sells everything from razors, toothbrushes, writing utensils, and after this merger batteries. Duracell batteries soon became Gillette's second best selling product line.
September 14, 1966
HOW DOES $1.40 SOUND?
On this day in 1966 the senate adopted legislation to raise the country's minimum wage to $1.40.
September 15, 1946
GREED IS GOOD
On this day in 1946 movie director/writer Oliver Stone is born. Stone's most notable contribution to the economic world was his movie "Wall Street." The movie portrayed the 1980s business world. The movie's best known quote "Greed is good" became a lasting icon for this era of U.S. big business.
September 16, 1914
FEDERAL TRADE COMMISSION (FTC) WAS ESTABLISHED.
The Federal Trade Commission (FTC) was established in 1914 to enforce anti-trust and consumer protection legislation.
September 17, 1868
MINT GETS RECOGNIZED
After being in existence for six years the nation's currency agency finally gets a name on this day in 1868. The Bureau of Engraving and Printing became its official name.
September 18, 1873
JAY COOKE AND CO. CLOSES DOORS
On this day in 1873 Jay Cooke and Co. one of the nation's most reputable brokerage houses collapsed. This collapse was due mainly by its ill-conceived plan of adding a second trans-continental railroad. The collapse brought to light years of unchecked expansion and inflation causing five years of severe economic trouble.
September 19, 1778
THE NATION'S FIRST BUDGET
The Committee on Finance of the Continental Congress presents the nation's first budget on this day in 1778.
September 20, 1995
AT&T BREAKS UP
On this day in 1995 AT&T announced that it would voluntarily break itself up into three different companies. The company's divide and conquer attitude was the brunt of many jokes in the business world. But when company announced an 11 percent gain in their stock AT&T was the one laughing.
September 21, 1931
BRITISH ACTIONS CLOSE AMERICAN BANKS
On this day in 1931 Great Britain abandons the gold standard for its currency. Americans fearing their country would follow suit immediately started to pull their money from banks across the country. They feared that not having gold backing their money's value would leave them broke. The resulting withdrawals caused 827 banks to shut down. It took another two years for the United States to abandon the gold standard.
September 22, 1995
TURNER SELLS CNN
On this day in 1995 a contract was penned to have billionaire Ted Turner sell his broadcasting company to Time Warner Inc. for $7.5 billion. The deal was lucrative for Turner but not for many of his shareholders and coupled with objections from the Federal Trade Commission it took over a year to get the deal approved. In that time the shares of Time Warner took enough of a hit to cause the finalized deal to be worth only $6.5 billion.
September 23, 1976
ECONOMIC PROMISES WIN ELECTION
American presidential campaigns are won and lost over the economy. In 1976 the case was no different. Democratic candidate Jimmy Carter successfully attacked Gerald Ford's presidency in a debate on this day in 1976. Carter was able to appeal to the American people by promising economic reform and prosperity. Ford could not get over the fallout from Watergate and years of economic stagnation. Carter eventually won the election in November.
September 24, 1996
AVIS GOES PUBLIC
On this day in 1996 HFS (Hospitality Franchise Systems) mostly known for Avis Rent-A-Car went public by putting 75% of its stock on the market. The switch from a private to public company saw success the stock for the company opened at $17 and climbed to $22 in half a day.
September 25, 1996
AT&T SELLS SATILLITES TO START WAR
In a move to keep pace with the competition, Loral Space Communications announced on this day that it had acquired Skynet, AT&T's broadcast satellite division. The deal cost Loral $712.5 million in cash, money that AT&T would use to try to dethrone the "Baby Bells" in the nation's long-distance and local markets.
September 26, 1996
AT&T SELLS ITSELF TO GET EVEN
Today in 1996 AT&T sells its broadcast satellite division Skynet to Loral Space Communications. Loral dished out $712.5 million in cash, money that AT&T would use to try and dethrone the "Baby Bells" in the nation's long-distance and local phone markets.
September 27, 1995
THE NEW BEN
The Treasury Department unveiled a new version of the $100 bill, complete with an off-center, but enlarged picture of Ben Franklin.
September 28, 1981
BLUE MONDAY
Wall Street has many catchy names for important dates in its history. On this day in 1981 "Blue Monday" becomes a new name for a day of economic turmoil. On this day the New York Stock Exchange had the best day of trading in six months but around the world the story was very different. Japan's Nikkei average took a record dive while British markets posted similar problems.
September 29, 1952
NYSE MOVES AWAY FROM WEEKEND
On this day, The New York Stock Exchange changed it ways, ending the half-workday on Saturdays. To compensate for the lost time, and extra 30 minutes was added to the end of the Wednesday workload.
September 30, 1990
READ MY LIPS
President George Bush proposed his own tax hike, to the tune of $134 billion over five years.
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