Historical Thought for the Day
January 28, 2010
Thought for the day:
[The investor] deals with the future more as a hazard to be guarded against than as a source of profit through prophecy.
Benjamin Graham, The Intelligent Investor
This day in financial history:
1850: Samuel Gompers, founding president of the American Federation of Labor, is born in London, England. He comes to the U.S. at the age of 13 and begins working in a cigar factory. In 1886 he organizes the AFL, creating a nationwide union and galvanizing the labor movement with strikes and boycotts. In the age of the "Robber Barons," Gompers helps prevent managers from taking workers for granted. 1938: After a protracted war with the new U.S. Securities and Exchange Commission, the New York Stock Exchange finally recommends an internal reorganization that will install a board of governors, a salaried independent president and a specialized administrative staff. Previously, the Exchange had functioned like a private gentleman's club, with conduct enforced mainly by unspoken codes of honor and a pro-bono president chosen from among his fellow brokers. Source: Joel Seligman, The Transformation of Wall Street: A History of the Securities and Exchange Commission and Modern Wall Street.
Source: Jason Zweig
