Learn what happened in business in today’s past
1929: John Clifton Bogle, future founder of the Vanguard Group of Investment Cos., is born in Montclair, N.J., to homemaker Josephine Hipkins Bogle and William Yates Bogle, Jr., a manufacturing executive and former aviator.
Robert Slater, John Bogle and the Vanguard Experiment (Irwin Professional Publishing, Chicago, 1997), p. 1; the Vanguard Group.
1899: Friedrich August von Hayek is born in Vienna to Felicitas Juraschek von Hayek and her husband, botany professor August von Hayek. In 1974, after being ignored and riducled for decades, von Hayek is awarded the Nobel Prize in economics for his eloquent arguments that the infinitely sensitive adjustments of the marketplace can govern economies far more effectively than central planners ever could.
1886: At the soda fountain of Jacob's Pharmacy in Atlanta, Dr. John S. Pemberton sells the first glass of Coca-Cola, his new "tonic" beverage. Its original popularity may come partly from the fact that it contains trace amounts of real cocaine and extract from the African kola nut, a stimulant and thirst quencher.