This Week In History: November 25th - December 1st

Welcome back to Ticker History, where we take a look at some of the biggest news in markets, stocks, and business from this week in history.

We’ve got crypto hitting all time highs, a new (former) President will be inaugurated in two months, and escalating tensions in the Middle East. 

History doesn’t repeat itself, but it sure does rhyme. 

December 1st, 2000: Quibi’s Last Day 📅

Quibi was a short-form streaming platform founded by Jeffrey Katzenberg (former chairman of Disney) and led by Meg Whitman (former CEO of eBay). The pair raised $1.8 billion from high-profile investors… and shut down just six months after its launch.

It was designed to be mobile-only with original content broken into 10-minute segments. Executives were poached from Instagram, Hulu, and Netflix, and celebrity showrunners and actors were hired for Quibi originals.

Slow signups, a competitive streaming market, and COVID-19 all played a role in the shutdown. Key investors like Disney, NBCUniversal, and Alibaba Group were left with major losses, and in the end only about $350 million was returned.

Quibi blowing through $1.8 billion in six months is one of the fastest burn rates for a failed startup in modern history.

December 1st, 1913: Ford Rolls Out The Assembly Line 📅

Henry Ford's usage of the moving assembly line modernized both his company and the auto industry as a whole. The assembly line, which had cars constructed in a continuous flow with workers specializing in specific tasks, drastically reduced production time. The time it took to build a car dropped from 12 hours to 93 minutes, a decrease of 87%.

This improvement led to a significant drop in manufacturing costs, letting Ford reduce the price of the Model T by nearly 70%, from $850 in 1908 to $260 in 1925. Ford's ability to produce affordable vehicles made cars more accessible for millions of Americans.

The assembly line changed labor practices and set the stage for mass production across other industries. Ford's decision to pay his workers $5 per day, more than double the standard wage at the time, attracted a higher caliber of worker and created a new group of consumers who could afford to purchase the products they built. By 1927, Ford had sold over 15 million Model T cars.

For historic stock certificates from auto companies, like this rare Ford Motor Company Certificate from the 70’s, check out the Ticker History Auto Shop.

November 25th, 1963: NYSE Closes for JFK’s Funeral 📅

After President John F. Kennedy’s assassination on November 22nd, 1963, the New York Stock Exchange closed as the nation observed his funeral. This closure, and those of other markets in the country, was a rare event where the NYSE ceased operations for mourning. Trading was suspended entirely on this day, allowing the financial community to join the rest of the nation in honoring the fallen president​.

After reopening, the DJIA dropped about 3%. This reflected investor uncertainty, but was far less volatile than could have been expected considering the situation. By the end of the week, the Dow had made up for its losses, showing investor confidence in the country and its future.

When else was the NYSE closed during trading hours and how did the market respond?

Source: Marketplace, Money Morning, and Fox Business

Biggest Railroads by Total Track Length: 1924 📅

One hundred years ago this week, railroads were the foundation of American transportation. The industry was adjusting to private ownership after being under government control during World War I. Despite competition from trucks, labor issues, and regulations from the Interstate Commerce Commission, railroads thrived.

Over the years, the majority of these railroads either merged into two current giants (Union Pacific and BNSF Railway) or became part of regional carriers like CSX and Norfolk Southern. Amtrak took over passenger rail services.

For historic stock certificates from railroads and airlines, like this Erie-Lackawanna Railroad Company Stock Certificate, check out the Ticker History Transportation Shop.

Market Quotes 📅

"Whatever you do, do it well.  Do it so well that when people see you do it, they will want to come back and see you do it again, and they will want to bring others and show them how well you do what you do."

-Walt Disney describing his philosophy on the construction of Disneyland 

For historic stock certificates and memorabilia from Disney, like this Disney World War 2 Bond, Shop check out the Ticker History Disney Shop.

"Risk comes from not knowing what you’re doing."

-Warren Buffet speaking to Columbia Business School graduates in 1993

"What we are setting out to do falls somewhere between impossible and improbable. That just happens to be our home address."

-Dreamworks co-founder and former Disney chairman Jeffrey Katzenberg describing Quibi at SXSW

Market Birthdays This Week 📅

Carnegie revolutionized the steel industry with the Carnegie Steel Company. After the 1901 sale of the company to J.P. Morgan for $480 million ($18 billion in 2024), he became one of the richest men in history. Carnegie spent his later years giving away his fortune, funding libraries, universities, and the arts, including the founding of the Carnegie Foundation and Carnegie Hall.

Karl Benz is credited with laying the foundation for modern car design with the Benz Patent-Motorwagen in 1886. His wife, Bertha Benz, helped publicize the invention by completing the first long-distance car journey in 1888. Benz's company later merged with Daimler-Motoren-Gesellschaft to form what is now known as Mercedes-Benz.