THIS DAY IN ECONOMIC HISTORY

Another Corporate Scandal

Michael Monus, former chief of Phar-Mor drug store chain, was found guilty of embezzling $1 billion and sentenced to pay $1 million and 20 years in prison; substantial layoffs and store closings ensued.

Asian Finances Looking Up

Fed chairman Alan Greenspan gives a report that after many years of suffering the financial future of Asia was looking up and growing stronger.

Hoover Blowing Smoke

Pres. Herbert Hoover goes before congress and tells them that the nation is recovering nicely from the stock market crash and doesn't see it as a problem.

Cio Gets A New Chair

On this day William Reuther, former head of the United Auto Workers is named head of the Congress of Industrial Organizations (CIO).

Labor Organizations Merge

The American Federation of Labor and Congress of Industrial Organizations merged on this day in 1955.

Orange County In The Red

Wealthy Orange County, California racks up debts of around $2 billion before it decides to declare bankruptcy.

Pearl Harbor Hits

Upon receiving news of the attacks on Pearl Harbor the DOW falls 4.08 points as traders panic.

AFL Bursts Onto The Scene

Samuel Gompers and Adolph Strasser lead a bunch of Ohio unions to form the American Federation of Labor (AFL).

NYSE Opens New Digs

The New York Stock exchange completes its move to its new location at 10-12 Broad Street, in New York City.

U.S. Adds Some Land

Pres. James Polk gives the okay to buy New Mexico and California from Mexico, but the Mexicans refuse, eventually starting a war.

Bye Bye Bank Of U.S.

Bank of the United States' New York branch flops and becomes the nation's worst banking disaster to date.

Carnegie And Morgan Get Together

Charles Schwab brokers a deal bringing companies of J. P. Morgan and Andrew Carnegie together to form U.S. Steel.

Suffragist Gets Picture On A Coin

On this day in 1978 it was decided to mint a coin with famous suffragist Susan B. Anthony's picture displayed on the it.

Boeing Back To Work

After over two months of striking Boeing workers agree to a new contract and get back to work.

Trading At Warp Speed

652.8 million shares were traded on the NYSE on this day in 1995, 44.6 more shares than the previous record.

It's The Thought That Counts

In anticipation of the North American Free Trade Agreement's (NAFTA) passage the NYSE closed at 3710.77 setting a record for the day.

A Golden Age Finished?

Because of a decrease in demand, the U.S. Gold Exchange closes its doors, only to reopen again in 1879.

Boesky Goes To The

Powerful arbitrageur Ivan Boesky is indicted on charges of insider trading and sentenced to three years in prison.

Merry Christmas Chrysler

After $200 million second quarter losses Chrysler gets an early Christmas present when the Senate okays a $1.5 million loan.

U.S. Fleeces The French

On this day in 1803 the U.S. and French governments worked out the kinks on the Louisiana Purchase which effectively doubled the size of the U.S., all for the small price of $15 million.

Carnegie Weighs In

On this day in 1908 Andrew Carnegie appears before Congress to speak against tariffs that they are proposing, to say that America can remain competitive without them.

Jefferson Cuts Europe Off

In an effort to stay neutral in squabbles between England and France a trade embargo proposed by Pres. Jefferson which would cut off all trade with Europe is passed.

Wilson Gets His Wish

Congress passes the Federal Reserve Act which eventually leads to the creation of the Federal Reserve Banking System.

Hughes Is Born

This day in Texas, manufacturer, aviator, movie production company owner, and all-around millionaire Howard Hughes is born.

The Economy Has A Very Merry Christmas

After a series of economic struggles the Christmas shopping season brings a glimpse of the light at the end of the tunnel seeing sales up 8% from the previous year.

Stirring On The Senate Floor

Henry Clay pleads his case against Pres. Jackson's proposal to remove United States' money from the Bank of the U.S. and into state institutions.

Steel Takes A Hit

U.S. Steel takes a $1.2 million tax write-off along with a 20 percent cut in production, leading to the layoff of 4,600 employees.

Economy In The Tank

With a 1.2 on the Index of Leading Indicators top officials have a bleak outlook for the next years' economy.

Texas Joins The Party

After becoming a state Texas is finally recognized by the U.S. Customs Department and begins making the country some money.

Way Paved For UAW

Passage of the National Labor Relations Act made it possible for the United Automobile Workers to form and immediately they began reforming the auto industry.

We're In The Money

GM becomes the first U.S. corporation to make over $1 billion in a single year of operation.