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Valparaiso Univ. Law School

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Thursday, October 27, 2005

Today in History: October 27

Vytautas_magnus_1 1430: Grand Prince Vytautas of Lithuania, known as “the Great,” dies just weeks before the arrival of the crown that would have given him the title of king.  Vytautas Magnus University and its Law School (left) are named for him.

1811: Isaac Merritt Singer is born at Pittstown, New York.  He’ll develop a knack for inventing things as a way of paying for his career as an actor, but will later discover that the sewing machine is more profitable than show business.

1838: Missouri Governor Lilburn Boggs orders all Mormons to be driven from the state.

1904: The New York City Subway opens.  Because private investors didn't believe that the costs of digging the tunnels would ever be profitable, the city used public funds to build them and contracts with the Interborough Rapid Transit Co. to maintain and operate the trains, splitting the 5-cent fare.

1940: Crime boss John Joseph Gotti, Jr., is born at the Bronx, New York.  His career will prove that if you leave it on the stove long enough on high enough heat, stuff will stick to Teflon.

1986: In what comes to be known as the Big Bang, the Thatcher government deregulates the London Stock Exchange, removing fixed commissions and allowing securities firms to act as broker-dealers.

1997: Newly implemented New York Stock Exchange “circuit breakers” are tripped as an economic scare in Asia causes major drops in all the world’s major exchanges.  The U.S. market will mostly recover the next day.

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