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Quote of the Day
“There are two times in a man’s life when he should not speculate: When he can’t afford it, and when he can”
April 18th – This Day in Stock Market History
April 18th, 1864 – “Blue Monday” on the New York Stock Exchange as a small panic erupts on Wall Street as Anthony Morse, a leading stock speculator fails. The decline primarily involved mining companies, who saw their shares fall more than 90% on average.
The mining mania of the 1860s took place as gold prices rose and on the heels of the country’s gold rush (Gold was discovered January 24th, 1848 in Sutter’s Mill in California).
Prior to the mining bubble bursting, mining companies would pay young boys (now known as “bubble-blowers” for their role) to hand out prospectuses and raise money from investors.
The chart above details the amount of speculation in gold at the time. Gold prices more than doubled in a year, the subsequent crash led to the failures of many speculators.
April 18th, 1906 – A massive 7.9 earthquake rocks San Fransisco.
The earthquake would lead to days of massive fires, 3,000 deaths, and more than 80% of the city destroyed.
The San Fransisco stock exchange would remain closed until May 28th.
The Dow Jones Industrial Average falls about 4% (2.61 points) over the next 2 days.
Best April 18th in Dow Jones Industrial Average History
2001 – Up 3.91%, 399.10 points.
Worst April 18th in Dow Jones Industrial Average History
1932 – Down 4.01%, 2.54 points.
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