So Much for Bears, Here Come the Cubs!

Long-suffering Cubbie fans have reason to celebrate, as the Cubs finally broke the curse and won the World Series last night for the first time since 1908.

Today we’ll take a trip down memory lane and look at what was happening in the world the last time the Cubs won the World Series.

  • The Cubs beat the Detroit Tigers on October 14, 1908 in five games to win the World Series. They didn’t win another World Series until last night, the longest championship drought in U.S. sports history.
  • The United States was coming off the 1907 Banker’s Panic (or Knickerbocker Crisis). In October 1907, there was a three-week period when the New York Stock Exchange was nearly cut in half from its peak the previous year. Sparking the crisis was a run on banks and trust companies, which could have been much worse had financial giant J.P. Morgan not pledged significant amounts of his own money and convinced other New York bankers to do the same.
  • The Dow dropped 38% in 1907 after the crisis, but rebounded nicely to gain 46% in 1908.
  • The Dow closed at 81.54 the day the Cubs won the World Series in 1908. It closed at 17,959.64 last night. That comes out to a gain of 21,925.6% between championships (not including dividends).
  • Should the Dow gain that again before the next Cubs World Series, the Dow will be trading at 3,955,710!

Other events from 1908:

  • The first Ford Model T was launched for $850 ($21,100 in today’s dollars).
  • A ball dropped for the first time in Times Square to signify a new year.
  • A 46th star was added to the flag, representing Oklahoma.
  • The Harvard Business School started.
  • Mother’s Day was observed for the first time.
  • The first credit union and first upright vacuum were created.
  • Republican William Howard Taft defeated Democrat William Jennings Bryan to become the 27th President of the United States.

IMPORTANT DISCLOSURES

The economic forecasts set forth in the presentation may not develop as predicted.

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