October 28

October 28, 1636 - Harvard University, the oldest institution of higher learning in America, was founded in Cambridge, Massachusetts. It was named after John Harvard, a Puritan who donated his library and half of his estate. Distinguished alumni include; Ralph Waldo Emerson, Henry David Thoreau, Henry James, and NAACP founder W.E.B. Du Bois.

October 28, 1846 - The Donner Party departed Illinois heading for California. The group totaled 90 persons, including immigrants, families and businessmen, led by George and Jacob Donner. Tragedy later struck as they became stranded in snow in the Sierras where famine and cannibalism took its toll. There were 48 survivors by the end of their journey in April of 1847.

October 28, 1886 - The Statue of Liberty was dedicated on Bedloe's Island in New York Harbor. The statue was a gift from the people of France commemorating the French-American alliance during the American Revolutionary War. Designed by Frederic Auguste Bartholdi, the entire structure stands 300 feet (92.9 meters) tall. The pedestal contains the words: "Give me your tired, your poor, your huddled masses yearning to breathe free, the wretched refuse of your teeming shore. Send these, the homeless, tempest-tost to me, I lift my lamp beside the golden door!"

October 28, 1918 - The Republic of Czechoslovakia was founded, assembled from three provinces - Bohemia, Moravia, and Slovakia - which had been part of the former Austro-Hungarian empire.

October 28, 1918 - In the waning days of World War I, mutiny broke out in the German fleet at Kiel. Ships in port ran up the red flag of revolution. The uprising spread to Hamburg, Bremen and Lubeck, resulting in a general strike in Berlin which brought the government of Kaiser Wilhelm to a halt.

October 28, 1919 - Prohibition began in the U.S. with the passage of the National Prohibition (Volstead) Act by Congress. Sales of drinks containing more than one half of one percent of alcohol became illegal. Called a "noble experiment" by Herbert Hoover, prohibition last nearly 14 years and became highly profitable for organized crime which manufactured and sold liquor in saloons called speakeasies.

October 28, 1922 - Fascist blackshirts began their "March on Rome" from Naples which resulted in the formation of a dictatorship under Benito Mussolini. October 28, 1949 - Helen Anderson became the first woman ambassador, appointed by President Harry Truman to be Ambassador to Denmark.

On October 28, 1929 "Black Monday", more investors facing margin calls decided to get out of the market, and the slide continued with a record loss in the Dow for the day of 38.33 points, or close to 13% of its total stock/asset value. The market would not return to the peak closing of September 3, 1929 until November 23, 1954. It was the first Monday after Black Thursday, which kicked off the stock market crash of 1929. On Black Monday, stocks fell 13%. That followed the 11% decline experienced a few days earlier on Black Thursday. The next day was Black Tuesday when the stock market lost the remaining gains it had made during the entire year. The sell-off was not enough to start the Great Depression of 1929. But it set the stage by shattering confidence in business investing. As people realized that banks had used their savings to invest on Wall Street, they rushed to take out their deposits. Banks closed over the weekend, and then only gave out 10 cents on the dollar. Many people who had never invested in the stock market also lost their life savings. Banks without deposits went bankrupt. Businesses couldn't get loans. People couldn't buy houses. Wall Street investors turned to gold and drove up gold prices. Since the dollar was tied to the gold standard, people turned in dollars for gold and consequently, depleted reserves. In response, the Federal Reserve raised interest rates to protect the value of the dollar. This contractionary monetary policy turned a bad recession into the Great Depression.

October 28, 1958 - Cardinal Angelo Giuseppe Roncalli, Patriarch of Venice, was elected Pope, taking the title John XXIII. Best known for undertaking the 21st Ecumenical Council (Vatican II).

October 28, 1962 - The Cuban Missile Crisis ended with the announcement by Soviet Russia's leader Nikita Khrushchev that his Soviet government was halting construction of missile bases in Cuba and would remove the offensive missiles. President Kennedy immediately accepted the offer then lifted the U.S. naval blockade of Cuba.

October 28, 1971 - The British House of Commons voted 356-244 in favor of joining the European Economic Community.


Birthday - Dr. Jonas Salk (1914-1995) was born in New York City. In 1952, he developed a vaccine for the dreaded childhood disease Polio (poliomyelitis, also known as infantile paralysis). His vaccine reduced deaths from Polio in the U.S. by 95%.
Birthday - Microsoft founder Bill Gates was born in Seattle, Washington, October 28, 1955. In 1975, he co-founded Microsoft with Paul Allen, designing software for IBM computers. By 1980, Microsoft became the leading software company for IBM compatible computers. Gates became a billionaire by age 31 and remains one of the world's wealthiest individuals.