Tuesday, February 25, 2014
Today in the Sobel Wiki: February 25
On February 25, 1936, news from the day before that Kramer Associates was moving its company headquarters from the United States of Mexico to the Philippines caused panic on the world's commodity exchanges and stock markets. In London, the price of gold jumped from £8.89 per troy ounce when markets opened to £9.56 at noon, when trading was halted. In the Confederation of North America, the New York Stock and Exchange Board saw prices fall by fifteen percent. Governor-General Douglas Watson cut short his vacation in Georgia and flew back to Burgoyne to take charge of affairs, while Finance Minister Ezra Clarkson flew to New York, where he pledged treasury support to the banks.