September 5 in Market History

On September 5, 1929, Roger Babson – a market statistician with a reputation as a permanent bear – said, "Sooner or later, a crash is coming and it may be terrific … factories will shut down … men will be thrown out of work … the vicious circle will get in full swing and the result will be a serious business depression."  But he had been giving the same prediction since 1921.

On September 5, 1939, the Dow rose 12.87 points (+9.5%) in one day, just after Hitler invaded Poland. The Dow continued to rise during the first 10 days of September. (Explain that one!)

Also: September 5, 1924 is the birthday of the tall and successful former chairman of the Federal Reserve, Paul Adolph Volcker, who whipped inflation for a grateful nation, from 1979 to 1987.

Bookend Dates of the American Revolution

On September 5, 1774, the first session of the Continental Congress convened at Carpenter's Hall in Philadelphia.  They elected Virginian Peyton Randolph as their first President.

On September 5, 1781, the Revolutionary War was essentially over, as colonists under General Washington cornered the British under General Cornwallis, at Yorktown, on the Virginia capes.  

September 5: The Queen's Original "Labor Day"?

The first "Labor Day" parade was held on September 5, 1882.  The first official Labor Day came on September 5, 1894, but for the mothers of two French Louie's, this was their own Labor Day:

• Louis VIII was born September 5, 1187 (he ruled briefly, from 1223 to 1226), and:

• Louis XIV, the Sun King, was born September 5, 1638, and ruled 'forever' – 72  years – from his youth (1643) until his death in 1715, mostly at his lavishly expensive castle in Versailles.

Other Epochal Moments on September 5

• 1836: Texans elected Sam Houston as their first President (when Texas was a nation).
• 1862: Robert E. Lee crossed the Potomac into Maryland, leading to Antietam on Sept. 17.
• 1905: A treaty ended the Russo-Japan War...and
• 1991: The U.S.S.R. (Union of Soviet Socialist Republics) was dissolved, after 74 years of terror.

Miss Fromme Missed Mister Ford

In September of 1975, President Gerald Ford survived two inept attempts on his life.   The first was in Sacramento on September 5, by Lynette "Squeaky" Fromme, 27.  The second was by Sara Jane Moore, 45, in San Francisco on September 22.  Fromme aimed her .45-caliber automatic point blank and missed, chirping, "It didn't go off."  On September 22, Ms. Moore aimed her .38-caliber revolver and fired once from 40 feet, but her shot was deflected by retired Marine Oliver Sipple, causing the bullet to ricochet into a cab driver.  Thankfully, neither could shoot straight. 

Publishing News on September 5

1983: Sports Illustrated became the first national weekly to use four-color process on every page.

1983: The MacNeil/Lehrer NewsHour on PBS became the first hour-long network news show.

1984: Mortimer Zuckerman spent $163 million to buy U.S. News & World Report.

The 25-Year Cycle of War Strikes Again

Sadly, wars tend to come and go in 25-year cycles, beginning and ending around this time:

(1) September 5, 1914 marked the first major battle of World War I (the Marne). 

(2) On September 1, 1939, Hitler invaded Poland, launching World War II.

(3) In August, 1964, the Gulf of Tonkin Resolution escalated the Vietnam War into overdrive.

(4) If you extrapolate the previous three cycles forward, you would find a war starting in early September of 1989.  What could it possibly be?  Ironically, it was on September 5, 1989 that President George Bush went on national TV to proclaim a WAR (HIS word) on.... Drugs! 

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